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《大行報告》麥格理削周大福(01929.HK)目標價25%至8.9元 下半財年毛利指引黯淡
阿思達克 11-27 09:51
麥格理發表報告指,周大福(01929.HK)截至9月底止中期收入按年增長6.4%,按相同匯率計算增長11.3%,較該行及市場預測各低12%及6%。 雖然期內毛利率提升至24.9%,但由於產品組合的負面影響,管理層將2024年度毛利率指引從提升10至30個基點,下調至下降50至60個基點。麥格理形容下半財年毛利前景黯淡,預期公司將繼續專注於提高門店效率及集中營銷方面的投資,從而提升品牌價值。 基於最新業績表現,麥格理將2024財年純利預測上調7.8%,但分別將2025及2026財年預測下調3.5%及6.7%,以反映較預期弱收入預期,目標價由11.8元下調至8.9元,評級「跑輸大市」。
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