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《大行報告》里昂一舉降周大福(01929.HK)至「跑輸大市」 下調銷售及淨利潤預測
阿思達克 01-15 09:53
里昂發表報告指,對周大福2024財年內地同店銷售增長預測保持不變,仍為按年增長4%,全年開店率料為指引範圍介乎300至400家的下限。另下調對2025和2026財年預測,因為預計開店數量會減少,並在宏觀不確定的情況下,將2025和2026財年的內地同店銷售增長預測分別由4%及4%略下調至3%及3%。 因此,里昂將周大福2024和2026財年銷售額預測下調4%至6%,淨利潤預測則下調7%。即使公司預測股息率達5%,但考慮盈利正常化持續,下調估值基礎,目標市盈率由14倍降至12倍,目標價相應由13元下調至10.6元,評級從「跑贏大市」一舉下調至「跑輸大市」。
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