《大行報告》中銀國際:黃金消費越來越熾熱 重申「買入」周大福(01929.HK)及六福(00590.HK)
中銀國際發表研究報告指,隨金價持續創新高,預期金飾將持續跑贏中國大部分零售類別。雖然該行對金飾行業近期表現保持樂觀,但同時相信行業格局可能會變得更具競爭力。該行預計,當消費者的購買力開始下降時,相關產業整合將會更為明顯。至於下一階段,該行認為同點銷售增長提升相比中國的門市擴張更加重要。因此中銀國際重申對周大福(01929.HK)及六福(00590.HK)的「買入」評級,並將周大福及六福的目標價分別訂為15.3元及29.1元。
中銀國際亦預期,在疫情過後中國消費者變得更為謹慎,並會選擇花更多錢購買被認為物有所值的商品。如果金價在看漲預期下繼續飆升,特別在懼怕錯失機會的情況下,中國金飾的強勁需求或至少會持續到2024年。
另外,該行亦指雖然香港金飾行業上市公司近期的表現,相對落後於內地A股同業。不過由於香港金飾行業在香港及澳門地區的強勁業務,相關上市公司可能會迎頭趕上。當中香港和澳門旅客數量在2024年初持續復甦,亦會支撐公司的收入。該行預期隨著更多大灣區消費者到香港和澳門購買金飾,相關數字在2024年會維持增長復甦,並對周大福及六福的業績表現保持正面態度。(js/cy)
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