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大行評級|里昂:維持周大福“跑輸大市”評級 認為中期壓力仍然存在
格隆匯 04-15 14:39

里昂研究報吿指,周大福截至今年3月底止第四財季門店開業未達管理層指引,與該行對公司的擔憂如出一轍。儘管金價上升使黃金需求強勁,但業務正常化仍在繼續。內地及港澳地區的同店銷售增長受高基數影響,分別跌2.7%及升4.5%,符合該行預期,而零售銷貨價值按年升12.4%。然而,周大福在2024財年第四季淨關閉89個銷售點,全年淨開設143個銷售點,未能達到早前訂立開設300至400家的目標。

該行認為,強勁的黃金需求對毛利率來説是一把雙面刃,即使金價上升有所幫助,但黃金產品銷售佔比不斷增加是一個抵銷因素。該行維持予周大福“跑輸大市”評級,目標價10.6港元,認為中期壓力仍然存在,即使黃金需求強勁的情況下,但周大福表現料續跑輸,店鋪或會繼續關閉,而鑲嵌式套裝產品的增加可能需要更長時間。

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