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大行評級|瑞銀:下調周大福目標價至12.3港元 短期需求因金價波動承壓
格隆匯 07-24 10:38
瑞銀髮表報吿,下調對周大福2025財年至2027財年每股盈利預測4%至12%,反映金價波動短期內對行業需求構成壓力,以及店鋪網絡優化。該行亦下調對周大福目標價,由13.6港元降至12.3港元,相於預測2025財年市盈率16倍,維持“買入”評級。瑞銀引述周大福管理層表示,基於市況波動,難以提供準確指引,會在發佈中期業績時就全年度業績提供進一步指引。報吿亦指,公司截至6月底止季度淨關閉91個零售點,預期公司將繼續優化現有渠道。公司季度毛利率按年改善,受惠於定價黃金產品銷售佔比增加及金價上升,縱使經營開支及資本投資控制導致去槓桿效應,對短期經營溢利率造成波動及不確定性。該行又認為,傳福系列系列於7月進行產品升級,以及故宮博物館主題系列產品8月推出,可進一步支撐毛利率較高的定價產品銷售。
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