大行評級|中銀國際:預期周大福下行空間有限 維持“持有”評級
中銀國際發表研報指,由於消費氣氛減弱及金價波動,打擊需求,拖累周大福截至6月底止首財季零售銷售額按年下跌20%。該行預期疲勢可能延續至7月及之後,除非下半財年出現較有利宏觀催化劑,否則相信2025財年對周大福來説將是充滿挑戰的一年,盈利能見度有限。不過,中銀國際仍然預期,憑藉其獨特的產品組合及新產品系列的貢獻,周大福的表現將繼續跑贏整體行業,以現價估值計下行空間有限,維持“持有”評級,目標價為8.4港元。
該行指,集團已採取多項措施來提升銷售額及保障利潤,包括提供更多利潤較高的定價產品,定價產品於中國市場零售銷售佔比已按年提升逾10個百分點至首財季的15.8%,相信可為集團利潤率提供一定支持。
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