大行評級|麥格理:上調周大福目標價至9港元 評級上調至“跑贏大市”
麥格理髮表研究報吿指,周大福9月底止2025財年第二季內地同店銷售持續改善,按年跌幅收窄24.3%,較對上一季的26.4%跌幅有所收窄;此外,同店銷售由9月的高雙位數跌幅收窄至10月黃金週的中至高個位數跌幅,雖然折扣收窄,但表現仍進一步改善。至於港澳次財季同店銷售則按年下跌0.8%。麥格理表示,由於固定價格珠寶首飾的毛利率較高,加上金價上升抵銷了營運去槓桿作用,公司預期9月底止2025財年上半年的經調整毛利率將擴大約500個基點,導致核心經營利潤(COP)擴張約200至300個基點。公司預計上半財年銷售額將下降約18%至22%,經調整淨利潤按年跌12%至16%。
該行下調周大福2025財年純利預測3.7%,以反映關店及上半財年疲弱的同店銷售增長,惟考慮到產品組合及金價,上調集團2026至27財年預測8.6%及19.4%。該行將集團目標價由7.2港元上調25%至9港元,評級由“跑輸大市”上調至“跑贏大市”。
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