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研報掘金丨中金:維持老鳳祥“跑贏行業”評級,目標價60.51元
格隆匯 03-13 16:01

中金公司研報指出,老鳳祥(600612.SH)預計2024年歸母淨利潤19.5億元,同比下降12%,略低於我們預期,主因金價快速上漲大幅影響收入達成。2024 年3 月底以來金價快速上漲,造成黃金首飾消費需求疲軟,根據中國黃金協會的統計,2024 年我國黃金首飾消費量爲532.02 噸,同比下降25%。黃金消費需求不足影響加盟商拿貨意願,給老鳳祥的收入增長帶來壓力。但公司仍積極推動市場拓展,提升“藏寶金”“鳳祥囍事”主題店的市場佈局,並推動升級煥新零售店主題形象。預計毛利率受益於金價上漲,同時公司嚴格控制費用,全年淨利率仍實現同比提升。維持A/B股跑贏行業評級。估值切換至2025年,維持A股目標價60.51元,對應15倍2025年市盈率,較當前股價有15%的上行空間。維持B股目標價3.83美元,對應7倍2025年市盈率,較當前股價有7%的上行空間。

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