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研報掘金|華泰證券:上調老鋪黃金目標價至840港元 上調今明兩年盈測
格隆匯 04-03 14:09
華泰證券發表研究報告指,老鋪黃金去年收入85.06億元,按年增長167.5%;淨利潤14.73億元,按年增長253.9%。去年公司綜合毛利率爲41.2%,按年跌0.7個百分點。該行認爲,期內金價寬幅震盪,但隨着高毛利的黃金鑲嵌產品銷售佔比提升等產品結構優化,該行預計中長期公司毛利率有望穩中向好。該行大幅上調對其今明兩年盈測分別44%及40%,至各35.2億及43.9億元,並引入2027年盈測52.9億元,考慮到老鋪定位高端且競爭壁壘不斷加強,高成長勢頭強勁、稀缺性突出,以預測今年市盈率37倍爲基礎,目標價由568港元上調至840港元,評級爲“買入”。
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