大行評級丨高盛:上調周大福目標價至9港元 上調2026至27財年盈利預測
高盛發表研報指,周大福日前公佈了截至今年3月底止2025財年第四季度營運數據,內地自營店同店銷售按年下跌13%,略爲好過該行預期的下跌15%。港澳市場同店銷售按年下跌23%,較上季的下跌21%及高盛預測的下跌20%略低。管理層在電話會議中透露,全年收入料符合按年跌幅爲高單位數的指引,毛利率及經營溢利率料高於指引,按年提升4.5至5及2.5至3個百分點。管理層目標於2026財年將定價產品佔比提升至介乎20%至23%,預料有助進一步提升毛利率。高盛預測2025財年毛利率擴張主要來自黃金價格上漲的推動,2026財年相關支持因素可能減少,因此將2025財年淨利潤預測從66億港元下調至60億港元,以反映更高的對衝虧損,2026至2027財年盈利預測上調8%及9%。該行又預期下半年較高派息比率,意味着2025財年派息比將達115%,目標價從8港元上調至9港元,評級“中性”。
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