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郭家耀:外圍困擾港股 名創優品(09896.HK)利潤率存不確定性
港灣家族辦公室業務發展總監郭家耀稱,美股上週五(28日)顯着下滑,通脹數據較預期強勁,加上關稅憂慮持續,拖累大市低開後持續向下,三大指數均錄得顯着跌幅收市。美元走勢向下,美國十年期債息回落至4.25釐水平,油價走勢偏軟,金價則再創歷史高位。港股預託證券走勢偏軟,預料大市早段跟隨低開。 內地股市上週五下滑,滬綜指高開低走,收市下跌0.7%,滬深兩市成交額保持清淡。 港股繼續好淡爭持,外圍表現困擾大市,投資者繼續觀望關稅措施消息,指數曾低見23,200點水平,整體成交亦較前清淡。市場氣氛保持謹慎,大市成交較前有所減少,預料指數維持於23,000至24,000點水平上落。 另名創優品(09896.HK)去年經調整股東應佔淨利潤27.21億元人民幣,按年增長15.4%。期內收入169.9億元人民幣,按年上升22.8%,創年度收入新高。毛利率爲44.9%,上升3.7個百分點。去年底,集團層面的門店總數爲7,780家,全年淨新開1,219家門店。名創優品門店7,504家,全年淨新開1,091家門店,其中內地門店4,386家,海外門店3,118家。TOP TOY門店276家,全年新開門店總數創紀錄淨增128家,並向海外市場開展業務。管理層表示,去年是名創優品全球化戰略深化的一年,也是集團邁向「超級品牌」的重要里程碑。集團堅持興趣消費賽道,堅持IP產品創新,堅持全球化戰略,已做好緊抓消費變革機遇的準備,繼續在IP聯名、產品創新、消費體驗上發力,在全球零售市場中佔據更加重要的地位,向成爲世界第一的IP設計零售集團的目標邁進。 展望今年,基於對當前市場環境以及增長策略有效落地的判斷,集團對今年收入增長加速表示樂觀,將優先推動同店銷售增長,通過進一步優化店鋪佈局和產品品類等舉措提升坪效。集團亦將密切關注店鋪營運模型,在有效提升毛利率的基礎上,從費用管控等多維度着手,全方位優化店鋪經營模型,致力於維持合理健康的利潤率。由於國內同店GMV增長出現高單位數跌幅,海外同店GMV增長率亦大幅放緩至中單位數,引起市場憂慮。較低毛利率的直營業務比例上升,爲利潤率帶來不確定性,導致股價短線受壓。 (筆者爲證監會持牌人,本人及相關人士沒持有上述股份)~
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