《大行》里昂升高鑫零售(06808.HK)目標價至2元 維持「持有」評級
里昂發表報告指出,高鑫零售(06808.HK)截至3月底止上財年下半年扭虧爲盈,由2024財年下半年的虧損12億元人民幣,扭轉至2025財年下半年的淨利潤1.99億元人民幣,並於2025財年慷慨派息15億元人民幣,意味着派息率高達368%。管理層優先考慮銷售擴張而非毛利率擴張,但仍預測2026財年經營利潤率將因積極的規模效應及不斷改善的經營效率而實現擴張。
該行看好高鑫零售專注於提高產品定價競爭力,但監於消費情緒低迷及目前通縮環境,相信公司優化過程仍將經歷一段漫長的旅程。該行將高鑫零售2026財年的淨利潤預測下調12%,並上調估值基礎,由原先預測未來12個月市盈率15倍上調至18倍,目標價相應由1.7元上調至2元,但維持「持有」評級。
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