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《大行》美銀證券升周大福(01929.HK)目標價至13.7元 重申「買入」評級
阿思達克 06-02 16:35
美銀證券發表研究報告指,周大福(01929.HK)將於6月12日公布2025財年業績,該行預計2025財年收入將按年下降18%至890億港元,淨利潤下降10%至58億港元,基於毛利率30.6%(按年增加670個基點)和營運利潤率16.5%(按年增加420個基點)。回顧今年財年的4月份,周大福維持其收入指引為下降高十位數百分比。由於金價上漲、產品組合改善及成本控制,預計毛利率指引和營運利潤率指引有上行空間。 此外,該行將周大福2026財年淨利潤預測上調15%至68億港元,以反映產品組合改善可能帶來的淨利潤率擴張,並將目標價上調15%至13.7元(2026財年市盈率20倍)。美銀證券認為,2025財年業績將是一個正面事件,因股息有上行潛力及2026財年指引穩健。然而,該行亦注意到,自周大福4月24日發布第四季度營運數據以來,其股價已上漲17%,市場對業績的預期可能正在累積。該行重申對周大福的「買入」評級,因相信品牌轉型可推動同店銷售增長改善及銷售點關閉速度放緩。在中國消費領域增長稀缺的背景下,成功的轉型故事可能支撐估值倍數的上行。
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