研報掘金丨中金:調高老鋪黃金盈測及目標價,維持“跑贏行業”評級
中金髮表報告,調高老鋪黃金(6181.HK)今明兩年盈利預測42%及48%,至39.53億元及57.47億元,同時上調目標價22%,至1079.06港元,維持“跑贏行業”評級。中金指出,老鋪黃金髮布新品葫蘆寶寶和七子葫蘆系列,有效結合中國傳統文化元素和精巧製造工藝,同時,該公司在高端商圈積極開設新店,面積較傳統門店有所提升,認爲有望提升消費者購物體驗。今年以來,已在深圳萬象城、北京SKP-S、上海港匯恆隆開出新門店,並籌備在香港國際金融中心(IFC)、新加坡金沙等開店。至於金價於首季保持上漲趨勢,4月下旬至5月中旬出現短暫下跌,5月下旬後重回上漲趨勢,認爲金價上漲有利於一口價類黃金產品的銷售,老鋪黃金首飾、金器類商品全部爲一口價銷售,將受惠金價上漲帶動銷售增長,有望帶來正向經營槓桿和更高的淨利率水平。
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