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《大行》美銀升周大福(01929.HK)目標價至15.4元 重申買入
阿思達克 06-13 12:35
美銀證券研究報告指,周大福(01929.HK)2025財年(截至今年3月底止財年)淨利潤按年跌9%至59億元,符合該行預期,收入890億元勝該行預期1%,毛利率及經營利潤率則遜於該行預期,因金價上升令利潤率少過預期。4至5月內地及香港的同店銷售(SSSG)分別為負增長2.7%及正增長1.3%,較3月份季度的負增長13%及23%有所改善。 周大福管理層指今年同店銷售正逐步改善,該行料內地5月的同店銷售將按年持平。管理層指引2026財年內地及香港同店銷售將有中單位數增長,收入將有低至中單位數增長,而毛利率將下降80至120個基點,營業利潤率下降60至100個基點,因金價上升以致利潤減少。集團將繼續推出新產品以推動增長,例如將推出高端珠寶系列。 該行將周大福2026財年淨利潤預測上調12%至77億元,相當於按年增長30%,以反映更好的收入及利潤率指引。目標價由升12%至15.4元,重申「買入」評級,因相信關鍵營運指標持續改善可支持股份重新評級。
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