周大福(01929.HK)彈高8% 券商指管理層料同店銷售逐季改善
阿思達克 06-13 10:38
周大福(01929.HK)公布業績後受追捧，今早高開0.65%後，盤中曾低見11.92元一度下滑2.9%，其後輾轉向上，盤中曾高見13.4元一度彈高9.1%，最新報13.28元上揚8.1%，為升幅最大的藍籌股，成交額2.07億元，而周大福今年以來股價已累升97.3%。花旗指，周大福2025財年業績符合預期，管理層預計2026財年同店銷售將逐季改善，全年實現中單位數增長，該行對其保持樂觀態度，若黃金價格上漲，料將刺激公司旗下固定價格黃金產品增長，並從綜合估值方式的角度推動估值重估，維持「買入」評級，將目標價由10.2元升至14元。麥格理指，周大福2025財年固定價格珠寶(黃金及鑲嵌寶石)收入佔比從2024財年的19%增加至29%，公司將推出更多標誌性產品及高端珠寶以進一步優化產品組合。
周大福昨收市後公布截至今年3月底止全年度業績，營業額896.56億元，按年跌17.5%。純利59.16億元，按年跌9%；每股盈利59.2仙。派末期息32仙，上年同期派30仙。全年股息每股共52仙。2025財政年度全年派息率約為87.8%。期內，經營溢利上升9.8%至147.46億元，而經營溢利率則擴大4個百分點至16.4%。毛利率升5.5個百分點至29.5%。截至3月底，集團於內地的同店銷售按年跌19.4%，同店銷量跌30.1%；港澳市場同店銷售跌26.1%，同店銷量跌34.2%。
瑞銀表示，周大福2025財年下半財年營運利潤按年升15%，較該行原預期高5%，因得益於成本控制。考慮到月度同店銷售增長改善及新開店舖的強勁表現，管理層給出的指引高於市場預期。根據周大福管理層指引，瑞銀預計2026財年營運利潤介乎140億至149億元(按年跌5%至升1%)，比市場共識預期高11%至19%。
瑞銀稱周大福預計2026財年中國內地及內地以外的同店銷售增長均為中單位數，總收入預計按年增長低至中單位數。管理層表示僅對按重量計價的黃金產品進行對沖，不對固定價格黃金產品進行對沖。
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