《大行》中金上調周大福(01929.HK)目標價至14.92元 維持「跑贏行業」
中金公司發表報告指,周大福(01929.HK)公布2025財年業績顯示,收入按年下降17.5%,歸母淨利潤按年下降9%至59億元,業績超出該行預期,主要因毛利率表現超預期。公司擬派發末期股息每股0.32元,對應全年派息率87.8%,保持高比例派息。
該行表示,展望2026財年,公司指引收入實現中低單位數的按年增長,毛利率或因金價上漲貢獻降低而按年下降約0.8至1.2個百分點,但在持續的費用控制下,營運利潤率預計按年下降0.6至1個百分點。
考慮公司持續的經營好轉,中金分別上調周大福2026及2027財年每股盈餘(EPS)預測9%、9%至0.83、0.91元,當前股價分別對應2026及2027財年市盈率15倍、14倍,維持「跑贏行業」評級;另外,考慮行業估值中樞有所提升,上調目標價31%至14.92元,分別對應2026及2027財年市盈率18、16倍,較上周四(12日)收市價12.28元,有22%的上行空間。
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