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大行評級|麥格理:下調周大福目標價至14.1港元 評級“跑贏大市”

麥格理髮表研究報告,預計周大福2025財年下半年收入按年下降15%。營運利潤按年增長15%,超出該行預期13%及市場共識11%。淨利潤按年增長74%,超出該行預期24%。麥格理相信,周大福憑藉金飾需求復甦及效率提升,2026財年將實現穩健的盈利增長,將周大福置於精選買入名單,予“跑贏大市”評級。

麥格理將周大福2026及2027財年淨收入預測分別下調1.6%和1.9%,以反映全年指引及金價波動因素。基於2026財年15倍預測市盈率不變,該行將周大福目標價下調1.4%至14.1港元。

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