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《大行》花旗看好老鋪黃金(06181.HK)處於價格優勢 升目標價至1,084元
阿思達克 06-16 11:04
花旗發表研究報告指,自4月以來,金價上漲顯著縮窄了老鋪黃金(06181.HK)產品相對於大眾市場產品的價格溢價,使其高端產品更具吸引力。老鋪的空前優勢,幫助其迅速擴大客戶基礎。該行認為,若金價維持當前高位,儘管同店銷售基數較高,但預測老鋪三位數的同店銷售增長(SSSG)將持續至2025年下半年,維持老鋪「買入」評級,以預測2025年36倍市盈率為估值基礎,將其目標價從979元上調至1,084元。 花旗表示,老鋪現處於前所未有的價格優勢,且重塑了金飾行業的商業模式,對其產品實行每件固定價格,其純金飾品的每克零售價格過去比主要傳統珠寶商按重量計價的金飾貴約20%。該行指,因金價勁上漲,上述溢價已縮窄至約5%或更低,預計老鋪在2025年下半年將價格上調9%至10%,與2025年上半年增幅相似,假設金價保持平穩,價格溢價可能擴大至10%至15%。花旗認為老鋪的價格仍將具吸引力,若金價繼續上漲,老鋪的價格溢價將再次縮窄,吸引更多客戶。 基於收入預測上調6%至7%,以及更高的營運利潤率預測(得益於營運槓桿),該行對其2025年至2027年的淨利潤預測上調9%至10%。
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