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大行評級|高盛:上調老鋪黃金目標價至1090港元 上調2025至27年淨利潤預測
高盛發表研究報告指,爲反映強銷售及擴展前景,將老鋪黃金的目標價由976港元上調至1090港元,此相當於預測2027財年市盈率25倍,維持“買入”評級。該行將老鋪黃金2025至2027年預計銷售額上調23至34%,反映單位銷售和擴張帶來的更強銷售前景,並將2025年預計同店銷售增長從75%上調至100%,同時將2026年及2027年同店銷售增長下調至8%及5%,以反映因基數較高。該行還將公司2025年、2026年及2027年預計精品店數量從42、48及52間,上調至45、53及58間。另外,高盛將老鋪黃金2025年至2027年淨利潤預測上調15至26%,分別至47.06億、65.6億及79.25億,相當於分別按年增長219%、39%及21%。從強勁的在線銷售、渠道反應正面及較高的二手價格,可見新產品系列七子葫蘆取得成功。該行認爲系列可提升公司品牌價值,並透過更豐富顏色的設計和減低金的存在感,令產品與金脫鉤,以更高的溢價定價。該行預期下半年公司會有更多舉措,包括VIC(超級重要客戶)管理、新產品推出以及店鋪優化,進一步加強老鋪黃金的品牌,從而支持可持續增長並擴大整體潛在市場。
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