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《大行》中金升六福(00590.HK)目標價46%至24.22元 下半財年收入明顯改善
阿思達克 07-02 15:50
中金公司研究報告指,六福集團(00590.HK)公布今年3月底止2025財年業績,其收入按年跌13%,歸母淨利潤按年下降38%至11億元,業績符合中金預期。公司擬派發末期股息每股55港仙,對應全年派息率59%。 報告提及,六福3月底止下半財年收入明顯改善。為應對消費趨勢變化,六福計劃產品雙向延伸至高端與輕奢導向。據公司公告披露,2025年4月1日至6月21日,在公司產品推廣、差異化產品策略及低基數效應下,集團整體同店銷售改善,其中內地同店增長近20%、港澳市場同店基本持平。 考慮公司終端銷售持續好轉,中金上調六福2026財年每股盈測預測13%至2.52元,並引入2027財年每股盈餘預測2.97元,當前股價分別對應8倍、7倍2026及2027財年市盈率,維持「跑贏行業」評級。考慮行業估值中樞提升,上調目標價46%至24.22元,分別對應2026和2027財年市盈率分別10倍及8倍。
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