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《大行》浦銀國際料老鋪黃金(06181.HK)上半年同店增速高於預期
阿思達克 07-08 09:27
浦銀國際發表報告指,預計老鋪黃金(06181.HK)上半年同店增長預計高於年初市場預期。根據該行調研,SKP旗下的老鋪門店上半年的同店銷售按年增長200%左右。這一增速高於市場年初對老鋪黃金 2025年全年同店的展望,但基本符合市場當下的預期。 公司在上半年新開了北京東方新天地禪房、北京SKPS、新加坡金沙、上海港匯恆隆和上海IFC等共 5家新店。而下半年計劃新開香港IFC、南京IFC、深圳灣萬象城和上海新天地等4家門店。也就是說,2025年公司目前計劃內新開門店達到9家,高於公司原定6-8家的新店計劃。該行不排除今年新開門店數還有進一步上升的可能。 該行假設公司下半年的同店增速將維持4-6月的水平。基於這一假設,保守預測2025年同店銷售按年增長150%左右,全年收入按年增長接近200%。公司2月對旗下主要產品進行了漲價,提價幅度為 8%-12%。預計下一次調價要等到9-10月,並預測2025全年毛利率按年小幅下降。基於以上,上調 2025年的核心淨利潤預測至50.8億元人民幣。維持「買入」評級。目標價1198元。
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