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《大行》花旗料老鋪黃金(06181.HK)上半年SKP店銷售升兩倍 目標1084元籲買入
花旗研究報告,預期老鋪黃金(06181.HK)上半年在SKP商場的銷售額會有1.5至2倍增長,增長速度較其他分店高,因SKP商場在推廣活動中提供更高折扣,約10%,而其他商場的折扣約爲2至3%。該行料推廣活動期間,SKP商場分店的月均銷售額是一般時間的7至8倍。有關增長是由於老鋪黃金將每位客人的消費時間縮減至30分鐘,容許店員可進行一對一銷售,而顧客在經歷長時間排隊後,會在短時間內購買更多產品。由於短期內產量和門店增長速度都有限,因此限制了整體交易量,但該行認爲平均價格有上行空間。 爲提高平均消費金額,公司計劃下半年推出高價值產品,包括平均售價10萬元人民幣以上的金漆器(gold-based lacquerware)及平均售價約10萬元人民幣的珠寶首飾,並打算強化與高淨值客戶的關係。該行料金飾產品佔公司整體銷售的35%,而代購則佔推廣期間銷售的30%;又認爲公司獨特的技藝難以被同行複製,產品質素亦較高,因此競爭有限;現予目標價1,084元及「買入」評級。
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