《大行》華泰證券看好老鋪黃金(06181.HK)全年高增勢頭 維持「買入」評級
華泰證券研究報告指出,老鋪黃金(06181.HK)發佈正面盈利預告,預計2025年上半年實現收入約120億至125億元人民幣(下同),年增約241%至255%,淨利潤約22.3億元至22.8億元,按年增約279%至288%。老鋪上半年業績實現強勁增長,該行認爲主要來源於線上、線下存量店鋪貢獻,上海港匯恆隆、新加坡首店、上海IFC等新增大店分別於5月及6月開業、有望於下半年明顯貢獻增量業績;並繼續看好老鋪黃金的競爭優勢及高成長勢頭,維持「買入」評級,目標價1,200港元不變,對應2025年38.5倍市盈率。
華泰證券表示,老鋪預計今年上半年實現銷售業績(含稅收入)約138億至143億元,按年增長約240%至252%;實現收入約120億至125億元,按年增長約241%至255%。經調整淨利潤約23億至23.6億元,按年增長約282%至292%,對應經調淨利率約19%,較2024年(17.7%)提升約1.3百分點。華泰證券認爲,上述情況主要是經營槓桿優化推動費用率明顯收窄,而金價上漲壓制毛利率(以6月30日滬金收盤價計算,金價按年升36%,而老鋪累計提價幅度不足20%、低於金價漲幅)、部分抵消費用率的下降。
華泰證券維持老鋪2025至2027年歸母淨利潤49.1億、62.1億及75.8億元。
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