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中金:上調高鑫零售(6808.HK)目標價至10.0港元 維持“跑贏行業”評級
格隆匯 12-20 15:31

中金公司發佈報告稱,上調高鑫零售(06808.HK)目標價4%至10.0港元,維持“跑贏行業”評級。

該行稱,預計公司2020年或將進一步發力線上線下業務。線下業務:該行預計公司2020年將進一步推進大賣場重構,包含提升生鮮品類佔比及供應鏈優化等,有望進一步發揮生鮮引流效應,促進線下門店客流水平的回暖;線上業務:公司現階段正在由新零售佈局的投入期向收穫期過渡,B2C及B2B業務貢獻穩步增長,後續隨着線上訂單量、客單價的穩步提升,整體同店有望逐步向好。此外,淘鮮達業務模式已日漸成熟,利潤端有望拐點向上,而且隨着訂單量、客單價的進一步提升,人工、揀貨等費用仍有進一步攤薄的空間,盈利能力有望夯實。

另外,公司與阿里合作進一步深化,貓超共享庫存有望2020年貢獻增量。該行認為,該項目結合了阿里的平台流量優勢與公司的供應鏈優勢,有望實現高效協同,為公司進一步貢獻增量業績。

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