富瑞:周大福(1929.HK)銷售下跌屬預期之內 維持買入評級
富瑞發表研究報告指,對周大福(1929.HK)2月份中國及港澳地區銷售均大跌80%至90%不意外,相信3月趨勢將會好過2月,但仍較首2個月情況差。不過,中國市場很大可能於21財年首季(4-6月)出現復甦,惟香港地區因社會事件仍存有不確定性,但認為公司股價已反映其疲弱的銷售情況,因此維持“買入”評級,目標價為8.97港元。
該行指,今年首兩個月,周大福於港澳地區整體銷售額按年下跌60%,同店銷售則跌59%。2月初至以大部分門店已短暫關閉,截至2月29日止,約有64%門店恢復營運。至於內地市場方面,首兩個月整體銷售額按年下跌42%,而截至2月底約7成門店已恢復營運。另外,順德及深圳工廠已復工,惟武漢工廠至今仍停擺,該工廠主要負責生產大眾黃金奢侈品,佔集團珠寶生產量約15至20%,因此估計部分生產線會遷移至順德及深圳工廠,而短期內庫存量將保持高水平。
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