《大行報告》里昂下調周黑鴨(01458.HK)目標價至8.7元 評級「買入」
里昂下調周黑鴨(01458.HK)目標價,由11.7元降至8.7元,評級「買入」。該行預計周黑鴨去年下半年收入按年升16%,但盈利則按年倒退五成,因要因銷售、一般及行政支出上升,尤其受到限制性股份與電商影響,以及2020年下半年有較多租務支出寬免。
該行認為,縱使新冠疫情常態化,但周黑鴨進取的擴張及持續產品創新,能抵銷單位銷售減少,及支持2021至2023年銷售及盈利年複合增長率分別為32%及76%。該行亦下調周黑鴨2021至2023年收入預測8%至10%,以及同期純利預測10%至27%,反映新冠疫情影響正常化。
該行指,周黑鴨去年10月同店銷售回復至新冠疫前六至七成,但情況於去年11月及12月惡化。隨著分店位置持續多元及深入更低層城市,以及更多社區分店,預期新冠疫情影響將淡化及逐步緩減。周黑鴨亦調整授權政策,包括自去年七月增加北上廣分店銷售回贈,為夥伴推廣提供更多財政支持,及減少准入按金。該行相信此等有助維持授權店流動性及提振銷售,強化與長期夥伴關係及吸引新授權商加入。
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