《大行報告》瑞信下調周黑鴨(01458.HK)目標價至5.5元 評級「跑贏大市」
瑞信發表研究報告指,周黑鴨(01458.HK)管理層下調今年盈利指引後,集團股價昨日(11日)暴跌23%,管理層預計今年收入為30億至32億元人民幣,淨利潤為1.8億至2億元人民幣,遠低於市場預期。
該行提到,儘管中國的重新開放步伐快於預期,但管理層似乎對銷售復甦趨勢和利潤率前景變得更加保守,尤其是在今年上半年。管理層料今年每間門店的銷售額將僅恢復到2021年水平的70%,而由於原材料成本上漲,毛利率料按年下降3到4個百分點。
瑞信表示,市場對管理層的預測感到意外,部分人對集團企業管理的憂慮加劇。該行認為,這或會在短期內繼續對股價造成壓力。該行下調集團2022的盈測70%,又分別下調今明兩年的盈測60%和27%,並將目標價由6元下調至5.5元,不過,維持「跑贏大市」評級,相信在其股價調整後將有具吸引力的風險回報,及擁有優於預期復甦步伐帶來的潛在上行空間。
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