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《大行報告》中金升高鑫零售(06808.HK)目標價54%至3.7元 評級「跑贏行業」
阿思達克 02-22 13:32
中金發表報告,指該行近期組織了高鑫零售(06808.HK)線下調研。伴隨疫情影響消退,今年以來公司線下客流呈逐步改善趨勢,線上業務延續較快成長,全渠道運營優勢不斷鞏固。公司積極推動線下門店重構、到家業務提效、生鮮供應鏈建設及新業態拓展,轉型升級步伐行業領先,該行認為有望驅動公司盈利能力穩步修復,並持續擴大市場份額。 該行預計高鑫2023財年有望實現剔除門店減值後扭虧,後續迎來利潤率逐步改善。另其中超與大賣場共享商品池、供應鏈及運營體系,目前門店模型已跑通,中金預計拓店步伐有望加快。 中金維持對高鑫盈測不變。考慮公司處於利潤扭虧期,市盈率估值波動較大,採用市賬率估值。當前股價對應預測2023及24財年各0.3及0.3倍市賬率。維持「跑贏行業」評級。考慮疫後客流回暖及公司轉型升級推動盈利持續向好的趨勢,上調目標價54%至3.7元。
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