《大行報告》大和上調周大福(01929.HK)目標價至19.5元 評級「買入」
周大福(01929.HK)上周五公布截至今年3月底止(2023財年)第四財季零售值按年增長逾14%,內地零售值增長9.6%,內地同店銷售按年跌5.6%,而港澳則按年升96.5%。大和發表研究報告指,周大福旗下內地業務業績顯著改善,3月份同店銷售按年升20%,對比首兩個月為下跌12%。按產品劃分,黃金首飾的同店銷售下降2%,但產品均價增長6%。
該行指,周大福旗下港澳及其他市場於2023財年第四財季零售值按年升71.2%,當中香港及澳門同店銷售分別增長150%及26%。大和指,管理層透露期內所有渠道的毛利率都有所改善,並預計核心營業利潤率將受嚴格的成本管理和優化的定價策略所推動。在經營槓桿的推動下,大和預計周大福2024財年盈利將按年強勁反彈28%,當中以港澳業務表現領先。
大和重申「買入」評級,目標價從18元上調至19.5元,將2023至2025財年每股盈利預測下調2%至5%,以反映2023下半財年的疫情因素,同時關注公司在內地的門店加速擴張,對市場滲透率及市場份額增長的影響。
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