《大行報告》瑞銀下調周大福(01929.HK)目標價至20元 評級「買入」
瑞銀發表研究報告指,周大福(01929.HK)公布年度業績,下半財年收入遜預期,但核心經營利潤仍符合預期,核心經營利潤率則超出預期。
管理層預期2024財年收入按年增幅將達到高雙位數,當中中國內地同店銷售增長料達中單位數,年內計劃開店約600至800間,並憧憬產品組合優化及效率提升可推動毛利率及核心經營利潤率增長。
瑞銀表示,考慮到中國業務的擴張放緩將毛利率提升的利好因素所抵銷,2024至2026財年每股盈利預測維持不變,看好周大福提升盈利能力的戰略,目標價從21元略降至20元,維持「買入」評級。
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