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大行評級|里昂:予周大福“跑輸大市”評級及目標價10.6港元
格隆匯 02-18 11:25

里昂發表報吿指,據高端商場及黃金珠寶分銷商反映,農曆新年奢侈品及黃金珠寶消費暢旺,其中一個在北京的主要高端商場預期,農曆新年消費增長超過10%,而農曆年前一星期則增長逾20%。一個內地東部的珠寶分銷商指,銷售表現受惠於農歷新年及情人節推廣。

該行指,周大福去年第四季及農曆年前的銷售跑贏同業,料1月及2月銷售額按年增長30%以上,主要受惠低基數效應,其他品牌一般有20%以上升幅。金價上升推動黃金產品銷售,但部分有利因素被價格競爭抵銷,估計未來折扣進取,以及寶石類產品增長較黃金温和,可能影響毛利率表現。該行對周大福持“跑輸大市”評級,目標價10.6港元,雖然農曆年銷售表現跑贏同業,但中期壓力仍然存在,包括需要結束虧損的門店,以及寶石類產品銷情需時提升。

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