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研報掘金|華泰證券:下調周大福目標價至10.26港元 預計全年收入增長仍會承壓
華泰證券發表報吿,自2025財年以來,周大福持續優化門店結構,大力加碼計件黃金產品以及推出暢銷系列傳福,預計截至9月底第二財季內地/港澳同店跌幅按季會有所收窄。不過考慮到金價快速上升,預計第二財季的同店銷售以及全年收入增長仍會承受一定壓力,因此下調2025財年至2027財年各年營業收入預測至900億、946億及995億港元。華泰證券將周大福目標價由10.8港元下調至10.26港元,維持“增持”評級,考慮到金價上升以及計件黃金銷售佔比提升將推高公司的毛利率,因此將其2025財年至2027財年各年歸屬母公司淨利預測降至各56.9億、61.5億及65.6億港元。報吿提到,在周大福品牌升級戰略下,將優化低效門店及精開優質門店,考慮到2025財年金價急升對加盟商存貨週轉帶來壓力,預計周大福品牌或錄得5%至7%的關店率,約400至535間門店關閉。
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