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招银国际:微升高鑫零售(6808.HK)目标价至15.6港元 重申买入评级
格隆汇 08-17 16:12

招银国际发表研究报告,将高鑫零售(6808.HK)目标价由15.32港元调高至15.6港元,重申买入评级。

该行称,高鑫零售上半年净利润增17%至20.62亿元人民币(下同),较市场预期高3%;收入增5%至532亿元,表现优于中国零售销售跌11%及50间主要零售商。

期内集团的B2C业务增长强劲,疫情影响加上消费者行为转变,线上店日均单量由去年的640单增加至今年第一及第二季分别逾750单及逾950单。管理层预计今年年底店日均单量将达到1200单。疫情下市民减少消费次数,今年首季客单价增至逾85元,去年为64元,而第二季回落至逾68元,管理层预期客单价正常水平为65至67元。

另外,公司计划发展多业态展店模式,开设中型及小型超市,以提高市佔率。与大卖场比较,中小型超市一般位于社区,更能照顾消费者方便购物的需求。同时在社区团购、天猫超市共享库存及门店改善方面有不同计划。

考虑到公司进一步的扩张计划,该行上调对其2020至2022年的净利润预测1至4%。

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