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摩根大通:予高鑫零售(6808.HK)优于大市评级 目标价10.5港元
格隆汇 06-04 13:22

摩根大通估计,高鑫零售(6808.HK)短期焦点在于提升销售收入并争取市场份额,因为扩大规模不仅对运营槓杆(尤其是在低利润杂货业务中)有利,还可以淘汰竞争对手。摩通认为提升盈利能力只会是集团中长线目标。该行予高鑫零售优于大市评级,目标价为10.5港元。

摩通发表研究报告指出,高鑫零售管理层预期,今年其获取客户的成本将增至大约6亿元人民币,因此其线上B2C销售的营业利润率或会下降至少于1%,而去年则为2-3%。管理层澄清,库存共享业务模式是基于门店资源,类似于门店营运,故长期净利润率目标将接近其线下水平,即2%。另一方面,阿里巴巴社区团购业务的批发业务与高鑫目前的B2B业务较为相似,因此长期净利润率将为1%。

管理层表示,集团在蛋白质、冷冻产品方面的竞争优势难以取代,因为它们不少并非标准化产品。高鑫零售相信集团具採购实力,这有助集团继续成为阿里巴巴在批发业务中最重要的供应商。管理层相信,批发业务可在中期为集团提供重要的增长机会。

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