富瑞:维持周大福(1929.HK)持有评级 目标价上调至15.8港元
富瑞发表研究报告表示,周大福(1929.HK)2021财年的核心营业利润符合该行预期,其销售及净利则胜预期。管理层继续其渗透策略,计划于2022财年在内地净店增长逾700间。该行将集团目标价由14港元上调至15.8港元,维持持有评级。
该行表示,集团的销售额胜预期,但被较低的毛利率所抵销,尤其是在2021财年下半年,受产品组合和更高的特许经营组合影响,而净利则受惠于对冲收益和较低的利息成本。
由于疫情爆发导致2021财年的季度波动,管理层保守地预期2022财年本港同店销售增长30-40%。另外,由于特许经营业务的销售组合增加和金价上涨较少,管理层料内地在2022财年的毛利率约为27%。该行并将公司2022及23财年盈利预测分别调升18%及13%。

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