【港股通】福寿园(01448)涨超7% 拟派特别股息每股38.82港仙

金吾财讯
Jan 27, 2025

金吾财讯 | 福寿园(01448)早盘股价大幅走高,截至发稿,报4.39港元,涨7.07%,成交额3333.52万港元。公司发布公告,宣布将于2025年期间合共派发特别股息每股38.82港仙。这是福寿园继去年首次特别派息后,再度大手笔派发特别股息。中金公司表示,公司公告特别分红,体现公司积极回馈股东的意愿。此外,随着银行等融资机构对殡葬行业认知提升,该行认为公司也可获得更灵活多元的资金渠道,进一步支撑持续回馈股东的能力,并为日常运营和并购等资本开支提供安全垫。不过,中金表示,公司2H23/1H24收入分别同比下滑12.8%/27.8%,归母净利润分别同比下滑17.9%/35.7%,2H24该行暂未观察到明显拐点。该行预计公司后续将持续推广中端产品,并积极调整销售团队以提升人效,建议关注25年促销量举措、数字科技进展、开源节流效果。谨慎考虑需求承压和中端产品放量仍需时间,该行下调24/25年归母净利12%/14%至5.85亿元/6.45亿元,引入26年归母净利预测6.74亿元。当前股价对应25/26年13.8/13.1倍P/E。维持跑赢行业评级,考虑估值切换至25年及公司具备较强分红意愿和能力,下调目标价8%至4.6港元。

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