研报掘金丨中金:上调周生生目标价至18.51港元,维持“跑赢行业”评级

格隆汇
Aug 19
中金发表报告,周生生预告上半年净利润21亿至22亿港元,同比增长约131%至142%。盈利预告高于该行预期,盈利增长主要因零售业务销售表现提升,以及贵金属借贷按市值重估同比扭亏为盈。虽然上半年金价波动大,公司内地同店增长逐季加速,港澳增速领先。该行认为中高端品牌在金价波动环境下韧性较强,品牌力和产品力突出的品牌有望跑赢行业。因零售表现积极及贵金属借贷收益,该行上调2026/2027年每股盈利预测47%及39%至各4.41及4.5港元,考虑金价波动对业务及估值的影响,暂上调目标价17%至18.51港元,维持“跑赢行业”评级。

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