Theprosperityoftheindustryremainshigh;theyouthdemographicis
comingintothespotlight.Theretailsalesofgold,silverandjewelleryin
mainlandChinacontinuedtomaintainpositiveyoygrowthsinceJuly2020.
Drivenbyincreasingtrendofself-rewardingandincreasingpurchasingpower
oftheyounggeneration,jewelrybrandscontinuetoplacemoreattentionon
theyouthdemographic.
theyouthdemographic.
ChowSangSang’sshareholders’profitjumped160%yoytoHK$537
millionin1H2021.Totalrevenuewasup69%yoytoHK$10,825million,of
whichjewelleryretailincreasedby73%yoyandotherbusinesswasup40%
yoy.Grossprofitmargindeclined5.2pptsyoyto22.3%duetoincreasein
goldpriceandlowersalescontributionfromhigh-marginproducts.CSS
proposedinterimdividendofHK$0.14pershare,representingpayoutratioof
18.0%.
Expecttheenvironmenttoremainstrongin2022.Risingnumbersof
middle-classcustomersandtrendofself-rewardingareexpectedtobe
growthdriversin2022.Meanwhile,webelievethattheHongKongmarket
hasbottomedoutasthelocaleconomyisgraduallypickingupandthelocal
COVID-19epidemicisundercontrol.
Investmentratingis"Accumulate"andTPisHK$13.60.TheTP
represents9.0xand8.4x2021and2022PER,respectively.Wearepositive
ontheCompany’slong-termgrowth,consideringitsoutstandingbrand
reputationandproductdesigns.Downsiderisksincludefluctuationingold
priceanduncertaintyintheHongKongmarket.
行业景气度保持高涨,年轻市场受到越来越多关注。中国内地金银珠宝零售额自2020年7
月以来持续保持同比正增长。在自我犒赏的悦己需求上升以及新生代人群购买力提升的推
动下,珠宝品牌对年轻市场的关注度持续提升。
周生生2021年上半年股东净利同比跃升160%至537百万港元。总收入同比上升69%至
10,825百万港元,其中珠宝零售同比上涨73%,其他业务同比上涨40%。由于金价上升
以及高毛利率产品的收入贡献降低,毛利率同比下跌5.2个百分点至22.3%。周生生宣派
每股0.14港元的中期股息,派息比率为18.0%。
预期2022年市场保持强劲。中产阶级人数上升和悦己需求提升预计将成为2022年增长的
驱动力。同时,随着本地经济逐步回暖以及本土疫情控制得当,我们认为香港市场已经触
底回升。
投资评级为“收集”,目标价为13.60港元。目标价相当于9.0倍和8.4倍2021年和2022
年市盈率。考虑到公司出色的品牌声誉和产品设计,我们看好其长期发展。下行风险包括
金价的波动以及香港市场的不确定性。
Rating:Accumulate
评级:收集(维持)
6-18mTP目标价:HK$13.60
Shareprice股价:HK$11.460