Core Viewpoint - The recent surge in gold prices has shifted public sentiment from excitement to concern, prompting discussions about the implications of such price movements and consumer behavior in the gold market [1]. Group 1: Market Trends - Gold prices have seen significant increases, with prices reaching 728 RMB per gram for 24K gold on April 8, and over 700 RMB per gram for other brands shortly after [1]. - Despite the rising prices, the retail gold market in lower-tier cities has remained relatively quiet, with many consumers hesitant to make purchases due to fears of further price increases [2][4]. - The consensus in the jewelry industry suggests that as gold prices rise, consumer interest and sales tend to decline, indicating a paradox where higher prices lead to lower sales volume [4][12]. Group 2: Consumer Behavior - In lower-tier cities, consumers are increasingly cautious, with many opting to observe rather than purchase, reflecting a broader trend of conservative spending among the general public [4][6]. - The demand for gold among younger consumers, particularly for wedding-related purchases, has been impacted by rising prices, leading to frustrations and delays in buying decisions [7][9]. - Many consumers are turning to old gold jewelry for trade-ins or exchanges to mitigate the impact of high prices, with some stores offering discounts on processing fees for such transactions [9][11]. Group 3: Brand Dynamics - The competition among brands has intensified, with traditional brands like Chow Tai Fook and Lao Feng Xiang adapting their product lines to attract younger consumers, yet facing challenges in lower-tier markets where price sensitivity is higher [12][14]. - The shift in consumer preferences towards lower-priced, high-purity gold products has led to a decline in sales for branded items that carry higher premiums [12][16]. - The market dynamics indicate that in the current environment, the purity and weight of gold are more critical to consumers than brand recognition, especially in lower-tier markets [12][16].

港股公司报告 | 公司点评 周大福（01929） 证券研究报告 2024年04月 16日 投资评级 季度内零售值同比+12.4%，整体店效稳步提升 行业 非必需性消费/专业零 售 6个月评级 买入（维持评级） 事件：公司发布截止2024年 3月 31日止三个月主要经营数据。FY24Q4 集团销售额同比+12.4%，其中中国内地零售值同比+12.4%，中国香港、 当前价格 10.46港元 中国澳门及其他市场同比+12.8%。另外，季内中国内地同店销售同比 目标价格 港元 -2.7%，中国香港及中国澳门同店销售同比+4.5%。 基本数据 同店销售表现：中国内地同店销售受惠于节日需求，但由于基数较高， 港股总股本(百万股) 9,987.74 季内同店销售减少。但中国香港受益于入境旅游持续恢复，同店销售同 港股总市值(百万港元) 104,471.73 比+8.9%，中国澳门同店销售同比-7.1%。 每股净资产(港元) 2.62 加盟表现：受益于整体店铺效益提升及过去12个月的新开门店，中国 资产负债率(%) 68.03 内地周大福珠宝加盟店的零售值季内显著提升18.3%，而且对于相关零 一 年内最高/最低(港元) 1 ...

证券研究报告 | 2024年04月15日 周大福（01929.HK） 买入 1-3 月零售额增长稳健，持续推进门店优化提效  公司研究·公司快评  商贸零售·专业连锁Ⅱ  投资评级：买入（维持评级） 证券分析师： 张峻豪 021-60933168 zhangjh@guosen.com.cn 执证编码：S0980517070001 证券分析师： 柳旭 0755-81981311 liuxu1@guosen.com.cn 执证编码：S0980522120001 事项： 公司发布2024年1-3月未经审核的主要经营数据，整体零售值同比增长12.4%，其中中国（不含港澳台） 市场零售值同比增长12.4%，中国香港、中国澳门及其他市场同比增长12.8%，整体在去年一季度较高基 数下保持了稳健增长。 国信零售观点：1）同店方面，公司中国香港及中国澳门市场的同店销售继续增长态势，1-3月实现4.5% 的增长。中国（不含港澳台）市场同店销售同比下降2.7%，其中黄金首饰产品的同店销售增长3.4%，受 益龙年主题下黄金首饰及摆件的销售增长。2）开店方面，公司继续贯彻强化单店效益的规划，季内对低 效门店进行调整，净关店94 ...

Investment Rating - The report maintains a "Buy" rating for Chow Tai Fook (01929.HK) [4] Core Views - The company achieved a 12.4% year-on-year growth in RSV for Q4 FY2024, meeting expectations, with strong performance in both mainland China and other markets [1] - The company is focusing on optimizing store quality and enhancing single-store operations while being cautious about new store openings [2] - Revenue for FY2024 is expected to grow by 15%, with a projected profit increase of around 25% [2] Summary by Sections Sales Performance - For the period of January to March 2024, the company's RSV grew by 12.4% year-on-year, with mainland RSV also increasing by 12.4% and Hong Kong, Macau, and other markets seeing a 12.8% growth [1] - In mainland China, the growth was supported by improved store efficiency and a slight net increase in store openings, with franchise stores showing an 18.3% increase in RSV [1] Store Operations - The company has slowed down its store opening pace, closing 89 stores in mainland China while opening 143 stores throughout FY2024 [2] - The focus is on optimizing the existing store structure and enhancing the performance of individual stores [2] Product Performance - Sales of gold jewelry showed a positive trend with a 3.4% increase in same-store sales, while sales of jewelry inlaid products faced pressure, declining by 19.5% [1] - The average price of gold products in mainland China increased by 10% year-on-year, contributing to the strong performance of gold jewelry [1] Financial Projections - The company expects FY2024 revenue to reach HKD 109.02 billion, with a year-on-year growth rate of 15.1% [3] - The projected net profit for FY2024 is HKD 6.743 billion, reflecting a 25.2% year-on-year increase [3] - The report adjusts the net profit forecasts for FY2024-2026 to HKD 67.43 billion, HKD 85.46 billion, and HKD 100.12 billion respectively [2]

股 票 研 究 [Table_industryInfo] 批零贸易业 [ Table_Main[周I Tnaf 大bol]e 福_Ti（tle] 1 929） [评Tab级le_：Inv est] 增持 当前价格（港元）： 11.36 黄金品类延续高景气，渠道聚焦提质增效 2024.04.14 海 ——周大福FY2024Q4 主要经营数据点评 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 苏颖(分析师) 52周内股价区间（港元） 10.30-16.08 当前股本（百万股） 9,988 公 021-38677706 021-38038344 当前市值（百万港元） 113,461 司 liuyuenan@gtjas.com suying@gtjas.com 证书编号 S0880516030003 S0880522110001 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 FY2024Q4经营业绩符合预期，门店渠道聚焦提质增效；受益金价上行提振，黄金品 周大福 恒生指数 香 类延续高景气。 4% 摘要： 港 -2% [T abl维e_S持um“m增ary持] ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - In FY2024Q4, the company's retail sales in mainland China increased by 12.4% year-on-year, with retail sales in Hong Kong, Macau, and other regions growing by 12.8% [3] - Same-store sales in mainland China declined by 2.7% due to a high base effect from the previous year, while same-store sales in Hong Kong and Macau grew by 4.5% driven by the recovery of inbound tourism [3] - The demand for gold products remains strong, with gold jewelry and products contributing 84.8% of retail sales in mainland China during FY2024Q4 [3] - The company is focusing on improving the operational efficiency of its retail channels, closing 89 underperforming stores in mainland China while opening 143 new stores [3][4] - New franchise stores showed impressive performance, with retail sales in mainland China growing by 18.3% year-on-year, contributing 70.4% to mainland retail sales [4] - The profit forecast for the company has been adjusted downwards for FY2024-FY2026, with the latest closing price corresponding to a P/E ratio of 15/13/11 times for FY2024-FY2026 [4] Financial Summary - Total revenue (in million HKD) is projected to be 108,524 in FY2024, with a year-on-year growth of 14.22% [2] - Net profit attributable to the parent company is expected to reach 7,588 million HKD in FY2024, reflecting a significant year-on-year increase of 40.93% [2] - The latest diluted EPS is forecasted to be 0.76 HKD for FY2024, with a P/E ratio of 14.95 [2]

[Table_Title] 证券研究报告 周大福(1929.HK)FY2024Q4 点评：零售值增 公司研究 长符合预期，新店爬坡贡献度提升 [Table_ReportType] 点评报告 [Table_ReportDate] 2024年4月13日 [T周ab大le福_S(to1c9k2A9n.dHRKan)k ] [Table_Summary] 投资评级 事件：公司发布FY2024Q4（截至2024.3.31的3个月）经营数据，集团零 售值增长12.4%。 上次评级 点评： [T刘ab嘉le仁_A u社th零or&]美 护首席分析师 中国大陆春节销售表现亮眼，加盟新店贡献主要增长。中国大陆零售值同增 执业编号：S1500522110002 联系电话：15000310173 12.4%，贡献集团零售值的 88.6%，主要得益于：1）消费者对于黄金的持 邮 箱：liujiaren@cindasc.com 续偏好；2）公司成功的节庆促销&龙年新品；3）加盟新店的稳定爬坡&经营 提效，其中FY2024Q4直营同店（经营满2年门店）零售值同比下滑2.7%， 蔡昕妤 商贸零售分析师 同店销量同比下滑6.9%，加盟店零售 ...

纺织服饰/饰品 公 司 研 周大福（01929.HK） 战略聚焦经营质量提升，主动控制拓店进程 究 2024年04月13日 ——港股公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 骆峥（联系人） huangzepeng@kysec.cn luozheng@kysec.cn 日期 2024/4/12 证 书编号：S0790519110001 证书编号：S0790122040015 港 当前股价(港元) 11.360  事件：公司2024财年第四季度零售值同比+12.4% 股 一年最高最低(港元) 16.680/9.910 公司发布FY2024Q4经营数据：FY2024Q4实现零售值同比+12.4%。考虑公司提 公 司 总市值(亿港元) 1,134.61 升盈利能力见效，我们上调2024-2026财年盈利预测，预计2024-2026财年归母 信 流通市值(亿港元) 1,134.61 净利润为 76.49（+8.34）/89.55（+7.91）/100.49（+5.40）亿港元，对应 EPS 为 息 总股本(亿股) 99.88 0.77（+0.08）/0.90（+0.08）/1.01（+0.05）港元 ...

恒大御澜庭这座由恒大、香港周大福集团共同建起的项目，似乎丝毫未受到开发公司上海丰涛置业资产流拍的影响，依旧伫立在淀山湖旁的古镇。 作为项目开发商，上海丰涛置业的财务构成较为清晰，2009年成立，注册资本9.2亿元，隶属于香港周大福集团，郑裕彤的长子、许家印的好牌友郑家纯曾经担任公司法定代表人。 然而，市场风云难测，15年光阴流转，上海丰涛置业已进入破产程序，公司旗下其他应收款进行了四次拍卖，仍然是流拍的结果。 观点新媒体了解到，本次拍卖标的账面总金额约为114.88亿元，账龄在三年以上的金额82.91亿元，而拍卖起价仅58.82亿元。 这其中，合计72户为恒大集团关联方，涉及金额合计达到114.66亿元。 腰斩的价格 事实上，上海丰涛置业有限公司破产清算要从2023年5月说起。 彼时上海市第三中级人民法院刚刚裁定受理债务人，并指定上海市华诚律师事务所为管理人。彼时表示，公司所开发项目大部分房屋已售出，有部分车位、商铺、办公楼未售出，未售出的房屋为价值评估对象；公司拖欠相关工程款，如有施工是对所需评估房产的施工，需单独对该等施工对应形成的附属物价值进行评估。 六个月后，上海丰涛置业正式将“其他应收款”、“预付账 ...

Financial Performance - Revenue for the first half of FY2024 increased by 6.4% year-on-year to HK$49,526 million, with a growth of 11.3% on a constant exchange rate basis[12]. - Core operating profit rose by 37.7% to HK$5,989 million, exceeding revenue growth, driven by optimized pricing strategies and operational efficiency[12]. - Profit attributable to shareholders increased to HK$4,551 million, a rise of 36.4% compared to HK$3,336 million in 2022[24]. - Earnings per share rose to HK$0.46, reflecting a 39.4% increase from HK$0.33 in 2022[24]. - Revenue for the six months ended September 30, 2023, was HK$49,526 million, representing a 6.4% increase from HK$46,535 million in 2022[24]. - Core operating profit for the same period was HK$5,989 million, up 37.8% from HK$4,349 million in 2022[24]. - The Group's profit attributable to shareholders increased by 36.4%, primarily due to the surge in gold prices and effective pricing strategy optimization[111]. - The Group's major operating profit increased by 37.7% year-on-year to HK$5,989 million, with a corresponding profit margin of 12.1%[112]. Profitability Metrics - Adjusted gross profit margin improved by 140 basis points year-on-year to 23.8%, while core operating profit margin expanded by 280 basis points to 12.1%[12]. - Gross profit margin for the period was 24.9%, slightly up from 23.6% in 2022[24]. - SG&A expenses decreased by 4.5% to HK$6,150 million, with the SG&A ratio improving by 140 basis points to 12.4%[125]. - The SG&A to revenue ratio significantly decreased by 730 basis points to 16.4%, with fixed costs accounting for approximately 65% of SG&A expenses[178]. - The SG&A ratio improved by 100 basis points to 11.5% for the period ended September 30, 2023[138]. Market Performance - Revenue in Hong Kong, Macau, and other markets surged by 57.7% during the period due to improved inbound tourism[12]. - Same-store sales growth (SSSG) in Hong Kong and Macau reached 59.6%, driven by both average selling price and volume increases[104]. - Retail sales value (RSV) in Hong Kong, Macau, and other markets surged by 58.5% during 1HFY2024, with average daily customer traffic increasing by 51.1% year-on-year[74][76]. - The number of retail points in Mainland China increased to 7,699, while Hong Kong saw a slight decrease to 67[27]. - Retail sales volume in Mainland China reached 10,724,000 units, while Hong Kong and Macau recorded 925,000 units sold[27]. Strategic Initiatives - The company is focusing on five strategic priorities: brand revamp, product optimisation, accelerated digitalisation, operational efficiency, and talent cultivation to enhance competitiveness[29]. - The brand revamp is progressing with the launch of new designs for the HUÁ Collection and the first-ever 360-degree global marketing campaign in 1HFY2024[12]. - A centralized marketing strategy was implemented in 1HFY2024 to promote consistent brand recognition and maximize the impact of global marketing efforts[49]. - The Group is focused on nurturing a people-first workplace culture and strengthening talent development as part of its strategic growth roadmap[45]. - The Group aims to enhance earnings quality and returns to equity and capital while focusing on five strategic priorities for sustainable growth[42]. Inventory and Cash Flow Management - Net cash from operating activities was HK$7,919 million, significantly higher than the negative cash flow of HK$905 million in 2022[26]. - Inventory turnover period was 312 days, consistent with the previous year, indicating stable inventory management[25]. - The company is managing cash flows and capital expenditure prudently due to a higher cost of capital, leading to a selective approach to new store openings[65]. E-commerce and Retail Trends - E-commerce contributed 4.6% to the RSV and about 11% in volume during the first half of FY2024[66]. - The average selling price (ASP) of gold jewellery and products increased to approximately HK$5,600 in 1HFY2024, up from HK$5,200 in 1HFY2023[134]. - The ASP of gem-set jewellery rose to about HK$8,100 in 1HFY2024, compared to HK$7,100 in 1HFY2023[134]. - Brick and mortar stores accounted for approximately 95% of the retail sales value (RSV) in the Mainland during 1HFY2024[157]. Cultural and Social Impact - The company is committed to preserving Chinese cultural heritage through partnerships with academic institutions and the introduction of new product designs[36]. - A social impact strategy has been formulated focusing on promoting Chinese culture, talent development, and enhancing family wellbeing[37]. Economic Outlook - The Group expects FY2024 to be a year of gradual recovery, supported by government initiatives to boost domestic consumption in the Mainland and Hong Kong[81][83]. - China's economy is showing steady recovery, supported by government policies aimed at boosting consumer spending and urbanisation[31].