管理层上调明年3月底止2026财年全年毛利率指引，至介乎31%至32%，意味同比升1.5至2.5个百分点， 原先料同比降0.8至1.2个百分点，因金价上升及定价产品销售占比增加。管理层并上调经营利润率指引 至介乎18%至19%，意味同比升1.6至2.6个百分点，原先料同比降0.6至1个百分点。 美银证券发布研报称，将周大福(01929)目标价由原先17.5港元微升至17.6港元，相当于预测2027财年市 盈率20倍;重申"买入"评级，理由是同店销售增长的持续改善可能支撑估值重评。 周大福9月底止2026财年上半财年净利润为25亿元，同比大致持平，符合该行预期;收入390亿元，同比 下降1%，较该行预期低3%;上半财年毛利率为30.5%，低于该行预期的31.3%，但被销售、管理及行政 费用比率(SG&A ratio)降至14%所部分抵消，并低于该行预期的15.3%。 该行指，鉴于10月至11月中旬销售趋势、利润率指引优于预期后，将周大福2026、2027财年净利润预测 分别上调6%及1%，至分别87亿及88亿元。美银证券认为，周大福管理层对同店销售增长指引略为保 守，认为指引有上行空间;又相信同店销售增长下滑的 ...

Core Viewpoint - Morgan Stanley's research report indicates that Chow Tai Fook's mid-term performance meets expectations, with an upward adjustment in gross margin guidance from 28.3-28.7% to 31-32%, exceeding the bank's forecast [1] Group 1: Financial Performance - The latest guidance suggests that net profit for the fiscal year 2026 will grow by 44-55% year-on-year, reaching HKD 85-91 billion, which translates to a year-on-year increase of 75-90% for the second half of the fiscal year [1] - The bank has raised its earnings per share forecast for fiscal year 2026 by 7% and net profit forecast by 6% to HKD 87.5 billion [1] - Earnings per share forecasts for 2027 and 2028 have been increased by 2%, based on expectations that gold prices will remain stable and the macro environment will gradually recover [1] Group 2: Market Outlook - Despite strong recent sales, the company maintains its original revenue guidance, with management expressing caution due to ongoing observation of demand trends post-VAT reform [1] - Current demand trends are better than management's expectations, and the company is confident in its competitive position, believing that tax reforms will benefit leading brands like Chow Tai Fook [1] - The target price remains at HKD 19 with a "buy" rating [1]

Core Viewpoint - Bank of America Securities reports that Chow Tai Fook's net profit for the first half of the fiscal year ending September 2026 is HKD 2.5 billion, remaining stable year-on-year and in line with expectations [1] Financial Performance - Revenue for the period is HKD 39 billion, a year-on-year decline of 1%, which is 3% lower than the bank's expectations [1] - Gross margin stands at 30.5%, below the expected 31.3%, but partially offset by a reduction in the selling, general and administrative (SG&A) ratio to 14%, which is lower than the anticipated 15.3% [1] Management Guidance - Management has raised the gross margin guidance for the full fiscal year ending March 2026 to between 31% and 32%, citing rising gold prices and an increase in the proportion of sales from priced products [1] Profit Forecast Adjustments - Following the sales trends from October to mid-November and the better-than-expected profit margin guidance, the bank has raised its net profit forecasts for Chow Tai Fook for fiscal years 2026 and 2027 by 6% and 1%, respectively, to HKD 8.7 billion and HKD 8.8 billion [1] Target Price and Rating - The target price has been slightly increased from HKD 17.5 to HKD 17.6, with a reiterated "Buy" rating, based on the continuous improvement in same-store sales growth which may support a valuation re-rating [1] Sales Growth Outlook - The bank notes that management's guidance on same-store sales growth is somewhat conservative, indicating potential upside; it believes that the worst period of decline in same-store sales growth has passed, and initiatives to drive business transformation may support profit recovery [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 19.40 [6][5]. Core Insights - The company reported a revenue of HKD 38.99 billion for FY26H1, showing a year-on-year decline of only 1.1%, indicating a significant improvement from previous periods [1]. - The operating profit reached HKD 6.82 billion, up 0.7% year-on-year, with an operating margin of 17.5%, the highest in nearly five years [1]. - The net profit attributable to shareholders was HKD 2.53 billion, essentially flat compared to the previous year [1]. - The company declared an interim dividend of HKD 0.22 per share, a 10% increase year-on-year, reflecting confidence in future growth [1]. Summary by Sections Financial Performance - For FY26H1, the company achieved a gross margin of 30.5%, supported by an increase in high-margin priced jewelry and rising gold prices [1]. - Same-store sales growth (SSSG) for mainland China and Hong Kong/Macau was reported at +2.6% and +4.4%, respectively, showing a significant year-on-year improvement of 30.0 and 35.2 percentage points [2]. - The retail sales of priced gold and jewelry in mainland China showed SSSG of +3.1% and +8.3%, while in Hong Kong/Macau, the figures were +8.5% and +6.1% [2]. Store Network Optimization - The company is optimizing its store network by closing inefficient stores and opening new flagship stores, with a net closure of 609 stores in FY25H1 [3]. - The average monthly sales of new stores opened in FY26H1 reached HKD 1.3 million, a 72% increase year-on-year, indicating improved productivity [3]. - The company plans to open six new stores in Southeast Asia, Oceania, and Canada by June 2026, with a forecasted net closure of 910 stores for the fiscal year [3]. Market Trends and Outlook - Retail sales from October 1 to November 18, 2025, showed a strong growth of 33.9% year-on-year, reflecting a recovery in consumer demand [4]. - The implementation of a new gold tax policy in early November is expected to raise industry compliance standards, potentially benefiting the company due to its robust supply chain and brand strength [4]. - The company forecasts net profit attributable to shareholders for FY26 to be HKD 8.12 billion, representing a year-on-year increase of 37.3% [5].

Core Viewpoint - Morgan Stanley has raised the earnings per share forecast for Chow Tai Fook (01929) for the fiscal year 2026 by 7%, with net profit forecast increased by 6% to 8.75 billion HKD, and forecasts for 2027 to 2028 raised by 2% due to expectations of stable gold prices and gradual macroeconomic recovery [1] Group 1: Financial Performance - The mid-term performance of Chow Tai Fook met expectations, with the gross margin guidance raised from 28.3-28.7% to 31-32%, exceeding Morgan Stanley's expectations [1] - Considering higher hedging losses, the latest guidance indicates that net profit for fiscal year 2026 is expected to grow by 44-55% year-on-year, reaching 8.5 to 9.1 billion HKD, with a projected year-on-year growth of 75-90% in the second half of the fiscal year [1] Group 2: Sales Growth - From October 1 to November 18, same-store sales growth in mainland self-operated stores reached 48.7%, while franchise stores grew by 38.8%, and the Hong Kong and Macau markets saw an increase of 18.3% [1] - Despite price increases following the VAT reform, demand in November remained in double-digit growth [1] Group 3: Management Outlook - The company maintains its original revenue guidance, with management expressing a cautious attitude as they continue to observe demand trends post-VAT reform, indicating that future guidance will be updated accordingly [1] - Current demand trends have exceeded management's expectations, and the company is confident in its competitive position, believing that the tax reform will benefit leading brands like Chow Tai Fook [1]

Core Viewpoint - Morgan Stanley has raised the earnings per share forecast for Chow Tai Fook (01929) for the fiscal year 2026 by 7% and the net profit forecast by 6% to 8.75 billion yuan, anticipating that gold prices will remain stable and the macro environment will gradually recover [1] Group 1: Earnings Forecast - The earnings per share forecast for 2027 to 2028 has been increased by 2% due to expectations of stable gold prices and a recovering macro environment [1] - The net profit for fiscal year 2026 is projected to grow by 44% to 55% year-on-year, reaching between 8.5 billion to 9.1 billion yuan, with a significant increase of 75% to 90% in the second half of the fiscal year [1] Group 2: Sales Performance - From October 1 to November 18, same-store sales growth for self-operated stores in mainland China reached 48.7%, while franchise stores grew by 38.8%, and the Hong Kong and Macau markets saw an increase of 18.3% [1] - Despite price increases following the VAT reform, demand in November continued to show mid-double-digit growth [1] Group 3: Management Guidance - The company has raised its gross margin guidance from 28.3% to 28.7% to a new range of 31% to 32%, exceeding Morgan Stanley's expectations [1] - Management remains cautious about revenue guidance, as they are still observing demand trends post-VAT reform, but current demand trends have surpassed their expectations [1] - The company expresses confidence in the competitive landscape, believing that the tax reform will benefit leading brands like Chow Tai Fook [1]

11月26日，周大福绩后跌超4%，在截至2025年9月30日六个月内，公司共实现营业收入约389.86亿港 元，同比下降1.1%。 ...

每经AI快讯，周大福(01929.HK)绩后跌超3%，截至发稿跌3.61%，报14.69港元，成交额7234.04万港 元。 ...

Core Viewpoint - The report from CICC maintains the EPS forecast for Chow Tai Fook (01929) at HKD 0.87/0.93 for FY26/27, with a target price of HKD 19.45, indicating a potential upside of 28% from the current stock price [1] Group 1: Financial Performance - Chow Tai Fook's revenue for 1HFY26 decreased by 1.1% to HKD 39 billion, with net profit remaining flat at HKD 2.5 billion, slightly below expectations due to margin pressures [1][2] - The company declared an interim dividend of HKD 0.22 per share, corresponding to a payout ratio of 86% [1] Group 2: Operational Efficiency - The decline in revenue has narrowed significantly compared to previous periods, with a 2.5% decrease in mainland China revenue to HKD 32.2 billion [2] - The company is optimizing its store network, closing 16 direct-operated and 595 franchised retail points, while same-store sales increased by 2.6% and 4.8% respectively [2] - New store monthly sales improved by 72% year-on-year, exceeding HKD 1.3 million [2] Group 3: Cost Management - Despite challenges from rising gold prices and sales timing, the gross margin decreased by 0.9 percentage points, supported by product and channel mix [3] - Sales and management expense ratios decreased by 0.9 percentage points and 0.3 percentage points respectively, helping to mitigate the impact of a HKD 3.1 billion loss from gold borrowing [3] Group 4: Brand and Product Development - Chow Tai Fook is focused on enhancing product quality and brand strength, launching its first high-end jewelry series "He Mei Dong Fang" in June, showcasing excellent design and craftsmanship [4] - The three iconic series "Forbidden City," "Chuan Fu," and "Chuan Xi" achieved sales of HKD 3.4 billion in 1HFY26, compared to HKD 2.3 billion in 1HFY25 [4] Group 5: Growth Trends - From early October to November 18, overall retail sales increased by 34%, with same-store sales in mainland China growing by 39% and 49% for direct and franchise stores respectively, while Hong Kong and Macau saw an 18% increase [5] - The company is expected to continue improving sales performance and operational efficiency [5]

（原标题：港股异动 | 周大福(01929)绩后跌超3% 上半财年纯利同比微增 毛利率收窄0.9个百分点） 智通财经APP获悉，周大福(01929)绩后跌超3%，截至发稿，跌3.61%，报14.69港元，成交额7234.04万 港元。 消息面上，周大福发布截至2025年9月30日止6个月中期业绩，该公司取得营业额389.86亿港元，同比减 少1.07%；公司股东应占溢利25.34亿港元，同比增加0.16%；毛利率同比收窄0.9个百分点至30.5%，周 大福对此解释称，由于已实现的金价升幅较少，导致零售产品毛利率下跌。然而，定价首饰及零售业务 占比提升，相关得益抵消了部分的影响。 中金公司点评称，公司1HFY26 收入同降1.1%至390 亿港元，归母净利润25亿港元同比持平，业绩略低 于该行预期，主要由于毛利率影响。公司宣派中期股息0.22 港元/股，对应派息率86%。1HFY26公司收 入同降1.1%，降幅环比明显收窄。分区域看，中国内地收入同降2.5%至322亿港元，公司持续优化门店 网络以提升零售表现及盈利能力。中国港澳及海外市场受益于零售环境好转及客流回暖，期内收入同增 6.5%至68亿港元，港澳同店 ...