Investment Rating - The report initiates coverage with a "Buy" rating for the company [2]. Core Views - Chow Tai Fook is a leading brand in the gold and jewelry industry, leveraging innovation to achieve breakthroughs. The company has a strong retail network with 7,885 retail points as of the end of 2023, and it reported a retail value of HKD 94.684 billion and a net profit of HKD 5.384 billion for FY2023 [1][5]. - The company has solidified its market leadership through three dimensions: product innovation, channel expansion, and brand strength. Its market share in mainland China has increased from 6.1% in 2014 to 10.9% in 2023 [1][27]. Summary by Sections Company Overview - Founded in 1929, Chow Tai Fook has deep roots in the jewelry industry, focusing on gold jewelry and related products. The company employs a differentiated brand strategy, with its flagship brand complemented by sub-brands like HEARTS ON FIRE and MONOLOGUE. The retail network includes both self-operated and franchised stores [1][5][6]. Market Position and Strategy - The company has led industry transformation by focusing on product innovation, channel development, and brand enhancement. It has successfully targeted younger consumers and maintained high product standards, which has strengthened its competitive edge [1][25]. - The retail network has expanded significantly, with a focus on both first-tier and lower-tier cities. The company has exceeded its target of 7,000 stores by 2025, achieving 7,269 stores by March 31, 2023 [1][6]. Financial Performance - Chow Tai Fook's revenue for FY2023 was HKD 94.684 billion, with a net profit of HKD 5.384 billion. The company expects revenues to grow to HKD 109.113 billion, HKD 121.860 billion, and HKD 134.600 billion for FY2024, FY2025, and FY2026, respectively, with corresponding net profits of HKD 7.569 billion, HKD 8.600 billion, and HKD 9.625 billion [2][10]. - The company has maintained a stable profit margin, with an adjusted gross margin of 23.7% for FY2023, reflecting effective cost control [17][18]. Future Outlook - The jewelry industry is expected to continue its upward trend, with increasing market concentration and favorable conditions for leading brands. Chow Tai Fook's low valuation and high dividend yield make it an attractive investment opportunity [1][25]. - The company plans to enhance store profitability through a store renovation initiative and aims to optimize its product mix to increase the proportion of high-value products [1][25].

TOP3大新闻 华为Pura 70系列开售，售价5499元起 4月18日，华为Pura 70系列正式开售，售价5499元起。其中，Pura 70 Ultra和Pura 70 Pro于10点08分开售，而Pro+、华为Pura 70将于22日10点08分开售，Pura 70 Ultra和Pura 70 Pro在一分钟内即告售罄。华为Pura 70全系列已经在门店展出，包括标准版、Pro版、Pro+版本以及Ultra版四个版本。店内部分型号有现货，需要现场排队购买。  某销售人员介绍，“一人限购一台。现货购买无法通过线上预约，需要现场排队，属于是先到先得。如果现场没有买到机器，工作人员会给顾客一份预约码，后续到货之后，可以凭借预约码来线下提货。目前有部分型号有现货。”对于到货情况，销售人员称也是临时得知。“不知道现场什么时候来的货，我是早上临时被叫过来的，现在也处于比较懵的状态。”（科创板日报）  周大福回应足金戒指被指褪色 4月17日，来自广东的陈女士（化姓）报料称，其花费2394元购买了一枚周大福足金戒指，一个多月后戒指出现灰白色斑，似乎是掉了一小块金膜。 陈女士称，周大福方面否认这是假货，但无法出具质检报告 ...

金价在震荡中冲击历史高点，这是一个珠宝商敢一夜之间每克涨价15元的黄金时代。头部黄金品牌梦金园却在最好的时代，做最惨的生意——营收200亿，只有2亿净利润。泼天的富贵，梦金园为什么接不住？ 最近，金价跟黄金的狂热追捧者开了一个大玩笑。 当地时间4月12日上午，伦敦金盘中一度大幅上涨到2431.78美元/盎司的历史新高，尾盘却突发跳水，最终以1.25%的跌幅，收于2343.28美元/盎司。COMEX黄金期价同样由涨转跌，先是最高涨至2448.8美元，报收于2360.2美元/盎司，小幅收跌0.53%。 国内黄金品牌的金饰价格也跟着阴晴不定。 4月12日，周大福旗下足金价格涨到736元每克，较前一日一夜之间飙升15元每克。到了4月13日，又回落到726元每克，紧急撤回了一条涨价申请。 买金的人，前一天还在笑话预言金价达到高点的小红书博主是“怕高得都命苦”，第二天又都偷偷打开微博讨论自己是如何影响了国际金价——评论区到处都是“刚买，金价就跌了”。 热搜上则悬着一个触及灵魂的拷问：黄金价格暴涨，普通人还能买吗？ 过去50年，黄金走过了三轮牛市，每轮牛市之间都有调整期。1971-1980年的9年牛市之后出现20年的调 ...

智通财经APP获悉，4月18日，周大福(01929)宣布推出新品牌标志，新品牌标志首次不以红色为主调。同时，周大福预告，为迎接2029年成立一百年，将全面革新其零售业务，并计划于未来5年策略性翻新旗下所有门店。此外，周大福全新的企业及品牌网站亦分别面世。 据周大福透露，位于香港中环核心地带及上海南京东路核心零售地段的两间全新形象门店将率先揭幕。其中，周大福集团位于中环皇后大道中的新形象门店将于第三季开幕，占地面积约2880平方呎。而设于上海南京东路的新店则是集团在内地的第一家旗舰店，楼高五层，占地约8600平方呎，预计于2025年年初开幕。 周大福珠宝集团副主席郑志雯表示，顾客瞬息万变的喜好，集团策略不单要灵活适应市况，更要引领市场潮流，因此周大福将开展转型之旅，重新定义品牌形象。 近期，周大福披露的财报数据显示，截至2024年3月31日止3个月(第四季度)，集团零售值同比增长12.4%；中国内地的零售值同比增长12.4%；中国香港、中国澳门及其他市场的零售值则同比增长12.8%。内地黄金首饰及产品类别的同店销售增加3.4%，平均售价上升至5700港元(上一财年同期为5200港元)；中香港及中国澳门黄金首饰及 ...

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]