智通财经网·2025-10-20 02:08Core Viewpoint - The report from Guosheng Securities indicates that Chow Tai Fook (01929), as a leader in the jewelry industry, is focusing on single-store operations, optimizing product design, and enhancing consumer engagement. The company is expected to achieve a net profit attributable to shareholders of HKD 78.06 billion, 88.30 billion, and 98.78 billion for FY2026-2028, with a corresponding FY2026 PE ratio of 21 times, maintaining a "Buy" rating [1]. Group 1: Financial Performance - Chow Tai Fook's FY2026 Q2 operating results show a 4.1% year-on-year increase in group RSV, aligning with expectations [2]. - The company anticipates a 3% revenue growth for FY2026, with a projected net profit growth of 32% to HKD 78 billion, driven by product structure optimization and rising gold prices [6]. Group 2: Mainland China Operations - In FY2026 Q1, the mainland's RSV grew by 3%, with Q2 same-store sales showing a positive growth of 7.6%. Sales of gold jewelry and products increased by 10.6% [3]. - The increase in same-store sales is attributed to a significant rise in gold prices, which led to a 23% year-on-year increase in average selling prices for gold jewelry [3]. - The company is actively reducing inefficient stores, closing 300 stores in Q2, resulting in a total of 5,663 Chow Tai Fook jewelry stores [3]. Group 3: E-commerce Performance - Chow Tai Fook's e-commerce sales in mainland China grew by 28.1% year-on-year, accounting for 6.7% of the company's mainland sales and 15.5% of sales volume [4]. - The company is enhancing its IP collaboration and engaging consumers through comprehensive online interactions to expand its e-commerce business [4]. Group 4: Hong Kong and Macau Operations - In FY2026 Q2, RSV in Hong Kong and Macau increased by 11.4%, with same-store sales growth of 6.2% in the region [5]. - The sales growth in Hong Kong was 3.2%, while Macau experienced a robust growth of 17.3%, continuing its rapid growth trend [5].