海通国际：予六福集团“优于大市”评级 目标价40.35港元

Core Viewpoint - Haitong International has given a "Buy" rating to Luk Fook Holdings (00590), predicting a net profit of HKD 15.78 billion, HKD 18.00 billion, and HKD 19.77 billion for the fiscal years 2026-2028, with a target price of HKD 40.35 based on a 15x PE for FY26 [1] Group 1: Financial Performance - For FY26H1, the company reported revenue of HKD 68.43 billion, a year-on-year increase of 25.6%, with a gross profit of HKD 23.73 billion, up 33.2% year-on-year, resulting in a gross margin of 34.7%, an increase of 2.0 percentage points [1] - Operating profit reached HKD 7.80 billion, reflecting a year-on-year growth of 45.4%, with an operating margin of 11.4%, up 1.6 percentage points [1] - The net profit attributable to shareholders was HKD 6.19 billion, a 42.5% increase year-on-year, with a net margin of 8.8%, up 1.1 percentage points [1] - The interim dividend was set at HKD 0.55 per share, with a payout ratio of 52% [1] Group 2: Sales and Store Expansion - Same-store sales improved, with overall same-store sales for FY26H1 increasing by 7.7%. By category, same-store sales for gold and platinum increased by 2.7%, while same-store sales for priced jewelry surged by 22.2% [2] - By region, same-store sales in Hong Kong, Macau, and overseas rose by 7.2%, while same-store sales in mainland China increased by 10.9%. From October 1 to November 21, same-store sales in both markets showed double-digit growth, with mainland sales significantly improving compared to FY26Q2 [2] - As of FY26H1, the total number of stores globally was 3,113, with a net decrease of 174 stores. The company plans to open 20 new stores overseas in FY26 and aims to enter at least three new countries and add 50 overseas stores over the next three years [2] Group 3: Margin and Cost Management - The gross margin for FY26H1 was 34.7%, an increase of 2.0 percentage points, driven by rising gold prices and an increase in the proportion of priced jewelry sales. Sales of gold and platinum amounted to HKD 40.96 billion, up 11.0% year-on-year, with a gross margin of 30.3%, an increase of 2.8 percentage points [3] - Sales of priced jewelry reached HKD 22.76 billion, a significant increase of 67.9%, with a gross margin of 36.8%, down 0.5 percentage points. The introduction of new products like ice diamonds significantly boosted wholesale revenue [3] - The sales expense ratio decreased to 16.3%, down 1.5 percentage points year-on-year, and the administrative expense ratio was 2.7%, down 0.8 percentage points, benefiting from operational leverage [3]