六福集团(0590.HK)：各地区同店增长环比进一步提速

Core Viewpoint - Six福 Group reported strong retail performance in Q3 FY26, with a year-on-year increase of 26% in retail value, driven by effective product differentiation and sales strategies in a high gold price environment [1][2]. Group Performance - The group's retail value increased by 26% year-on-year, with a quarter-on-quarter growth of 8 percentage points [1]. - Domestic sales also rose by 26% year-on-year, with a quarter-on-quarter increase of 6 percentage points [1]. - The Hong Kong, Macau, and overseas markets saw a year-on-year increase of 20%, with a quarter-on-quarter growth of 7 percentage points [1]. Same-Store Sales Growth (SSSG) - The same-store sales growth in Hong Kong, Macau, and overseas markets was 16% year-on-year, with a quarter-on-quarter increase of 5 percentage points [2]. - Specific growth rates included Hong Kong at 15%, Macau at 22%, and overseas at 11%, attributed to favorable pricing and increased tourist flow from mainland China [2]. - Mainland self-operated stores reported a SSSG of 7%, while brand stores achieved a SSSG of 31%, both showing a quarter-on-quarter acceleration of 4 percentage points [2]. Product Performance - The retail value of high-margin pricing gold products increased, with their share rising by 3 percentage points to 17% [2]. - The introduction of new product lines, such as the "Ice·Diamond Light Shadow Gold" series and the Tang Palace Night Banquet series, contributed to a 66% year-on-year increase in gold-inlaid diamond product SSSG [2]. Store Expansion and Structure Optimization - As of January 15, 2026, the group operated 3,073 stores globally, with 2,951 in mainland China, 74 in Hong Kong and Macau, and 48 overseas [3]. - The net store closures in Q3 FY26 were 40, a decrease from 49 in the previous quarter, indicating a slowdown in store closures [3]. - The company aims to expand its overseas presence by opening at least 50 new stores in three countries over the next three years, with 20 planned for FY26 [3]. Profit Forecast and Valuation - The profit forecast for Six福 Group is set at HKD 1.548 billion, 1.733 billion, and 1.918 billion for FY26, FY27, and FY28 respectively [3]. - The target price is maintained at HKD 35.1, corresponding to a 14 times PE ratio for FY26, reflecting improved same-store sales and balanced regional coverage [3].