港股评级汇总：中金公司维持周大福跑赢行业评级

Group 1: Chow Tai Fook (周大福) - The company reported a retail value increase of 18% year-on-year for Q3 FY26, with same-store sales growth of 21% in mainland direct sales and 26% in wholesale [1] - The proportion of priced jewelry rose to 40%, with improvements in both gross margin and operating profit margin [1] - The company raised its full-year guidance, benefiting from rising gold prices, channel optimization, and effective marketing during the Spring Festival, showcasing its pricing power and operational resilience [1] Group 2: Anta Sports (安踏体育) - The company achieved low single-digit growth for the full year, despite a slight decline in Q4 sales for the Anta main brand [3][10] - FILA brand continued to show steady growth in the mid-single digits, while other brands like Descente and Kolon achieved high growth rates of 35-40% [2][3] - The company maintains healthy inventory and discount levels, with expectations for a strong performance in the upcoming sports year in 2026, supported by a multi-brand global strategy [3][10] Group 3: TCL Electronics (TCL电子) - The company plans to establish a joint venture with Sony to take over its home entertainment business, which is expected to enhance its market share and profitability in the high-end television segment [2][4] - The 2025 earnings forecast indicates an expected growth of 45%-60%, driven by leading Mini LED technology and accelerated AI innovation [2][4] - The strategic partnership with Sony is anticipated to strengthen brand recognition in the high-end market and improve profitability through scale and supply chain advantages [4] Group 4: IFBH - The company faces short-term pressure on earnings in 2025 due to factors such as major client stockouts, currency fluctuations, and costs [5] - However, there are clear growth prospects for 2026 with new channels, new products, and the establishment of a China office [5] - The share buyback reflects the company's confidence in its development, indicating that a growth inflection point is approaching [5] Group 5: Yancoal Australia (兖煤澳大利亚) - The company is expected to see steady growth in coal sales for FY25, with a solid cash position and net cash status [6] - Although coal prices are under pressure, the increasing proportion of metallurgical coal is optimizing the product mix [6] - Financial stability supports sustainable dividends and capital expenditures, despite lower demand elasticity due to reduced La Niña probabilities [6] Group 6: Haidilao (海底捞) - The return of Chairman Zhang Yong to CEO position is expected to enhance organizational efficiency [7] - The company has seen a recovery in table turnover rates in the second half of the year, with multiple new brands accelerating expansion [7] - The diversification of business models is driving improvements in revenue quality and enhancing long-term growth momentum [7] Group 7: Yihai International (颐海国际) - The return of the founder of Haidilao is expected to boost business expectations for related parties [9] - The company plans to accelerate the incubation of the Hongshili brand, which is anticipated to drive growth in the seasoning segment [9] - B-end revenue is expected to double, with overseas capacity ramping up and deepening reforms in direct management of C-end operations, leading to high growth in third-party business and a potential increase in valuation [9]