Ge Long Hui·2026-01-22 07:32Group 1 - The core viewpoint of the article highlights that Chow Tai Fook's performance for the third quarter of the fiscal year 2026 ended strongly, with same-store sales growth in mainland China and Hong Kong/Macau increasing by 21.4% and 14.3% year-on-year, respectively [1] - The company anticipates a low single-digit to mid-single-digit year-on-year growth in same-store sales during the Chinese New Year period, tightening discounting in January to build momentum for February promotions while increasing marketing expenditure [1] - Based on adjustments to profit forecasts, rolling valuations, and the impact of rising gold prices leading to industry revaluation, the target price for Chow Tai Fook has been raised from HKD 13 to HKD 14.2, maintaining a "Hold" rating [1] Group 2 - For the fiscal year 2026 forecast, it is expected that Chow Tai Fook's sales, gross margin, and operating profit margin will grow by 3%, 31.8%, and 19.8%, respectively [1]