Group 1 - The core viewpoint of the report is that Luk Fook Holdings (00590) has shown a strong start this year, continuing the growth momentum from the end of last year, and is expected to maintain a steady trajectory into 2026 [1] - The sales performance in Hong Kong and Macau stores has been robust, supported by favorable base figures and increased consumer spending from mainland tourists, despite the mainland market facing high base challenges [1] - Management is optimistic about the outlook for February this year, anticipating that the strong performance in gold jewelry consumption and the ongoing optimization of fixed-price products will contribute to a potential record high in gross margin in the second half of this year [1] Group 2 - Key favorable factors for the group include high gold prices, strong tourism demand, and a higher business proportion in Hong Kong and Macau compared to peers, which provides a pricing advantage [1] - In the medium to long term, optimizing store structure and accelerating expansion in Southeast Asia and Europe is expected to increase the contribution of overseas business from the current 9% to between 10% and 15% [1] - Earnings forecasts for this year and next year have been raised by 5% to 8%, with gross margin predictions adjusted upward by 0.5 and 0.25 percentage points to 35.1% and 35.6%, respectively, primarily due to strong gold demand and rising gold prices [1]
星展：六福集团今年开局强劲 升目标价至36.74港元