美妆&零售板块周报：周大福FY24业绩拆解，同店恢复与展店提效，关注单店效能持续爬升

Industry Investment Rating - The report maintains an "Outperform" rating for the retail sector, specifically highlighting Chow Tai Fook's performance and store expansion efficiency [1] Core Views - Chow Tai Fook's FY2024 performance showed strong recovery in same-store sales and store expansion efficiency, with total revenue increasing by 14.8% to HKD 108.7 billion and net profit rising by 20.7% to HKD 6.5 billion [1] - Gold consumption remained strong, with gold jewelry sales increasing by 22.5% to HKD 88.36 billion, while镶嵌类饰品 declined by 13.3% to HKD 14.44 billion [2] - The company's expansion strategy focuses on high-tier markets, with 143 new stores added in mainland China, primarily in shopping malls and department stores [2] Detailed Summary by Sections Chow Tai Fook Performance Analysis - FY2024 revenue increased by 14.8% to HKD 108.7 billion, driven by gold price trends and recovery in Hong Kong and Macau tourism [1] - However, retail sales in April-May 2024 declined by 20.2% due to high gold prices, with mainland and Hong Kong/Macau sales dropping by 18.8% and 29.0% respectively [1] - Same-store sales growth (SSSG) in mainland China improved by 1.8%, while Hong Kong and Macau saw a significant increase of 42.4% [16] Product and Regional Breakdown - Gold jewelry sales in Hong Kong and Macau surged by 69.4%, with克重产品占比 increasing by 6.1 percentage points to 84.7% [2] - Mainland China's revenue grew by 9.9%, driven by节日需求 and operational efficiency improvements, while Hong Kong and Macau revenue surged by 45.6% due to入境旅游复苏 [16] - The company's毛利率 declined by 0.9 percentage points to 22.8%, primarily due to increased sales of黄金产品 and批发业务 [14] Store Expansion and Channel Strategy - Chow Tai Fook added 143 new stores in mainland China, with a focus on high-tier markets and shopping malls [2] - The company plans to optimize its retail network and strategically renovate stores over the next five years to improve同店效益 [23] - In Hong Kong and Macau, the company added 10 new stores, with retail sales increasing by 40.4% to HKD 16.2 billion [26] Industry Trends and Recommendations - The report recommends focusing on the化妆品板块 during the 618促销 period, highlighting domestic brands like珀莱雅 and巨子生物 [7] - For the黄金珠宝板块, the report suggests关注周大生 and老凤祥, as gold prices may continue to fluctuate, and旺季需求 is yet to fully materialize [8] - The出海板块 remains highly景气, with companies like华凯易佰 and赛维时代 showing strong performance in overseas markets [7] Company Announcements and Industry News - 赛维时代 adjusted its 2024 restricted stock incentive plan, reducing the grant price from RMB 12.69 to RMB 12.44 per share [28] - 安克创新 adjusted the grant price and quantity of its 2022 and 2023 restricted stock incentive plans [28] - During the端午假期, national retail and餐饮 sales increased by 9.8%, with家电 and通讯器材 sales growing by 11.7% and 35.5% respectively [29]