周大福：同店跌幅收窄，盈利能力持续提升

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company reported a same-store sales decline of 14.2% year-on-year for FY25Q3, with specific declines of 13.0% in mainland China and 20.4% in Hong Kong and Macau [3][4] - The upcoming Chinese New Year is expected to boost sales, with the company focusing on product structure adjustments and channel optimization, which may lead to improved profitability [5] - The company maintains its annual guidance despite the challenges faced in the retail environment [5] Summary by Relevant Sections Financial Performance - For FY2024, total revenue is projected at 108,713 million HKD, with a year-on-year growth rate of 14.8%. For FY2025, revenue is expected to decline to 88,968 million HKD, a decrease of 18.2% [7][9] - The net profit attributable to shareholders for FY2025 is estimated at 5,412 million HKD, reflecting a year-on-year decline of 16.7% [7][9] - The gross profit margin is expected to improve to 29.7% in FY2025, compared to 20.5% in FY2024 [7][10] Market Analysis - In mainland China, the same-store sales decline has narrowed, with a notable increase in the sales proportion of fixed-price gold products, which has positively impacted profitability [4][5] - In Hong Kong and Macau, the sales of jewelry products have shown better performance, with a 33.7% increase in same-store sales for jewelry embedded products, while gold product sales declined by 36.2% [5][8] Shareholder Returns - The company has announced a share buyback plan of 2 billion HKD, with 275 million HKD already repurchased as of January 27, 2025 [5] - The potential dividend yield for FY2025 is projected at 5.8% [5]