Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 40.35 HKD based on a 15x PE for FY2026 [5][13]. Core Insights - The company is experiencing improved same-store sales, particularly in Mainland China, and is accelerating its overseas expansion efforts [15]. - Rising gold prices and an increased share of priced jewelry are driving improvements in gross profit margin (GPM), which reached 34.7% in FY26H1, up 2.0 percentage points year-on-year [3][16]. - The company plans to open 20 new overseas stores in FY26 and aims to enter at least three new countries and add 50 overseas stores over the next three years [15]. Financial Summary - For FY26H1, total revenue was 6.84 billion HKD, a year-on-year increase of 25.6%, with gross profit of 2.37 billion HKD, up 33.2% [14]. - The net profit attributable to shareholders for FY26H1 was 619 million HKD, reflecting a 42.5% year-on-year increase, with a net profit margin of 8.8% [14]. - The company forecasts total revenue for FY2026 to be 15.56 billion HKD, with a projected net profit of 1.58 billion HKD [4][5].
六福集团（00590）：FY2026 中报业绩点评：首次覆盖：定价首饰高增，加快海外拓展