六福集团（00590）：同店进一步加速增长，海外拓展顺利

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][7]. Core Views - The company reported a 26% year-on-year increase in overall retail value and a 15% increase in same-store sales for the period from October to December 2025, indicating accelerated growth compared to the previous quarter [2]. - The global market performance was strong across regions, with same-store sales growth of 15% in Hong Kong, 22% in Macau, and 11% overseas, while same-store sales in mainland China increased by 7% for self-operated stores and 31% for franchise stores [2]. - The pricing of gold continues to lead sales performance, with same-store sales of priced gold growing by 32% despite a high base, accounting for 17% of the company's overall retail value [2]. - The company is focusing on product innovation, channel optimization, and accelerated overseas development to capture the dual attributes of "fashion + value preservation" in jewelry consumption trends [3]. - The company aims to achieve net profits attributable to shareholders of HKD 1.501 billion, HKD 1.787 billion, and HKD 2.028 billion for the fiscal years 2026, 2027, and 2028, respectively, with corresponding P/E ratios of 10.7, 9.0, and 7.9 times [3]. Summary by Sections Financial Performance - The company reported a net profit of HKD 1.767 billion for FY2024, with projections of HKD 1.501 billion for FY2026, HKD 1.787 billion for FY2027, and HKD 2.028 billion for FY2028 [14]. - The revenue for FY2024 is projected at HKD 15.326 billion, with a decrease to HKD 13.341 billion in FY2025, followed by increases to HKD 15.617 billion, HKD 17.603 billion, and HKD 19.309 billion in FY2026, FY2027, and FY2028, respectively [14]. - The gross margin is expected to improve from 27% in FY2024 to 36% in FY2026 and remain stable at 36% in FY2027 and FY2028 [14]. Store Expansion - The company closed a net of 40 stores during the quarter, a slowdown from the previous quarter's closure of 49 stores, ending with a total of 3,073 stores [2]. - The overseas store expansion continued with the opening of 9 new stores, bringing the total number of overseas stores to 48 [2].