GOLDEN SUN SECURITIES·2026-01-22 02:52Investment Rating - The report maintains a "Buy" rating for Chow Tai Fook [5] Core Insights - Chow Tai Fook reported a significant acceleration in retail value growth for FY2026Q3, with a year-on-year increase of 17.8%. Retail values in mainland China, Hong Kong, Macau, and other markets grew by 16.9%, 22.9%, and 14.3% respectively, indicating an improving jewelry consumption atmosphere [1][2] - The company is actively optimizing its product and channel strategies, with a focus on enhancing store performance and expanding e-commerce. The same-store sales in mainland China increased by 21.4% for direct stores and 26.3% for franchise stores, benefiting from strong e-commerce growth [1][2] - Chow Tai Fook's e-commerce business saw a retail value increase of 25.3%, accounting for 7.4% of mainland retail value and 17.0% of sales volume, driven by successful promotional events and IP collaborations [1] Financial Performance - For FY2026, Chow Tai Fook is expected to achieve a revenue growth of 3.8% to HKD 93.03 billion and a net profit growth of 28.1% to HKD 7.575 billion. The projected earnings per share (EPS) for FY2026 is HKD 0.77, with a price-to-earnings (P/E) ratio of 18 times [2][4] - The company anticipates continued revenue growth of 4% in FY2026, with net profit expected to reach HKD 8.559 billion in FY2027 and HKD 9.646 billion in FY2028 [2][4] Market Expansion - Chow Tai Fook is pursuing global expansion, focusing on optimizing channels in mature markets while gradually entering new markets with growth potential. The company reported a 22.9% increase in retail value in Hong Kong, with Macau showing a remarkable growth of 31.3% [2][4]