Core Viewpoint - Chow Tai Fook has demonstrated a strong recovery in FY2026 Q3, with significant growth in retail value and same-store sales across various markets, driven by product optimization and high-margin offerings [1][2]. Group 1: Financial Performance - The group reported a retail value (RSV) growth of 17.8% year-on-year, with mainland China showing a 16.9% increase [1]. - Same-store sales (SSSG) for direct and franchise stores increased by 21.4% and 26.3%, respectively [1]. - Retail value in Hong Kong and overseas markets grew by 22.9%, with same-store sales increasing by 14.3% [1]. - Hong Kong's same-store sales rose by 10.1%, while Macau's saw a remarkable increase of 31.3% [1]. Group 2: Product and Pricing Strategy - The company is shifting its product structure towards high-margin jewelry, with same-store retail value for priced jewelry in mainland China growing by 13.7%, contributing 40% to total sales, an increase of 10.7 percentage points year-on-year [1]. - The IP cultural series continues to perform strongly, with diamond and jadeite businesses returning to positive growth [1]. - Average selling prices have significantly increased, with the average price of gold in mainland China rising to HKD 11,000 (up 50.7% year-on-year) and priced gold reaching HKD 9,500 (up 82.6% year-on-year) [1]. Group 3: Channel and Market Expansion - By the end of 2025, the total number of "Chow Tai Fook Jewelry" stores reached 5,585, with a net reduction of 230 stores in mainland China, indicating a nearing end to structural contraction [2]. - E-commerce in mainland China grew by 25% in FY2026 Q3, accounting for 7.4% of mainland RSV, driven by marketing events like Double Eleven [2]. - The tourism retail segment has also contributed positively, particularly with duty-free gold in Hainan attracting many consumers due to its high cost-performance ratio [2]. - The Southeast Asian market has been operational for six years, contributing 15.2% to the group's retail value, with significant growth in same-store sales in Singapore and Malaysia [2]. Group 4: Future Outlook - The company is expected to achieve revenues of CNY 91.93 billion, 96.58 billion, and 101.67 billion for FY2026, FY2027, and FY2028, respectively, with net profits of CNY 8.53 billion, 9.53 billion, and 10.64 billion [2]. - The corresponding price-to-earnings ratios are projected at 15.0, 13.4, and 12.0 times for the respective years [2].

智通财经APP获悉，东北证券发布研报称，维持周大福(01929)"买入"评级，公司FY2026Q3在金价波动 和宏观不确定下持续获得增长动能，持续看好公司产品结构调整和海外版图扩充对盈利质量的提升。预 计公司FY2026/2027/2028可实现营收919.3/965.8/1016.7亿元，归母净利润85.3/95.3/106.4亿元，对应 PE15.0/13.4/12.0X。 东北证券主要观点如下： 周大福FY2026Q3(2025年10-12月)实现业绩强劲复苏 集团零售值(RSV)同比增长17.8%，中国内地同比上升16.9%，同店销售(SSSG)直营/加盟分别大幅提升 21.4%和26.3%，港澳及海外市场零售值同比增长22.9%，同店增幅14.3%。其中，中国香港市场同店销 售增长10.1%，中国澳门市场同店销售增长31.3%，表现亮眼。 产品端结构优化与高毛利产品驱动 (1)公司持续推动产品结构向高毛利定价类珠宝倾斜，Q3内地定价珠宝类同店零售值增长13.7%，贡献率 提升至40%，较去年同期提升10.7个百分点，计价黄金占比降至56.8%。(2)IP文化系列(如传福、传喜、 古法)延续强劲表现， ...

[Table_Info1] [Table_Title] 证券研究报告 / 港股公司报告 Q3 同店销售超预期，渠道优化成效显著 ---周大福 FY26Q3 经营数据点评 [Table_Summary] 周大福 FY2026Q3（2025 年 10-12 月）实现业绩强劲复苏。集团零售值 （RSV）同比增长 17.8%，中国内地同比上升 16.9%，同店销售（SSSG） 直营/加盟分别大幅提升 21.4%和 26.3%，港澳及海外市场零售值同比增 长 22.9%，同店增幅 14.3%。其中，中国香港市场同店销售增长 10.1%， 中国澳门市场同店销售增长 31.3%，表现亮眼。 风险提示：金价波动风险；海外拓店节奏不及预期；业绩预测和估值不 达预期。 | [Table_Finance] 财务摘要（百万元） | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业收入 | 108713.00 | 89656.00 | 91934.08 | 96579.16 | 101669.01 | | (+/-)% ...