机构：交银国际 研究员：谢骐聪 整体业绩超预期。2025 财年应占经营利润（AOP）同比增长 7% 至 44.66亿港元（高于我们近期发布的 首次覆盖报告中预测的43.6 亿港元），股东应占溢利同比小幅增长 4% 至 21.62 亿港元，经调整息税折 旧摊销前利润同比上升1%至73.16 亿港元（高于我们预测69.6 亿港元），主要是由于金融服务分部（周 大福人寿）显著增长，抵消了其他分部的不利因素。公司建议派发末期股息每股0.35 港元，与去年持 平，使2025 财年（包括中期股息及特别股息）的总股息达到每股0.95 港元，同时建议每10 股派1 股红 股，以提升流动性和公众持股量。公司表示，会维持长期渐进式派息政策，确保股东获得长期回报增 长。 周大福人寿合约服务边际余额同比增长13%至92 亿港元，为未来利润来源奠定了基础。尽管2025 财年 保费等值 （APE）同比下降了 27%，但代理渠道同比增长了 48%，新业务价值利润率同比提升了3 个 百分点至30%，内含价值同比上升19%至253 亿港元。公司积极拓展其金融服务平台，宣布收购科技驱 动型经纪公司uSMART 43.93%的股份，以及外部资产管 ...

Investment Rating - The report maintains a "Buy" rating for Chow Tai Fook Enterprises (659 HK) with a target price of HKD 9.42, indicating an expected upside of 11.7% from the current price of HKD 8.43 [1][4]. Core Insights - The overall performance of Chow Tai Fook Enterprises exceeded expectations, with a year-on-year increase in attributable operating profit (AOP) of 7% to HKD 4.466 billion, surpassing the previous forecast of HKD 4.36 billion [1]. - The financial services segment remains a key growth driver, with AOP increasing by 29% to HKD 1.242 billion, supported by a 13% growth in the marginal balance of Chow Tai Fook Life Insurance contracts [1][2]. - The company plans to distribute a final dividend of HKD 0.35 per share, maintaining the total dividend for the fiscal year at HKD 0.95 per share, alongside a stock dividend to enhance liquidity [1]. Summary by Sections Financial Performance - Total revenue for FY2025 decreased by 8.1% to HKD 24.285 billion, with notable declines in logistics and construction segments [2]. - The insurance segment saw a revenue increase of 18.2% to HKD 4.081 billion, while the logistics segment's revenue fell by 11.7% to HKD 142.1 million [2]. - Adjusted EBITDA for FY2025 rose by 1% to HKD 7.316 billion, reflecting stable operational performance despite revenue declines in certain segments [2]. Segment Analysis - The financial services segment is highlighted as a future growth area, with significant investments in technology-driven brokerage and asset management firms to create a comprehensive wealth management ecosystem [1]. - The logistics segment experienced a 3% increase in AOP, driven by strong growth from China Railway International Container Transport Co., which contributed 23% to the segment's performance [1]. - The construction segment's performance stabilized post-acquisition, with a contract order book reaching HKD 58.5 billion, focusing on government projects [1]. Dividend Policy - Chow Tai Fook Enterprises aims to maintain a progressive dividend policy, ensuring long-term returns for shareholders, with a projected dividend yield of 8.4% to 8.8% for FY2026-27 [1].