Core Viewpoint - Northeast Securities reports that Luk Fook Holdings (00590) shows strong resilience in consumer demand with double-digit growth expected in the near term, driven by a new gold value-added tax policy and long-term benefits from market share enhancement for leading companies. The valuation is expected to recover due to overseas expansion and product premiumization, with projected net profits for the next three years being 1.56 billion, 1.78 billion, and 2.01 billion HKD, corresponding to PE ratios of 8.3, 7.2, and 6.4 respectively. The initial coverage gives a "Buy" rating [1]. Group 1: Financial Performance - For FY26H1 (ending September 30, 2025), Luk Fook Holdings exceeded expectations with revenue of 6.84 billion HKD, a year-on-year increase of 25.6%, and a net profit of 620 million HKD, up 42.5%. The gross margin improved by 2 percentage points to a historical high of 34.7%. Quarterly performance shows strong recovery momentum, with retail value growth of 13% in FY26Q1 and 18% in FY26Q2, alongside same-store sales growth of 5% and 10% respectively [2]. Group 2: Product Performance - The company continues to increase the proportion of high-margin products, with significant performance in pricing products, which have become a key driver for structural optimization. In FY26H1, revenue from gold and platinum reached 4.096 billion HKD, a year-on-year increase of 11.0%, accounting for 64.3% of total revenue, with a gross margin increase of 2.8% to 30.3%. Revenue from pricing jewelry was 2.276 billion HKD, up 67.9%, making up 35.7% of total revenue. Quarterly data shows strong same-store sales growth for self-operated pricing gold and jewelry in both mainland and Hong Kong/Macau [3]. Group 3: Channel Performance - The company is actively optimizing its store network and rebalancing channels. In FY26H1, revenue from retail, wholesale, and brand businesses accounted for 76.8%, 16.3%, and 6.9% respectively, with wholesale revenue increasing significantly by 190.6% and turning profitable with a segment profit margin of 9.7%. As of the end of H1, the total number of global stores was 3,113, a net decrease of 174 stores, with self-operated stores increasing by 23 and brand stores decreasing by 198. Same-store sales growth for the first half was 7.7%, with mainland same-store growth at 10.9% [4].

东北证券发布研报称，短期看，六福集团(00590)期后双位数增长印证消费韧性，黄金增值税新政通过 提价传导消化，长期利好龙头份额提升。估值层面，海外扩张及产品高端化驱动估值修复。该行预计公 司未来三年2026/2027/2028归母净利润分别为15.6/17.8/20.1亿元，对应PE为8.3/7.2/6.4X。首次覆盖，给 予"增持"评级。 东北证券主要观点如下： FY26H1黄金及铂金类收入40.96亿港元，同比增长11.0%占比达到64.3%，毛利率增加2.8%提升至30.3%; 定价首饰收入22.76亿港元，同比增长67.9%，占比35.7%。分季度看，FY26Q1内地自营定价黄金同店 +69%，定价首饰同店+16%;港澳定价黄金+74%，定价首饰+19%。FY26Q2内地自营定价黄金同店 +49%，定价首饰+8%;港澳定价黄金+68%，定价首饰+27%。定价黄金产品的销售占比在Q1提升至 16%-17%，结构性利好持续释放。 渠道端：公司持续推进门店优化和渠道再平衡 (1)FY26H1零售、批发、品牌业务收入占比分别为76.8%、16.3%、6.9%，其中批发收入同比大幅增长 190.6%，并实现由 ...