f源证券 纺织服饰/饰品 公 司 研 究 周大福（01929.HK） 2024 年 11 月 27 日 经营业绩承压，积极推进品牌转型提升产品力 ——港股公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 骆峥（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 luozheng@kysec.cn 证书编号：S0790524040008 | --- | --- | |-------------------------|--------------| | 日期 | 2024/11/26 | | 当前股价 ( 港元 ) | 6.860 | | 一年最高最低 ( 港元 ) | 12.980/5.830 | | 总市值 ( 亿港元 ) | 685.16 | | 流通市值 ( 亿港元 ) | 685.16 | | 总股本 ( 亿股 ) | 99.88 | | 流通港股 ( 亿股 ) | 99.88 | | 近 3 个月换手率 (%) | 7.7 | 公司 2025 财年上半年营收同比-20.4%，归母净利润同比-44.4%，承压明显 公司发布半年报：FY2025H1 实现 ...

周大福（01929.HK） 优于大市 上半财年毛利率稳步增长，持续聚焦品牌升级转型 金价相对高位等因素影响下整体业绩增长承压。公司 2025 上半财年（2024 年 4-9 月）实现收入 394.08 亿港元，同比-20.43%，归母净利润 25.3 亿港 元，同比-44.4%。同时，公司中期派息每股 0.2 港元，上半财年派息率约 78.9%，以及计划回购不超过 20 亿港元股份。此外，公司公告了今年 10 月 1 日至 11 月 18 日的经营数据，整体零售值同比-15%，短期受到金价相对高位 抑制终端需求及高基数等因素影响。 聚焦品牌转型，以高工艺提升产品附加值。分区域看，上半财年中国（不含 港澳台）市场营收同比-18.8%，营收占比 83.8%，同店销售同比-25.4%。中 国香港及中国澳门受跨境游客购买减少、金价高位等因素而增长压力更大。 不过从产品结构看，公司聚焦品牌转型和高工艺，附加值更高的定价黄金产 品占比提升，对零售值的贡献比例增长一倍至 14.2%。门店方面，公司上半 财年继续门店优化，净关店 240 家，期末门店总数 7346 家，更注重加强门 店体验，进一步更新店铺形象，并在香港开设首 ...

证券时报网讯，花旗的报告指出，周大福截至9月底的中期业绩疲弱，净利润同比下降44%，营业额减 少20%，尽管基本利润率强劲，但因金价上涨导致对冲活动严重亏损。 由于蛇年销售通常较龙年疲弱，管理层预计生肖产品销售在第四财季将面临挑战。 花旗将目标价从11.4港元下调至9.4港元，维持"买入"评级。 校对：王锦程 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 11 27 年 月 日 周大福（01929.HK） 短期销售仍有下降，期待后续公司盈利能力改善 公司 FY2025H1 营收同比下降 20%，归母净利润同比下降 44.4%。公司披露 FY2025H1 年报，由于消费环境波动公司营收同比下降 20%至 394.08 亿港元，受 益于产品结构优化以及金价上行，毛利率提升 6.5pcts 至 31.4%，经营利润率同比 提升 4pcts 至 17.2%，综合考虑黄金借贷公允价值变动的影响后，归母净利润同 比下降 44.4%至 25.3 亿港元，整体表现同公司此前披露的业绩预告相一致。公司 派发中期股息 0.2 港元/股，派息率 78.9%，同时公司发布公告拟采用不超过 20 亿港元用于回购公司股票。 内地：FY2025H1 内地营收下降 18.8%，聚焦单店运营，产品力提升。FY2025H1 内地营收同比下降 18.8%至330.31 亿港元，其中零售/批发渠道营收同比-21.9%/- 16.4%。 ➢ 渠道端：FY2025H1 呈现净关店态势，聚焦单店运营。截止期末公司于中国 内地拥有 6968 ...

Revenue Performance - The Group's revenue decreased by 20.4% year-on-year to HK$39,408 million in 1HFY2025[19] - Revenue for the six months ended September 30, 2024, was HK$39,408 million, a decrease of 20.4% year-over-year[44] - Revenue in Mainland China decreased 18.8%, while the share of Mainland business to the Group's revenue grew slightly to 83.8%[139][140] - Revenue from gold jewellery and products fell 21.6%, contributing 79.4% to the Group's revenue, a decrease of 70 basis points[146][149] - Revenue from gem-set, platinum, and k-gold jewellery and watches declined by 20.0% and 12.5% respectively during the period[148][150] Profitability Metrics - Operating profit for the same period was HK$6,776 million, reflecting a year-over-year increase of 4.0%[25] - Operating profit margin expanded by 400 basis points to 17.2% due to disciplined cost management[19] - Profit attributable to shareholders decreased 44.4% in 1HFY2025, primarily due to losses from the revaluation of gold loan contracts amid high gold price volatility[136] - The gross profit margin improved by 650 basis points to 31.4% during the period, driven by better retail like-for-like margin amid rising gold prices[19] - The average London gold price increased by 18.8% year-on-year in 1HFY2025, contributing to improved margins[180] Sales Performance - Same-store sales growth (SSSG) in Mainland China decreased by 25.4% in 2024, following a decline of 3.5% in 2023[48] - In 1HFY2025, same-store sales (SSS) for self-operated stores in Mainland China decreased by 25.4%, while franchised stores saw a decline of 19.6% due to a higher proportion of newer stores[156][157][158] - In Hong Kong and Macau, SSS dropped by 30.8%, with Hong Kong experiencing a decline of 27.6% and Macau a significant drop of 40.7%[159] - The sales mix in gold jewellery and product Retail Sales Value doubled year-on-year to 14.2% in Mainland China during the period[18] Strategic Initiatives - The Group is focused on brand transformation to elevate brand desirability, showing positive momentum in 1HFY2025[16] - The Group is implementing targeted online-to-offline strategies to strengthen competitiveness in the omni-channel retail environment[7] - The company is focused on five strategic priorities: brand transformation, product optimisation, accelerated digitalisation, operational efficiency, and talent cultivation to enhance long-term competitiveness[72] - The company plans to progressively roll out refreshed stores over the next five years, aligned with market conditions[74] - The Group is actively prospecting new growth opportunities in travel retail and overseas markets, particularly in Southeast Asia[58] Cost Management - The company implemented effective cost management strategies to closely manage SG&A expenses during the financial period[187] - Selling, general, and administrative expenses (SG&A) as a percentage of revenue were reported at 15.2%[182] - SG&A expenses decreased by 2.8% to HK$5,978 million, while the SG&A ratio increased by 280 basis points to 15.2% due to a larger decline in revenue compared to cost savings[187] Market Conditions - The Central Government's economic stimulus policies are expected to support market recovery and growth opportunities[20] - Easing policies from China's regulators since late September have reinforced confidence in the long-term growth potential of China's economy and jewellery industry[57] - The decline in revenue in Mainland China was attributed to macro-economic uncertainties affecting overall demand in the industry[192] Inventory and Cash Flow - The inventory turnover period increased to 457 days, indicating a longer time to sell inventory compared to previous periods[46] - Operating cash flows before movements in working capital increased from HK$5,421 million in 2021 to HK$7,526 million in 2023, representing a growth of 38.8%[48] - Net cash from operating activities increased significantly to HK$7,919 million in 2023 from HK$3,253 million in 2021[48] New Product Launches - The signature CTF Rouge Collection achieved over HK$1.5 billion in Retail Sales Value since its launch in April 2024[17] - The Chow Tai Fook Palace Museum Collection, launched in August, reflects the company's commitment to innovation and differentiation, inspired by the Museum's imperial artifacts[83] - The introduction of the CTF Bond Collection in September features innovative designs, including the 2-Prong Bond Ring, which enhances the brilliance of diamonds[84] - The new CTF Dare to Love Collection, featuring a two-claw diamond ring, was introduced in September, symbolizing eternity and showcasing innovative design techniques[88] Retail Expansion - The Group opened its first new concept store in Central, Hong Kong, in September 2024, enhancing customer experience[17] - The total number of retail points increased to 7,586 in 2024, up from 7,458 in 2023, reflecting market expansion efforts[48] - The company closed a net of 239 retail points in Mainland China during the period, with plans to open a new five-story flagship store in Shanghai by 2025[106] E-commerce and Digital Initiatives - E-commerce contributed 5.6% to the company's Mainland performance in retail sales value (RSV) and 13.4% in volume during the first half of FY2025[105] - The online flagship store has integrated an AI recommendation engine to provide personalized product suggestions based on customer shopping behavior[108] - An augmented reality (AR) try-on service was introduced in the CTFMall mini-program to improve customer satisfaction and confidence in purchases[104]

港股公司报告 | 公司点评 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------|----------------------------------------------| | 周大福（ 01929 ） | | 证券研究报告 \n2024 年 10 月 28 日 | | | 投资评级 | | | 期待下半财年表现改善 | 行业 | 非必需性消费 / 专业零 售 | | | 6 | 个月评级 买入（维 ...

证券研究报告 | 公司点评 gszqdatemark 2024 10 26 年 月 日 周大福（01929.HK） FY2025H1 收入下滑 20%左右，经调整后利润率或有改善 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|------------- ...

股 票 研 究 海 外 公 司 （ 中 国 香 港 ） 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 同店降幅边际收窄，定价黄金延续高增 周大福(1929) [Table_Industry] 批零贸易业 [Table_Invest] 评级： 增持 ——周大福 FY2025Q2 主要经营数据点评 股票研究 /[Table_Date] 2024.10.25 | --- | --- | --- | |----------|-------------------------------------|------------------| | | | | | | [table_Authors] 刘越男 ( 分析师 ) | 苏颖 ( 分析师 ) | | | 021-38677706 | 021-38038344 | | | liuyuenan@gtjas.com | suying@gtjas.com | | 登记编号 | S0880516030003 | S0880522110001 | 本报告导读： FY2025Q ...

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证券研究报告·海外公司点评·专业零售(HS) 周大福（01929.HK） FY2025Q2 经营数据点评：公司内地零售额 同比下滑 19.4%，金价急涨令消费承压 2024 年 10 月 23 日 | --- | --- | --- | --- | --- | --- | |------------------------------|---------|---------|---------|---------|---------| | [Table_EPS] 盈利预测与估值 | FY2023A | FY2024A | FY2025E | FY2026E | FY2027E | | 营业总收入（百万元） | 94684 | 108713 | 95940 | 99314 | 104863 | | 同比 (%) | (4.30) | 14.82 | (11.75) | 3.52 | 5.59 | | 归母净利润（百万元） | 5384 | 6499 | 4608 | 6749 | 7829 | | 同比 (%) | (19.78) | 20.71 | (29.10) | 46.44 | 16.00 | | EP ...