大摩：重申周大福“增持”评级 上财季同店销售符合预期

Core Viewpoint - Morgan Stanley's research report indicates that Chow Tai Fook's same-store sales decline has narrowed, aligning with expectations, while operational quality improvements and better product mix have offset the impact of increased store closures [1] Group 1: Financial Performance - The group's operational quality has improved, leading to enhanced productivity and expanded profit margins, which countered the negative effects of a rising closure rate [1] - Chow Tai Fook is expected to meet its revenue guidance for the fiscal year 2025, with gross margin and operating profit margin anticipated to exceed guidance [1] - The projected compound annual growth rate (CAGR) for earnings per share from fiscal years 2025 to 2027 is approximately 20% [1] Group 2: Strategic Outlook - Morgan Stanley maintains an "Overweight" rating on the group, with a target price set at HKD 10.5 [1] - The firm believes that Chow Tai Fook's ongoing focus on operational quality will lead to a reduction in net store closures for the fiscal year 2026 [1]