周大福：同店跌幅进一步收窄，布局新形象店提升店效

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][4][11] Core Views - The company reported a 14.2% year-on-year decline in overall retail value for the period from October to December 2024, with a 13% decline in the Chinese market (excluding Hong Kong, Macau, and Taiwan) and a 20.4% decline in Hong Kong, Macau, and other markets [3][5] - Same-store sales in the Chinese market (excluding Hong Kong, Macau, and Taiwan) decreased by 16.1%, a significant improvement from the 24.3% decline in the previous quarter [3][5] - The company is focusing on enhancing store efficiency by closing 259 underperforming stores, with a total of 7,065 stores remaining at the end of the period [3][7] - The company is actively developing new concept stores, which have shown sales performance above the average for existing stores [7][11] - The long-term outlook for the gold and jewelry industry remains stable, supported by consumer demand for value preservation and continuous improvement in product design [4][11] Summary by Sections Retail Performance - The overall retail value in the Chinese market (excluding Hong Kong, Macau, and Taiwan) decreased by 13%, while same-store sales fell by 16.1%, showing a narrowing decline compared to the previous quarter [3][5] - In Hong Kong, Macau, and other markets, retail value declined by 20.4%, with same-store sales down by 21.3% [3][5] Product Sales Structure - The sales proportion of high-margin priced gold jewelry products in the Chinese market (excluding Hong Kong, Macau, and Taiwan) increased from 6.9% in the same period last year to 18.7%, supporting the company's gross margin resilience [3][6] Store Management - The company closed a net of 259 stores during the quarter, including 255 under the main brand, while continuing to optimize store efficiency [3][7] - New concept stores were opened in Shenzhen and Xi'an, achieving sales performance above the average [7][11] Financial Forecast - The company maintains its profit forecast for the fiscal years 2025-2027 at HKD 52.51 billion, HKD 61.54 billion, and HKD 68.84 billion, respectively, with corresponding P/E ratios of 12.86, 10.97, and 9.81 [4][11]