CHOW TAI FOOK(01929) 东吴证券·2024-06-14 03:01Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - In FY2024, the company's net profit attributable to shareholders increased by 20.7%, with total revenue reaching HKD 108.7 billion, a year-on-year growth of 14.8% [3] - The gross profit margin declined due to product mix changes, but operational efficiency improved significantly [3] - Same-store sales in mainland China grew by 1.8%, primarily driven by gold products [3] - The company continues to open new stores with a focus on high-quality expansion, particularly in second-tier cities [3] - Retail sales were impacted by high gold prices, leading to a decline in sales growth in April and May 2024 [4] - Profit forecasts for FY2025 and FY2026 have been adjusted downwards due to the pressure on terminal consumption from fluctuating gold prices [4] Summary by Sections Financial Performance - FY2024 total revenue was HKD 108,713 million, up 14.82% year-on-year, with net profit of HKD 6,499 million, up 20.71% [2][3] - The adjusted gross profit margin was 22.8%, down 0.9 percentage points year-on-year, primarily due to unrealized losses from gold loans [3] Sales Performance - Same-store sales in mainland China increased by 1.8%, with gold product sales growing by 6.4% [3] - Retail sales in April and May 2024 saw a significant decline, with overall retail sales down 20.2% year-on-year [4] Store Expansion - The company opened 143 new stores in mainland China, with a focus on franchise channels [3] Profit Forecasts - Adjusted net profit forecasts for FY2025 and FY2026 are HKD 7,308 million and HKD 8,983 million, respectively [4]