金吾财讯 | 国信证券发研报指，周大福(01929)发布2024年10-12月未经审核主要经营数据，整体零售值同比下降14.2%，其中中国(不含港澳台)市场零售值同比下降13%，中国香港、中国澳门及其他市场同比下降20.4%。该行表示，1)同店方面，中国(不含港澳台)市场同店销售下降16.1%，降幅较7-9月下降24.3%有所收窄；中国香港、中国澳门及其他市场同店销售下降21.3%，较7-9月下降30.8%收窄。2)产品销售结构方面，中国(不含港澳台)市场黄金首饰产品中，毛利率较高的定价产品销售占比自去年同期的6.9%上升至18.7%，支撑公司毛利率保持韧性。3)门店方面，公司继续贯彻强化单店效益的规划，季内对低效门店进行调整，净关店259家，其中周大福主品牌净关店255家，期末门店总数7065家。该行续指，中长期看，黄金珠宝行业在消费者保值型需求支撑，以及产品设计感持续提升下，仍有望维持平稳增长趋势。公司作为黄金珠宝龙头，其产品迭代及渠道布局领先市场，近期也在积极打造新概念门店以实现店效提升，仍有较强的竞争力。该行维持公司2025-2027财年归母净利润预测为52.51/61.54/68.84亿港元，对应PE分别为12.86/10.97/9.81倍，维持“优于大市”评级。
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