金吾财讯 | 招商证券发研报指，周大福(01929)发布FY25Q3（截至2024年12月31日）季度经营数据，本季度公司RSV下降14.2%，其中内地RSV-13.0%，香港、澳门及其他市场RSV-20.4%。内地直营同店销售-16.1%，其中黄金同店销售-15.3%，镶嵌同店销售-20.3%；港澳市场同店销售-21.3%，其中镶嵌同店销售+33.7%，黄金同店销售-36.2%。公司本季度合计开店86家，关店345家，净减259家，季末门店总数合计7065家。该行指，公司是珠宝行业的优质龙头品牌，品牌力、产品力及渠道层面均具备明显优势，当前聚焦经营质量提升，长期成长确定性强。预计公司FY2025-2027归母净利润为55.9/61.4/65.1亿港币。维持“强烈推荐”评级。
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