金吾财讯 | 周大福(01929)股价走高，截至发稿，涨3.7%，报7.85港元，成交额4685万港元。消息面上，大和发布研报指出，市场存在两大认知偏差：一是过度高估周大福与老铺黄金竞争所带来的压力，二是严重低估周大福当下品牌升级举措蕴藏的利好。该行进一步表示，市场忽视了周大福传统黄金系列HUA Collection具备发展成独立品牌，从而释放巨大价值的潜力。同时，大和认为周大福此前快速扩张店铺的策略已发生急剧转向，预计其净利润或在2024财年下半年触底。当前，周大福股价被严重低估。鉴于上述种种因素，大和果断将周大福评级从“跑输大市”上调至“买入”，目标价也由7港元大幅提升至11港元，笃定集团的盈利能力与估值正稳步向均值回归 。 据悉，截至2024年12月31日，周大福珠宝零售点共计6836家，该季度内净关闭255家店铺。其中，中国内地的周大福珠宝零售点为6685家，季内净关店261家；中国香港、中国澳门及其他市场的周大福珠宝零售店有151家，季内净开设6家。中信证券此前曾表示，周大福积极调整产品及定价策略，已经取得了显着成效。该行认为周大福凭借出众的美学理解和卓越的工匠精神，未来会继续发挥产品力优势，持续在行业中领先，有望推出更多像故宫系列、传福系列这样的高毛利差异化商品，其利润端也将得到相应改善。
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