中银国际发表研究报告指，周大福珠宝(01929.HK) 今年3月底止2025财年四季营运指标继续承压，集团零售流水按年下降11.6%，而整体门店数目为6,643家，录得高于预期的406家净关店。
该行表示，公司3月销售明显改善，视为积极的讯号，另预期美国总统特朗普第二任执政将促使金价走高，并刺激中国消费者购买更多黄金。此外，周大福珠宝也能较好把握最新的消费趋势，推广更多定价黄金产品，此举有助稳定利润率。该行预期公司在目前的方向下，能在2026财年取得更好的表现，并有助公司估值重构。该行上调对其评级，由“持有”升至“买入”，目标价由原先6.8元升至11.2元。
该行下调对其2025财年每股预测达37%，2026及2027两财年则分别上调10%及13%，反映2025财年对冲亏损62亿元；在新会计方法下，叠加高端黄金产品销售占比上升，2026及2027两财年毛利率预测获上调；以及2026财年同店销售增长预测获上调。(vc/da)(港股报价延迟最少十五分钟。沽空资料截至 2025-04-25 16:25。)
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