中金的研究报告指，周大福珠宝(01929.HK) 2025财年第四季内地业务出现按季改善走势，零售流水及同店销售下滑收窄，黄金及镶嵌品类同店下滑幅度分别为13.8%及12.1%。公司管理层表示，2026财年会延续公司开好店、关注同店销售增长的策略，2026财年关店率有望实现按年下降。至于产品方面，管理层计划继续打造新SKU和产品系列以提升产品竞争力，并预计2026财年定价黄金产品销售额估比有望提升至20％至23%。
中金指，考虑金价快速上升对公司黄金套保的影响，下调2025财年的每股盈利预测7%至0.54元，维持2026财年每股盈利预测0.76元，引入2027财年每股盈利预测0.83元，维持“跑赢行业”评级，考虑行业销售好转带来估值提升，上调目标价46%至11.41元。(vc/u)
(港股报价延迟最少十五分钟。沽空资料截至 2025-04-28 12:25。)
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