智通财经APP获悉，中银国际发布研报称，周大福(01929)今年3月底止2025财年四季营运指标继续承压，集团零售流水同比下降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港元升至11.2港元。
该行表示，公司3月销售明显改善，视为积极的信号，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。该行分别上调2026及2027两财年10%及13%，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。
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