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研报掘金 | 国泰君安：予周大福“增持”评级 黄金产品将延续高景气

Research and Nuggets | Cathay Pacific Junan: Giving Zhou Taifu's “increased” rating for gold products will continue to prosper

Gelonghui Finance ·  Apr 14 22:18

According to a research report published by Cathay Pacific Junan Securities, Chow Tai Fook's results for the fourth quarter of fiscal year 2024 were in line with expectations. Sales in the Mainland, Hong Kong and Macau all recorded increases during the quarter, mainly supported by strong consumer demand for gold and jewellery and the continued resumption of inbound tourism. The report also mentioned that there was a net decrease of 89 jewellery retail outlets in the Mainland, and a net increase in stores is expected in FY2025. The bank believes that gold products will continue to be booming, while mosaic products are relatively weak in a challenging macroeconomic environment due to the impact of the economic cycle. The bank's target price for the company is HK$16.8, with a rating of “increase in holdings”.

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