Jinwu Financial News | According to Dongwu Securities Research Report, retail sales in the Mainland of FY2024Q4 (01929) grew 12.4% year on year: Chow Tai ?$#@$ released FY2024Q4 operating data (corresponding to the natural year Q1, same below). FY2024Q4 Group retail sales grew 12.4% year on year, with retail sales in mainland China growing 12.4% year on year, and retail sales in Hong Kong, Macao and other regions of China grew 12.8% year on year. Looking at the same stores, retail sales at the same store in mainland China fell 2.7% year on year in FY2024Q4, mainly due to FY2023's high base for the same period. Retail sales in Hong Kong and Macau grew 4.5% year on year, mainly due to the continued recovery of inbound tourism driving the company's sales performance.
According to the bank, Chow Tai ?$#@$ is the leading brand of gold and jewelry in China, and the contribution of opening new stores is gradually becoming prominent. Considering that FY2024Q4 partially closed, the bank lowered the company's FY2024-FY2026 net profit from HK$84.75/99.7/11.95 billion to HK$75.9/87.4/9.9 billion. The latest closing price corresponding to FY2024-FY2026PE was 15/13/11 times, maintaining a “buy” rating.