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West Securities maintains a "shareholding" rating for Chow Tai Fook (01929), citing heavy terminal wait-and-see sentiment at high gold prices.
Jingwu Finance | West Securities issued a research report, which stated that Chow Tai Fook (01929) had a year-on-year decrease of 20% in the group's overall retail value from April to June. Among them, the mainland China's retail value fell 18.6% year-on-year, and the same-store sales fell 26.4% year-on-year; Hong Kong, Macao, and other markets' retail value fell 28.8% year-on-year, and the same-store sales fell 30.8% year-on-year. The bank pointed out that high gold prices have affected demand for gold jewelry consumption at the end, and same-store sales are under short-term pressure. Optimizing pricing strategy and increasing the proportion of high-gross-margin products drive continued improvement in gross margin during the season. The bank pointed out that with the high gold prices, the terminal's wait-and-see sentiment is heavy, and they expect the company's same-store data to improve.
Cinda Securities: Sales pressure due to gold price fluctuations, Chow Tai Fook (01929) FY25Q1 retail sales value decreased by 20%.
Cinda Securities expects that Chow Tai Fook (01929) will have a net income attributable to equity holders of 6.857/7.131/7.307 billion Hong Kong dollars for FY2025-FY2027.
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[Brokerage Focus] Tianfeng maintains its "buy" rating for Chow Tai Fook (01929) and is bullish on the continued improvement of gross margin.
Jingu Caixun | Tianfeng Securities released a research report stating that Chow Tai Fook (01929) released its FY25Q1 business performance report (April 24, 2024 to June 30, 2024) with a 20% decrease in retail sales; the retail value of priced gold products in mainland China increased by more than 100% annually; during the quarter, the retail value of priced gold products increased to nearly 16%, up 10 percentage points. The bank believes that Chow Tai Fook focuses on optimizing pricing strategies, shifting its gold product portfolio from weight-based pricing to priced products, easing the business challenges faced by the industry as a whole. In addition, the proportion of fixed price gold product sales has increased rapidly.
[Brokerage Focus] Guosen Securities maintains a "outperform" rating on Chow Tai Fook (01929), citing high gold prices suppressing consumer demand and lowering net income forecasts for the next two years.
Guosen Securities issued a research report mentioning that Chow Tai Fook (01929) released unaudited main business data for April-June 2024, with an overall retail value decrease of 20% year-on-year. Among them, the retail value in the Chinese (excluding Hong Kong, Macao, and Taiwan) market decreased by 18.6% year-on-year, and the retail value in Hong Kong, Macao, and other markets decreased by 28.8% year-on-year. The bank believes that in the medium and long term, the gold and jewelry industry is expected to maintain a stable growth trend under the support of consumer value-preserving demand and continuous improvement in product design. As a leading company in the gold and jewelry industry, the company's product iteration and channel layout lead the market in future brand competition.
Guosen Securities: Chow Tai Fook's leading advantage is expected to continue to strengthen. Maintain a "better than the market" rating.
Guosen Securities released a research report stating that Chow Tai Fook (01929), as a leader in the gold jewelry industry, has a leading product iteration and channel layout, and its leading advantage is expected to be continuously strengthened in the trend of increasing importance of industry brand competition in the future. Considering the observation and inhibition of terminal consumer demand caused by high volatility of gold prices, the company itself is also continuously promoting the optimization of channel store adjustment. Guosen Securities lowered the company's net profit attributable to parent company from 2025 to 2027, maintaining a rating of "outperform the market". Matters: The company released unaudited major business data for the period of April to June 2024, with an overall retail value decreasing by 20% year-on-year, of which...