异动解读 | 周大福盘中大涨5.10%，摩根士丹利上调目标价至14港元

异动解读

Jun 16, 2025

6月16日周一盘中，周大福（01929）股价大涨5.10%，引起市场广泛关注。这一显著涨幅背后有多重利好因素支撑。

首先，摩根士丹利发布研报，将周大福的目标价从13港元上调7.7%至14港元，并维持"增持"评级。摩根士丹利分析师表示，上调2026财年和2027财年的营收预测分别为6%，反映了2025财年较好的营收业绩和持续的需求复苏。尽管金价企稳可能导致利润率正常化，部分抵消更好的营收增长，但分析师仍上调了未来两个财年的盈利预测。

其次，周大福近期发布的2025财年全年业绩超出市场预期。虽然公司营业额同比下降17.53%至896.56亿港元，但毛利率表现优于预期。中金公司指出，周大福2025财年业绩超过其预期，归母净利润同比下降9%至59亿港元，主要得益于超预期的毛利率表现。此外，公司宣布派发末期股息每股0.32港元，全年派息率高达87.8%，体现了管理层对公司未来发展的信心，也增强了投资者的信心。

值得注意的是，周大福在业绩报告中指出，内地同店表现于2025财政年度持续按季改善，而香港及澳门的同店表现于本财年末趋向稳定。这一趋势表明公司在主要市场的业务正逐步恢复，为未来增长奠定基础。市场对周大福的积极展望和公司本身的稳健表现，共同推动了今日的股价上涨。

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