港股异动 | 周大福(01929)涨超4% 公司经营策略调整凸显成效 大和称其股价仍被严重低估

智通财经
Mar 04, 2025

智通财经APP获悉,周大福(01929)涨超4%,截至发稿,涨4.36%,报7.9港元,成交额4087.36万港元。

消息面上,大和发布研报称,市场过份高估与老铺黄金之间的竞争忧虑,而且低估了周大福正在进行的品牌升级措施所带来的利好因素。其次,该行认为市场忽略了周大福的传统黄金系列HUA Collection正有潜力演变成独立品牌,从而释放重大价值。另外,该行认为周大福先前的快速店铺扩张策略正急剧逆转,预计净利润或于2024财年下半年触底。最后,该公司股价仍被严重低估。大和一举将周大福评级由“跑输大市”升至“买入”,目标价由7港元上调至11港元,相信集团的盈利能力及估值正逐步回归平均值。

据悉,截至2024年12月31日,周大福珠宝零售点达6836家,季内净关店255家。其中,中国内地周大福珠宝零售点达6685家,季内净关店261家;中国香港、中国澳门及其他市场周大福珠宝零售店达151家,季内净开设6家。中信证券此前表示,公司积极调整产品及定价策略,成效显著。该行认为周大福具备出众的美学理解、卓越的工匠精神,未来将继续发挥产品力优势,持续领跑行业,推出更多诸如故宫系列、传福系列的高毛利差异化商品,利润端或将获得相应改善。

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