麦格理发表研究报告指，周大福(01929.HK) 目标2026财年的收入录低至中个位数增长，而同店销售按年增长中个位数。管理层又指引，由于金价波动，料2026财年毛利率按年跌80至130个基点，而经营溢利率则降60至100个基点。
该行相信在黄金需求复苏及效率提升下，周大福珠宝于2026财年将录得强劲盈利增长(该行料周大福于2026财年及2027财年经调整盈利各为94亿及104亿元，按年各升逾59%及10.6%)。不过，由于金价波动及管理层的全年指引，将集团2026及2027财年的净收入预测分别下调1.6%及1.9%，目标价降1.4%至14.1元，评级为“跑赢大市”。
麦格理指周大福2025财年固定价格珠宝(黄金及镶嵌宝石)收入占比从2024财年的19%增加至29%，公司将推出更多标志性产品及高端珠宝以进一步优化产品组合。该行料周大福维持派息比率，2026财年的股息收益率为7%。(sl/w)(港股报价延迟最少十五分钟。沽空资料截至 2025-06-12 16:25。)
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