【券商聚焦】华鑫证券维持周六福(06168)“买入”评级指其充分承接电商流量红利利润有望持续释放

金吾财讯

Oct 09

金吾财讯 | 华鑫证券研报指出，周六福(06168)2024年营收62.58亿元（同增11%），净利润7.73亿元（同增7%），截至2024年末门店总数排名全国第五。该机构指出，公司位于核心黄金珠宝产区水贝，充分发挥加工端供应链优势。渠道端，公司以加盟店为主，由下沉市场起步，疫后顺势沿高线城市布局，通过开设高端店强化品牌力建设，截至2025H1公司共拥有3857家门店，其中一二线城市门店数合计占比50%，伴随门店模型优化，单店效率有望进一步提升。同时公司充分承接抖音、小红书等兴趣电商流量红利做品牌曝光，2025H1线上渠道收入16.3亿元（同增34%），线上渠道快速放量。产品端，实施全品类、全场景覆盖的产品策略，推出玺古金、颐和仙境、一心一爱等多元化产品系列，深度聚焦年轻女性核心客群，并通过国潮IP联名强化年轻化品牌形象。该机构表示，公司作为行业领先珠宝企业，不断优化商业模型，根据市场需求调整产品结构，在稳步发展下沉市场同时进行高端市场尝试，精细化布局线上渠道，充分承接电商流量红利，随着品牌势能深化驱动发展，利润有望持续释放。该机构调整2025-2027年EPS分别为1.82/1.97/2.18（前值为1.81/1.96/2.18）元，当前股价对应PE分别为23/22/20倍，维持“买入”投资评级。

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