周大福: 金價上漲致同店承壓，全年謹慎樂觀

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Chow Tai Fook Jewellery Group  (1929 HK) 金價上漲致同店承壓，全年謹慎樂觀 Post FY24 uptrends, we view full-year FY25E with cautious optimism amid the rising gold price impact on SSS BUY(maintain) 投資要點/Investment Thesis 投资要点/Investment Thesis 公司發佈FY24年報 FY24全年營收1087億港幣，同增15%，剔除匯率因素後同增19%；歸母淨利65億港幣，同增21%。 FY24 revenue up 15% and net profit up 21%; mainland gold product sales up 23%  Key financial metrics: Chow Tai Fook (CTF) released results for FY24 (fiscal year ended March 2024) last week with revenue at HKD108.7bn, up 15% or up 19% excluding FX; while net profit came to HKD6.5bn, up 21%. 分地區看， FY24內地營收897億港幣，同增9.9%（佔總83%），港澳及其他營收190億港幣，同增46%（佔總17%）；分產品看，FY24黃金類營收同增22.5%（佔總82%）；鑲嵌類營收同減13.3%（佔總13.4%）。 Markets: •China mainland generated revenue ………………………………