周大福: 一口價表現靚麗，改善毛利率

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Chow Tai Fook Jewellery Group  (1929 HK) 一口價表現靚麗，改善毛利率 FYQ1E retail sales down while fixed-price gold products did well; we expect gross margin will improve BUY(maintain) 投資要點/Investment Thesis 投資要點/Investment Thesis 公司發佈FY25Q1經營表現。FY25Q1（24/4/1-24/6/30）公司零售額同減20%；定價黃金產品於中國內地的零售值按年増長超過100%；季內，定價黃金產品的零售值佔比大幅增加至近16%，同增10pct。 FYQ1E retail sales down 20% yoy; mainland fixed-price gold products up >100%  Key metrics: Chow Tai Fook Jewellery (CTF) saw retail sales decline 20% yoy in FY25Q1E (April-June 2024). Interestingly, fixed-price gold products retail value in the mainland grew more than 100% yoy in the quarter, they accounted for nearly 16% of total retail value on a substantial increase of 10ppt yoy. More granular data in the quarter: 分地區看， 中國內地零售額同減18.6%（佔總88%）；港澳及 ………………………………