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馮兆山先生(Michael Fung)
經理

現任職輝立經理,對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
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周大福 (1929.HK)

Friday, November 28, 2025 Views169

周大福 (1929HK) 前景看悄, 股價創周線新高

# 周大福是本港其中一間主要珠寶生產及零售商, 主要從事黃金、鉑金及鑽石首飾的設計、製造和零售。

# 除了香港市場外, 周大福亦於中國內地及其他亞洲地區設有零售分銷網絡。

# 近日, 隨著中國消費市場復甦以及黃金需求的回升,周大福的銷售表現逐漸改善。

# 另外, 周大福亦同時積極擴展線上銷售渠道,並加強品牌知名度宣傳。這兩方面亦開始見到成效。

 

# 投資亮點

# 珠寶行業在節日及婚慶季節具有穩定需求;

# 擁有強大的品牌效應及廣泛的零售網絡;

# 中國內地消費升級及中產階級增長帶來的長期利好。

 

# 看圖睇勢, 周大福剛於十月底創下了新高位, HK$16.95;目前, 股價隨大市作出回調, 若能重上並企穩於5週平均線水平 (HK$14.666)及10週平均線水平 (HK$15.101)。根據技術分析來看, 股價有機會再上破新高位。

最近, 有投行分析員指出, 周大福最新公布的第二財季營運數據, 整體零售值按年增長4.1%, 是自上財年首季以來首次錄得增長, 期內內地直營店及加盟店的同店銷售分別按年增長7.6%及8.6%, 香港及澳門的同店銷售則按年增長6.2%。

考慮到金價上升及集團產品組合優化, 均有助提升毛利率, 他預期每股盈利上調3% 至0.86元.評級維持於「跑嬴行業」, 目標價上調約兩成至 19.45港元, 預測市盈率大約為21倍。

 

# 以2025年11月25日收市價 = HK$15.24計算, 目標價 = HK$19.45, 潛在升幅大約為27.6%.  止蝕位設於2025年11月5日的低位 = HK$13.32. 

本人馮兆山為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之證券的所有相關財務權益.

I, Michael Fung, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto.

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
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