·黄金珠宝零售 ·内部研究
Chow Tai Fook Jewellery Group: A Scale Leader in Transition, Priced Around Fair Value
Chow Tai Fook is the scale leader in Greater China branded jewellery, with a mostly franchised mainland network and a profit mix tilting toward higher-margin fixed-price gold products. FY2026 revenue rose 5.3% to HK$94.4 billion while operating profit jumped 27.8% to HK$18.85 billion on richer mix and store rationalisation, yet at HK$11.83 the shares sit around the base-case fair value of HK$12.2 with zero margin of safety and an unresolved debate over margin durability. Rating Hold: a cash-generative, scale-leading franchise re-rating on mix and discipline, but priced around fair value, with a defensible entry only below the conservative fair value of HK$9.8.
Hold