As of the end of March, Chow Tai Fook's annual net profit was HKD 6.499 billion, a year-on-year increase of 20.7%. In addition, the group announced that from April 1 to May 31 this year, the group's retail value fell by 20.2% year-on-year. Futu Securities pointed out in a report that the first half of this year will be more difficult for Chow Tai Fook, but the valuation is not expensive. They maintained a "buy" rating and lowered the target price from HKD 15.88 to HKD 12.67. Futu Securities said that Chow Tai Fook's sales in the second half of the fiscal year ending March this year met expectations, and the core operating profit (COP) exceeded expectations by 15%. The bank expects that the first half of this year will be more difficult for Chow Tai Fook, but it is expected to improve in the second half of the fiscal year ending March 2025. The bank's core operating profit forecast reflects the expectation of sales lower than the company's guidance. After the company's performance announcement, the bank has lowered net profit forecasts for the next two fiscal years by 6% and 10%, respectively. The latest target price corresponds to a forecast price-to-earnings ratio of 16 times and 15 times.