Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [4][5]. Core Insights - The company achieved significant growth in 2024, with sales reaching 9.795 billion RMB (up 166.4% year-on-year), revenue of 8.506 billion RMB (up 167.5% year-on-year), and net profit of 1.473 billion RMB (up 253.9% year-on-year) [1][2]. - The brand's influence is expanding, leading to a same-store sales growth of 120.9% in 2024, driven by product optimization and store expansion [4]. - The company has a stable gross margin of 41.16% and a net margin of 17.32%, reflecting effective cost management despite significant revenue growth [3]. Financial Performance Summary - **Revenue and Profit Growth**: - 2024 revenue: 8.506 billion RMB, growth rate of 167.5% - 2024 net profit: 1.473 billion RMB, growth rate of 253.9% [5] - **Future Projections**: - Expected net profits for 2025, 2026, and 2027 are 2.499 billion RMB, 3.703 billion RMB, and 5.389 billion RMB, respectively, with growth rates of 69.6%, 48.2%, and 45.5% [4][5]. - **Valuation Metrics**: - Projected P/E ratios for 2025, 2026, and 2027 are 50, 34, and 23, respectively, indicating a decreasing valuation multiple as earnings grow [5]. Sales Channel Performance - **Store Sales**: - In 2024, store sales reached 8.535 billion RMB, up 162.86% year-on-year, with revenue of 7.450 billion RMB, up 164.3% [2]. - **Online Sales**: - Online platform sales were 1.260 billion RMB, up 192.82% year-on-year, with revenue of 1.055 billion RMB, up 192.2% [2]. Brand and Product Development - The company has developed nearly 2,000 original designs and holds numerous patents, enhancing its competitive edge in the market [4]. - The expansion strategy includes adding 7 new stores and optimizing 4 existing ones in 2024, contributing to revenue growth [4].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported impressive financial results for 2024, achieving revenue of 8.505 billion RMB, a year-on-year increase of 167.5%, and a net profit of 1.473 billion RMB, up 253.9% [1][4] - The company's brand influence is expanding, with significant contributions to revenue growth from user acquisition and same-store sales, which increased by 120.9% year-on-year [2] - The company is set to open its first store in Singapore in 2025, marking its entry into international markets [3] Financial Performance Summary - For 2024, the company achieved a gross margin of 41.2%, maintaining stability, while the adjusted net profit margin increased to 17.7% from 13.4% in 2023 [4] - The company plans to distribute a generous dividend of 6.35 RMB per share, totaling 1.07 billion RMB, which represents 73% of its 2024 profits [4] - Revenue projections for 2025-2027 are 17.92 billion RMB, 25.89 billion RMB, and 35.16 billion RMB, reflecting growth rates of 111%, 44%, and 36% respectively [5][7] Store Expansion and Market Strategy - The company added 7 new stores in 2024, bringing the total to 36 self-operated stores across 15 cities, with a focus on high-end commercial centers [3] - The company plans to open 8 new stores in mainland China and 5 in Hong Kong, Macau, and Singapore over the next two years [3] Key Financial Metrics - The company's earnings per share (EPS) for 2024 is projected at 8.75 RMB, with forecasts of 21.03 RMB, 31.58 RMB, and 44.23 RMB for 2025, 2026, and 2027 respectively [7][9] - The price-to-earnings (P/E) ratios for the next three years are projected at 36, 24, and 17 [5][9]

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 老铺黄金(6181.HK) 投资评级 买入 上次评级 买入 蔡昕妤 商贸零售分析师 执业编号：S1500523060001 联系电话：13921189535 邮 箱：caixinyu@cindasc.com [Table_Title] 老铺黄金(6181.HK)2024 业绩点评：业绩高 增如期兑现，上市首年高比例分红 [Table_ReportDate] 2025 年 4 月 3 日 [Table_S 事件：公司披露 ummary] 2024 年业绩，实现收入 85.05 亿元，同增 167.5%，年内 利润 14.73 亿元，同增 253.9%，经调整净利润 15.02 亿元，同增 253.4%。 公司 2024 年亮眼业绩如期兑现，位于此前预告的右区间。 点评： 品牌影响力持续扩大，用户破圈、同店增长为收入高增主要贡献。公司 2024 年在单个商场的平均销售业绩为 3.28 亿元，根据弗若斯特沙利文统计，老 铺黄金在所有国内外知名珠宝品牌当中，在中国大陆的单个商场平均收入、 坪效均为第一。2 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company reported impressive performance in 2024, with revenue reaching 8.51 billion RMB, a year-on-year increase of 167.5%, and net profit of 1.47 billion RMB, up 253.9% [7] - The significant growth in net profit is attributed to three main factors: the expanding brand influence leading to substantial revenue growth from existing stores, continuous product optimization and innovation, and the addition of 7 new stores along with the optimization of 4 existing stores [7] - The company achieved the highest average revenue and sales efficiency among domestic jewelry brands in individual shopping malls, with same-store revenue growth exceeding 120.9% in 2024 [7] - The company has demonstrated superior channel expansion capabilities, opening 36 self-operated stores across 15 cities, including 7 new stores and optimizing 4 existing ones [7] - Profitability has significantly improved, with gross margin and net margin increasing to 41.2% and 17.3%, respectively, while the expense ratios for sales, management, and R&D have all been optimized [7] Financial Forecasts - Revenue projections for the company are as follows: 19.59 billion RMB in 2025, 28.40 billion RMB in 2026, and 36.92 billion RMB in 2027, with growth rates of 130.3%, 45.0%, and 30.0% respectively [6][8] - Net profit forecasts are 3.50 billion RMB for 2025, 5.30 billion RMB for 2026, and 7.19 billion RMB for 2027, with year-on-year growth rates of 137.4%, 51.7%, and 35.6% respectively [6][8] - The company is expected to maintain a strong return on equity (ROE) of 47.1% in 2025, decreasing to 36.1% by 2027 [6][8]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [3][11]. Core Insights - The company announced a strong performance for 2024, with revenue projected at 8.5 billion yuan, a year-on-year increase of 167.5%, and a net profit of 1.473 billion yuan, reflecting a 254% increase [1][9]. - The company's brand influence is expanding, with same-store sales growth of 120.9% and leading average sales performance in shopping malls among all jewelry brands in China [9]. - The company is optimizing its product offerings and expanding its store network, with a total of 36 direct stores by the end of 2024 [9]. - The company has a strong focus on high-end positioning and brand strength, with plans for new store openings in Singapore and Japan [9]. Financial Performance - Revenue for 2023 was 3.18 billion yuan, with a growth rate of 145.67%. The projected revenue for 2024 is 8.506 billion yuan, with a growth rate of 167.51% [8]. - The net profit for 2023 was 416 million yuan, with a growth rate of 340.40%. The projected net profit for 2024 is 1.473 billion yuan, with a growth rate of 253.86% [8]. - The company plans to distribute a dividend of 6.35 yuan per share, with a payout ratio of approximately 73% [1]. Profit Forecast and Valuation - The profit forecast for 2025-2027 is 3.152 billion yuan, 4.638 billion yuan, and 6.181 billion yuan, representing growth rates of 114%, 47%, and 33% respectively [3]. - The corresponding price-to-earnings (P/E) ratios for 2025-2027 are projected at 43, 29, and 22 times [3].

来源：最闻，山西证券研究所 | 市场数据：2025 年 3 月 | 31 | 日 | | | --- | --- | --- | --- | | 收盘价（港元）： | | | 729.00 | | 年内最高/最低（港元）： | | | 798.00/60.950 | | 流通股/总股本（亿股）： | | | 0.95/1.68 | | 流通市值（亿港元）： | | | 690.91 | | 总市值（亿港元）： | | | 1,227.39 | 来源：最闻，山西证券研究所 黄金珠宝 老铺黄金（06181.HK） 增持-A(维持) 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 2024 年营收业绩强劲增长，2025 年推动品牌出海 2025 年 4 月 1 日 公司研究/公司快报 事件描述 3 月 31 日，公司披露 2024 年年报，2024 年，公司实现收入 85.06 亿元，同比增长 167.5%，实现归母净利润 14.73 亿元，同比增长 253.9%。公司董事 ...

Macro Strategy - The March PMI data indicates three characteristics of economic recovery: the pre-positioning of work due to the Spring Festival, better recovery of manufacturing demand compared to supply, and weak consumer service consumption [1][30]. - The manufacturing PMI for March is 50.5%, showing a slight increase of 0.3 percentage points from the previous month, while the service PMI is at 50.3%, also up by 0.3 percentage points [1][30]. - The new order index for manufacturing increased by 0.7 points to 51.8%, indicating stronger demand recovery compared to supply [1][30]. Industry Insights - The report highlights the need for macro policies to be adjusted in response to potential economic pressures in the second quarter, particularly in exports and real estate [1][30]. - The construction industry PMI rose to 53.4%, reflecting seasonal recovery, but remains at a historically low level for this time of year [1][30]. - The report emphasizes the importance of monitoring the impact of tariff increases on exports and the ongoing trends in the real estate market [1][30]. Company Analysis - The report provides insights into various companies, including their performance forecasts and investment ratings, such as the significant growth in sales for Lao Pu Gold and the strategic partnerships for Jianghuai Automobile [9][15]. - Companies like Yubiquitous and Geli Pharmaceutical are noted for their innovative product developments and market potential, with investment ratings maintained at "buy" [11][12]. - Shanghai Pharmaceuticals reported a revenue of 275.25 billion yuan, reflecting a 5.75% year-on-year increase, with a net profit of 4.553 billion yuan, up 20.82% [14]. Financial Performance - The report indicates that the overall financial performance of companies is under scrutiny, with adjustments made to profit forecasts for several firms based on market conditions and operational challenges [15][19]. - Companies such as China Communications Construction Company and Orient Securities are highlighted for their revenue growth and strategic adjustments in response to market dynamics [22][23]. - The report also notes the importance of cash flow management and cost control in maintaining profitability amid fluctuating market conditions [22][24].

老铺黄金一路狂飙。 4月1日晚，超级大牛股——老铺黄金公告称，联交所已于2025年4月1日就公司实施H股全流通授出上市批准。公司已申请批准将4038.89万股非上市股份转换为 4038.89万股H股上市及买卖。 老铺黄金股价持续狂飙，4月1日大幅收涨超19%，收报868港元/股，相较于去年6月的发行价40.50港元/股，累计涨幅已高达2043%。据老铺黄金最新发布的财报， 2024年公司实现销售收入98亿元（人民币，下同），同比增长166%；净利润同比大幅增长254%。 有分析称，老铺黄金股价的持续暴涨与公司业绩和金价息息相关，也与公司的股权高度集中有关。值得注意的是，6月28日，老铺黄金将面临上市之后最大数量限售 股解禁，届时老铺黄金股价或将面临压力。 大牛股公告 4月1日晚间，老铺黄金（06181.HK）在港交所发布公告称，联交所已于2025年4月1日就公司实施H股全流通授出上市批准。公司已申请批准将4038.89万股非上市股 份转换为4038.89万股H股上市及买卖。转换及上市完成后，经转换H股占公司已发行股份总数约23.99%。 消息面上，3月31日晚间，老铺黄金披露了2024年财报，其中显示，公司2 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 8.506 billion yuan in 2024, representing a year-on-year increase of 167.5%, and a net profit of 1.473 billion yuan, up 253.9% year-on-year. The strong performance is attributed to the brand's rapid expansion and high same-store sales growth [7] - The company plans to distribute a dividend of 6.35 yuan per share, totaling approximately 1.07 billion yuan, with a payout ratio of 72.6% [7] - The company's gross margin for 2024 was 41.2%, with a net profit margin of 17.3%, benefiting from improved cost control and economies of scale [7] - The company is experiencing a dual-channel growth with significant increases in both offline and online sales, with offline revenue reaching 7.45 billion yuan (up 164.3%) and online sales at 1.26 billion yuan (up 192%) [7] - The company is positioned as a leading brand in the ancient gold category in China, with a strong reputation among high-net-worth clients, and is expected to continue its growth trajectory with international expansion [7] Financial Summary - For 2024, the total revenue is projected at 8.506 billion yuan, with a net profit of 1.473 billion yuan, and an EPS of 8.75 yuan [1][8] - The company’s net profit forecasts for 2025-2027 have been revised upwards to 3.556 billion yuan, 5.644 billion yuan, and 7.232 billion yuan respectively, with corresponding P/E ratios of 32, 20, and 16 [7] - The company’s total assets are projected to reach 6.337 billion yuan by 2024, with a debt ratio of 24.57% [6][8]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, indicating strong investor interest and confidence in certain stocks, particularly in the context of a recovering Chinese economy and favorable liquidity conditions [1][4]. Group 1: Northbound Trading Activity - Northbound trading recorded a net buy of HKD 198.64 billion, with HKD 119.05 billion from the Shanghai Stock Connect and HKD 79.58 billion from the Shenzhen Stock Connect [1]. - The most bought stocks included the Tracker Fund of Hong Kong (02800), Hang Seng China Enterprises (02828), and Alibaba Group (09988) [1][4]. - The most sold stocks were Xiaomi Group (01810) and Lao Pu Gold (06181), with Xiaomi facing a net sell of HKD 6.12 billion [1][7]. Group 2: Stock Performance and News - Xiaomi Group (01810) had a net outflow of HKD 6.12 billion, attributed to concerns over a reported incident involving one of its vehicles [7]. - Alibaba Group (09988) saw a net inflow of HKD 8.19 billion, with news of an upcoming product launch in 2025 expected to enhance its market position [5]. - Xpeng Motors (09868) reported a significant increase in vehicle deliveries, with a total of 33,205 units delivered in March, marking a 268% year-on-year growth [5]. - Pop Mart (09992) received a net inflow of HKD 3.9 billion, with a reported revenue growth of 106.9% year-on-year, indicating strong performance in both domestic and overseas markets [6]. Group 3: Analyst Insights - According to a report from Founder Securities, the current rally in the Hong Kong stock market is supported by a favorable economic outlook, with overall valuations near historical averages [4]. - Morgan Stanley highlighted that Innovent Biologics (01801) is expected to achieve profitability by 2025, which could boost market confidence [6].