Investment Rating - The report assigns an "Overweight" rating to Laopu Gold (06181 HK) for the first time [1] Core Views - Laopu Gold is positioned as a high-end jewelry brand specializing in ancient gold craftsmanship, with rapid revenue and profit growth [6] - The ancient gold jewelry market is growing significantly faster than the ordinary gold jewelry market, with penetration still having room for improvement [7] - Laopu Gold's brand premium, product differentiation, and channel expansion are key drivers of growth [7] Company Overview - Laopu Gold focuses on ancient gold craftsmanship, offering products such as jewelry, daily gold utensils, and ornaments [6] - The company operates 33 self-owned stores as of H1 2024, primarily located in high-end shopping malls in first-tier and new first-tier cities [6] - Revenue from offline stores accounted for 88 6% of total revenue in 2023 [6] - Laopu Gold plans to open approximately 10 new stores in mainland China and 5 stores in regions including Hong Kong, Macau, Tokyo, and Singapore over the next three years [6] Financial Performance - Revenue grew from RMB 1 265 billion in 2021 to RMB 3 18 billion in 2023, with a CAGR of 58 6% [6] - Net profit attributable to shareholders increased from RMB 114 million in 2021 to RMB 416 million in 2023, with a CAGR of 91% [6] - Gross margin remained stable at around 41 9% from 2021 to 2023 [6] - Net margin improved from 9% in 2021 to 13 1% in 2023 [6] Market and Industry Analysis - The ancient gold jewelry market grew from RMB 13 billion in 2018 to RMB 157 3 billion in 2023, with a CAGR of 64 6% [7] - The penetration rate of ancient gold jewelry increased from 4 6% in 2018 to 31 2% in 2023 [7] - The top five gold jewelry brands accounted for 46 1% of the ancient gold jewelry market in 2023, with Laopu Gold holding a 2% market share [7] - The price of 9999 gold in China rose from RMB 271 1 per gram in 2018 to RMB 449 9 per gram in 2023 [18] Competitive Advantages - Laopu Gold's products are priced higher than traditional gold jewelry, with 65% of products priced between RMB 10,000 and RMB 50,000 [7] - The company's stores are located in high-end shopping malls, with the top five stores achieving a sales growth of 157 9% in 2023 [7] - Laopu Gold's single-store revenue increased from RMB 52 58 million in 2018 to RMB 98 89 million in 2023, with a CAGR of 13 47% [7] - The company's coverage rate in the top 40 high-end shopping malls in China was 30% in 2023, with plans to expand to 15 new stores by 2026 [7] Valuation and Forecast - Revenue is expected to grow to RMB 6 432 billion in 2024, RMB 8 753 billion in 2025, and RMB 10 614 billion in 2026 [4] - Net profit attributable to shareholders is forecasted to reach RMB 1 032 billion in 2024, RMB 1 423 billion in 2025, and RMB 1 742 billion in 2026 [4] - The P/E ratio is projected to be 24 9x in 2024, 18x in 2025, and 14 7x in 2026 [4] Product and Customer Analysis - Laopu Gold's products are primarily priced between RMB 10,000 and RMB 50,000, with gold-inlaid products contributing 56% of revenue in 2023 [7] - Customers spending over RMB 1 million accounted for 15 9% of sales in 2023, up from 8 5% in 2021 [48] - The company's customer base is relatively young, with 45% of followers on Xiaohongshu aged 45 and above [52]

7 October 2024 | 8:13PM HKT | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|-------|----------- ...

Investment Rating and Core Views - **Investment Rating**: Overweight (Initiation) [1] - **Core Views**: The company is a pioneer in the ancient gold jewelry market, leveraging its high-end product positioning and differentiated competition to drive growth through brand momentum, single-store efficiency, and store expansion [2] Company Overview - **Company Profile**: Founded in 2009, the company is a leading brand in ancient gold jewelry, focusing on the research, design, and sale of ancient gold products [11] - **Organizational Structure**: The company has a concentrated ownership structure, with the founder and his son holding a combined 62.03% of the shares. Employee incentives are robust, with multiple employee持股 platforms established [11][12] - **Financial Performance**: The company has shown strong revenue and profit growth, with 2023 revenue reaching RMB 3.18 billion, a 145.6% YoY increase, and net profit reaching RMB 416 million, a 340.4% YoY increase [14] Market and Industry Analysis - **Ancient Gold Market Growth**: The ancient gold market is expected to grow rapidly, with a projected CAGR of 21.8% from 2023 to 2028, reaching a market size of RMB 421.4 billion by 2028 [2] - **High-Net-Worth Individuals (HNWIs)**: The company targets HNWIs, with a penetration rate of 5.7% among China's 3.16 million HNWIs in 2022. The company's products cater to the rational, self-indulgent, and social needs of HNWIs [39][40] Growth Drivers - **Brand Momentum and User Expansion**: The company's brand momentum is increasing, with a growing penetration rate among HNWIs and younger, middle-to-high-income consumers [4] - **Single-Store Efficiency**: The company's single-store efficiency is expected to continue improving, driven by product diversity, optimized channel conditions, and price adjustments [2] - **Store Expansion**: The company plans to open 13 new stores in the next two years, maintaining high standards and controlled expansion [2] Product and Channel Strategy - **Product Innovation**: The company focuses on R&D, with the founder leading the product development team. It has launched 324 new products and 419 iterations from 2021 to 2023, with new and iterated products accounting for over 12% of total revenue [33][34] - **Channel Expansion**: The company primarily operates through offline channels, with 88.6% of revenue coming from offline sales in 2023. It focuses on high-end commercial centers in first-tier and new first-tier cities [21] Financial Projections - **Revenue and Profit Forecast**: The company is expected to achieve net profits of RMB 1.006 billion, RMB 1.435 billion, and RMB 1.818 billion in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 19.6x, 13.8x, and 10.9x [2] - **Gross Margin and Expense Ratio**: The company's gross margin has remained stable at around 42%, with a declining expense ratio due to economies of scale. The net profit margin improved to 16.7% in H1 2024 [16] Competitive Positioning - **Market Share**: The company holds a 2.0% market share in the ancient gold jewelry market, ranking seventh. It is the only brand among the top ten players that focuses exclusively on ancient gold jewelry and operates all offline stores through a direct model [31][32] - **Comparison with Competitors**: The company's revenue and profit levels are lower than its peers due to its selective store locations and smaller store count. However, its gross and net profit margins are industry-leading, driven by its high-end product positioning and direct operation model [23][24]

Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for investment [4]. Core Insights - The company, Laopu Gold, is positioned as the leading brand in traditional gold jewelry in China, focusing on high-end products and has significant room for market expansion both domestically and internationally [3][4]. - The traditional gold jewelry market in China is expected to grow at a compound annual growth rate (CAGR) of over 20% from 2023 to 2028, while the market for regular gold jewelry is projected to shrink [2][4]. - Laopu Gold has achieved impressive revenue growth, with a 148.3% year-on-year increase in the first half of 2024, and a net profit growth of 198.8% during the same period [3][4]. Company Overview - Laopu Gold was established in 2009 and is recognized as the first brand to promote traditional gold concepts in China. As of 2023, it holds a 2.0% market share in the traditional gold jewelry market [3][15]. - The company has a strong focus on high-end gold jewelry, with a unique product offering that includes original designs and strict quality control [3][4]. - The average selling price of Laopu Gold's products is significantly higher than competitors, showcasing its strong pricing power [3][4]. Financial Performance - In 2023, Laopu Gold reported revenues of 31.80 billion yuan, a 145.7% increase from the previous year, and a net profit of 4.16 billion yuan, reflecting a 340.4% year-on-year growth [26]. - The company's gross profit margin has remained above 40%, with a notable increase in net profit margin to 16.7% in the first half of 2024 [27][29]. - The company has demonstrated a strong return on equity (ROE) of 27.5% in 2023, with projections for continued growth in the coming years [5]. Market Expansion Strategy - Laopu Gold plans to expand its store network significantly, with expectations to open 4 new stores annually in mainland China from 2024 to 2026, and additional stores in Hong Kong, Macau, and Singapore [4][23]. - The company aims to enhance its brand visibility and product development capabilities through the use of raised funds from its recent IPO [23][25]. Competitive Landscape - The traditional gold jewelry market is competitive, with major players like Chow Tai Fook leading the market. Laopu Gold, however, has a unique positioning that allows it to target high-end consumers effectively [2][4]. - The company has established a strong presence in high-end shopping districts, focusing on self-operated stores to maintain brand integrity and customer experience [3][4].

9 T 证券研究报告 黄金珠宝 老铺黄金（06181.HK） 增持-A(首次) 坚持高端古法金品牌定位，国内及海外市场具备拓店空间 2024 年 9 月 26 日 公司研究/深度分析 投资要点： 公司上市以来股价表现 | --- | --- | --- | |-----------------------------------|------------|-------------| | | | | | 市场数据： 2024 | 年 9 月 25 | 日 | | 收盘价（港元）： 总股本（亿股）： | | 129.50 1.68 | | 流通股本（亿股）： | | 0.95 | | 流通市值（亿港元）： | | 122.73 | | 资料来源：最闻，山西证券研究所 | | | 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 市场空间大且增速优。2017 年周大福推出"传承系列"古法金产品，凭借品牌价 值沉淀、渠道网络广泛，古法黄金产品走进消费者视野，黄金珠宝品牌开始陆续 推出古 ...

Company Overview - Laopu Gold Co., Ltd. (stock code: 6181) is a company registered in China and listed on the Hong Kong Stock Exchange[13] - The company's registered office and headquarters are located in Beijing, China, with a primary business location in Hong Kong[13] - Laopu Gold specializes in traditional gold craftsmanship, including techniques such as "filigree inlay" and "gold and silver inlay," which are recognized as national intangible cultural heritage[15][16] - The company's product portfolio includes "ancient gold products" that combine modern design with classical Chinese culture, featuring matte or sandblasted finishes[16] - Laopu Gold's H shares were listed on the Hong Kong Stock Exchange on June 28, 2024[19] Financial Performance - Revenue for the first half of 2024 reached RMB 3,520.19 million, a year-on-year increase of 148.3%[34] - Net profit for the first half of 2024 was RMB 587.81 million, a year-on-year increase of 198.8%[34] - Gross profit for the first half of 2024 was RMB 1,454.98 million, a year-on-year increase of 146.4%[38] - Revenue from pure gold products increased by 110.1% year-on-year to RMB 1,372 million in the first half of 2024[34] - Revenue from pure gold inlaid products increased by 182.1% year-on-year to RMB 2,147 million in the first half of 2024[35] - Same-store revenue growth rate was 104.2% for the six months ended June 30, 2024[38] - Total assets increased by RMB 1,682.17 million to RMB 3,840.72 million as of June 30, 2024[37] - Total equity increased by RMB 1,381.82 million to RMB 2,897.24 million as of June 30, 2024[37] - Revenue from physical stores increased by 149.6% to RMB 3,128,721 thousand, accounting for 88.9% of total revenue[42] - Online platform revenue grew by 138.9% to RMB 391,464 thousand, representing 11.1% of total revenue[42] - Revenue from gold-inlaid products surged by 182.1% to RMB 2,146,735 thousand, making up 61.0% of total revenue[43] - Pure gold product revenue rose by 110.1% to RMB 1,372,085 thousand, accounting for 39.0% of total revenue[43] - Total revenue increased by 148.3% year-over-year to RMB 3,520,185 thousand[42] - Gross profit margin remained stable at approximately 41.3%, with gross profit increasing by RMB 864.48 million (146.4%) to RMB 1,454.98 million compared to the same period in 2023[44] - Net profit surged by 198.8% to RMB 587.81 million from RMB 196.75 million in the same period last year[44] - Revenue for the six months ended June 30, 2024, was RMB 3,520,185 thousand, a significant increase from RMB 1,417,512 thousand in the same period in 2023[74] - Gross profit for the six months ended June 30, 2024, was RMB 1,454,982 thousand, compared to RMB 590,500 thousand in the same period in 2023[74] - Net profit attributable to the company's owners for the six months ended June 30, 2024, was RMB 587,812 thousand, up from RMB 196,754 thousand in the same period in 2023[74] - Basic and diluted earnings per share for the six months ended June 30, 2024, were RMB 4.11, compared to RMB 1.44 in the same period in 2023[74] - Total comprehensive income for the six months ended June 30, 2024, was RMB 589,057 thousand, compared to RMB 199,368 thousand in the same period in 2023[75] - Profit attributable to equity holders of the company grew to RMB 587,812 thousand in 2024 from RMB 196,754 thousand in 2023, a rise of 198.8%[97] Expenses and Costs - Sales and distribution expenses increased by 113.0% to RMB 532.15 million, driven by higher shopping mall and platform commission fees, rental expenses, and expanded sales team costs[45] - Administrative expenses rose by 83.5% to RMB 124.63 million, primarily due to increased employee costs and professional service fees related to the company's listing[46] - R&D expenses grew by 40.5% to RMB 6.56 million, reflecting higher employee costs as the company expanded its R&D team[47] - Total expenses increased by 105.5% to RMB 665.72 million, with sales and distribution expenses accounting for the largest share at RMB 532.15 million[48] - R&D expenses for the six months ended June 30, 2024, were RMB 6,555 thousand, up from RMB 4,667 thousand in the same period in 2023[74] - Sales and distribution expenses for the six months ended June 30, 2024, were RMB 532,153 thousand, compared to RMB 249,895 thousand in the same period in 2023[74] - Administrative expenses for the six months ended June 30, 2024, were RMB 124,628 thousand, up from RMB 67,908 thousand in the same period in 2023[74] - Financial costs for the six months ended June 30, 2024, were RMB 10,714 thousand, compared to RMB 8,441 thousand in the same period in 2023[74] - Cost of goods sold surged to RMB 2,065,203 thousand in 2024 from RMB 827,012 thousand in 2023, a significant increase of 149.7%[92] - Depreciation of property, plant, and equipment increased to RMB 17,272 thousand in 2024 from RMB 11,555 thousand in 2023, a rise of 49.5%[92] - Current income tax expense jumped to RMB 191,622 thousand in 2024 from RMB 66,204 thousand in 2023, a substantial increase of 189.4%[95] Market Position and Brand Recognition - The company's market share in high-end department stores ranked first in the industry as of June 30, 2024[38] - The company was one of only two Chinese gold jewelry brands listed in the "2024 Hurun Best of the Best - China High Net Worth Individuals Brand Preference Report"[38] Store Expansion and Operations - The company opened 6 new stores and expanded 1 existing store compared to the same period in 2023[40] - As of June 30, 2024, the company operated 33 self-operated stores across 14 cities[40] - The company opened six new stores and expanded one existing store during the reporting period, contributing to incremental revenue[44] - The company's loyal membership reached approximately 275,000 as of June 30, 2024[39] Intellectual Property and Innovation - The company holds 243 domestic patents, 1,207 copyrights, and 164 international patents as of June 30, 2024[39] - The company has created over 1,800 original designs as of June 30, 2024[39] Financial Position and Cash Flow - The company's cash and bank balances stood at RMB 823.90 million as of June 30, 2024, primarily from IPO proceeds[51] - Inventory increased by 66.3% to RMB 2,108.43 million, aligning with business growth and new store openings[51] - The asset-liability ratio improved to 24.6% as of June 30, 2024, down from 29.8% at the end of 2023[51] - Total assets increased to RMB 3,406,112 thousand as of June 30, 2024, up from RMB 1,775,836 thousand as of December 31, 2023[76] - Inventory surged to RMB 2,108,428 thousand as of June 30, 2024, compared to RMB 1,267,932 thousand as of December 31, 2023[76] - Cash and cash equivalents rose significantly to RMB 823,901 thousand as of June 30, 2024, from RMB 69,838 thousand as of December 31, 2023[76] - Total equity increased to RMB 2,897,236 thousand as of June 30, 2024, up from RMB 1,515,416 thousand as of December 31, 2023[77] - Operating cash flow for the six months ended June 30, 2024, was RMB 241,447 thousand, compared to RMB 169,331 thousand for the same period in 2023[80] - Property, plant, and equipment increased to RMB 104,074 thousand as of June 30, 2024, from RMB 57,549 thousand as of December 31, 2023[76] - Trade payables increased to RMB 226,219 thousand as of June 30, 2024, from RMB 57,662 thousand as of December 31, 2023[76] - Lease liabilities stood at RMB 121,477 thousand as of June 30, 2024, compared to RMB 101,394 thousand as of December 31, 2023[76] - The company issued new shares worth RMB 826,851 thousand during the six months ended June 30, 2024[78] - Operating cash flow increased to RMB 241,447 thousand in H1 2024, up from RMB 169,331 thousand in H1 2023[81] - Net cash flow from operating activities decreased to RMB 66,637 thousand in H1 2024, compared to RMB 113,575 thousand in H1 2023[81] - Net cash flow from financing activities significantly improved to RMB 720,287 thousand in H1 2024, compared to a negative RMB 57,108 thousand in H1 2023[81] - The total lease liabilities increased to RMB 282,509 thousand as of June 30, 2024, up from RMB 266,813 thousand at the end of 2023[101] - Trade receivables decreased slightly to RMB 369,912 thousand as of June 30, 2024, from RMB 376,325 thousand at the end of 2023[104] - Trade payables increased to RMB 226,219 thousand as of June 30, 2024, up from RMB 57,662 thousand at the end of 2023[109] - The company's right-of-use assets for stores increased to RMB 236,668 thousand as of June 30, 2024, from RMB 226,061 thousand at the end of 2023[100] - The company recognized new leases amounting to RMB 58,741 thousand in the first half of 2024[101] - The company's finished goods inventory increased to RMB 1,073,206 thousand as of June 30, 2024, from RMB 791,294 thousand at the end of 2023[102] - The company's raw materials inventory increased to RMB 543,836 thousand as of June 30, 2024, from RMB 292,001 thousand at the end of 2023[102] - The company's work-in-progress inventory increased to RMB 487,205 thousand as of June 30, 2024, from RMB 182,236 thousand at the end of 2023[102] - Other payables and accrued expenses increased to RMB 222,900 thousand as of June 30, 2024, compared to RMB 140,090 thousand as of December 31, 2023[111] - The company's interest-bearing bank borrowings totaled RMB 126,866 thousand as of June 30, 2024, with interest rates ranging from 1.90% to 3.70%[112] - The company's total bank loan financing amounted to RMB 146,866 thousand as of June 30, 2024, with RMB 126,866 thousand utilized[113] - Total financial assets as of June 30, 2024, were RMB 1,249,328 thousand, compared to RMB 493,379 thousand as of December 31, 2023[127] - Total financial liabilities as of June 30, 2024, were RMB 762,527 thousand, compared to RMB 509,165 thousand as of December 31, 2023[128] IPO and Share Issuance - The over-allotment option was fully exercised on July 25, 2024, involving 3,355,300 H shares at HK$40.50 per share, representing approximately 15% of the total shares offered[54] - The company plans to implement H-share full circulation, converting 40,388,900 unlisted shares into H-shares, subject to regulatory approvals[56] - Net proceeds from the IPO and over-allotment exercise totaled approximately HK$957.1 million, with 73.3% (HK$701.6 million) allocated for sales network expansion[57] - The company allocated HK$108.2 million (11.3% of net proceeds) for brand positioning and awareness enhancement[57] - The company has a total of 165,011,400 shares issued, including 73,591,840 unlisted shares and 91,419,560 H-shares[64] - Mr. Xu Gaoming holds 66,055,390 unlisted shares, representing 89.76% of the unlisted shares and 40.03% of the total issued shares[63] - Mr. Xu Gaoming and Mr. Xu Dongbo are considered a group of controlling shareholders, collectively holding 111,639,800 shares, representing approximately 67.66% of the total issued share capital[64] - Red Qiao Jin Ji directly holds 56,101,300 shares and is deemed to have an interest in 9,284,900 shares held by Tianjin Jin Cheng[64] - Mr. Chen Guodong holds 7,536,450 unlisted shares, representing 10.24% of the unlisted shares and 4.57% of the total issued shares[65] - Tianjin Jin Cheng holds 4,642,450 unlisted shares, representing 6.31% of the unlisted shares and 2.81% of the total issued shares[65] - Huang River Investment Limited holds 6,751,000 H-shares, representing 7.38% of the H-shares and 4.09% of the total issued shares[65] - Tencent Holdings Limited holds 6,751,000 H-shares through a controlled entity, representing 7.38% of the H-shares and 4.09% of the total issued shares[65] - The company issued 22,368,900 ordinary shares at a price of HKD 40.50 per share, raising approximately HKD 905,940,000 before underwriting fees and other estimated listing expenses[115] - The company granted 1,900,000 restricted share units to 56 eligible employees at a subscription price of RMB 7.90 per share on October 12, 2023[116] - The company recognized share-based payment expenses of RMB 14,016 thousand for the six months ended June 30, 2024, compared to RMB 2,313 thousand for the same period in 2023[116] - As of June 30, 2024, the company had 11,530 thousand restricted share units outstanding under the share incentive plan[117] - The company's share capital increased to RMB 165,011,400 as of June 30, 2024, from RMB 142,642,500 as of December 31, 2023[114] - The company fully exercised the over-allotment option on July 25, 2024, involving 3,355,300 H shares at a price of HKD 40.50 per share[130] - The company proposed amendments to its articles of association and adopted new articles of association on August 30, 2024, which were approved at an extraordinary general meeting on September 20, 2024[130] - The company plans to implement H-share full circulation, converting 40,388,900 unlisted shares into H shares, subject to regulatory approvals[131] Employee and Management Information - As of June 30, 2024, the company had 1,064 employees, with 1,013 based in mainland China and 51 in Hong Kong and Macau[52] - Employee distribution by function as of June 30, 2024: Administration (236, 22%), Sales & Marketing (474, 45%), Production (341, 32%), R&D (13, 1%)[53] - Total remuneration for key management personnel for the six months ended June 30, 2024, was RMB 12,083 thousand, compared to RMB 5,179 thousand for the same period in 2023[126] Other Financial and Operational Details - The company had no asset pledges as of June 30, 2024, compared to RMB 30 million in inventory pledged for bank loans as of December 31, 2023[52] - Capital expenditures during the reporting period amounted to approximately RMB 64.91 million, primarily used for new store openings and store upgrades[52] - No interim dividend was recommended for the six months ended June 30, 2024[58] - The company is required to allocate 10% of its after-tax net profit to statutory surplus reserves until the reserve balance reaches 50% of its registered capital[119] - Exchange rate fluctuation reserve refers to the exchange differences arising from the translation of financial statements of group companies whose functional currency differs from the presentation currency of the group[120] - Capital commitments for property leasehold improvements as of June 30, 2024, were RMB 4,200 thousand, compared to RMB 2,569 thousand as of December 31, 2023[121] - Total sales to related parties for the six months ended June 30, 2024, were RMB 588 thousand, compared to RMB 1,095 thousand for the same period in 2023[123] - Acquisition of property, plant, and equipment assets cost RMB 63,951 thousand in 2024, compared to RMB 16,267 thousand in 2023, a significant increase of 293.1%[99] - The weighted average number of ordinary shares outstanding increased to 143,011,218 in

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a significant increase in performance for the first half of 2024, achieving revenue of 3.52 billion yuan, a year-on-year increase of 148%, and a net profit of 588 million yuan, up 199% year-on-year [1] - The company's gross profit margin for the first half of 2024 was 41.33%, slightly down by 0.33 percentage points year-on-year, primarily due to rising raw material costs amid a rapid increase in gold prices [1] - The net profit margin improved to 16.70%, an increase of 2.82 percentage points year-on-year, driven by optimized expense ratios [1] - The brand's influence continues to expand, with sales of gold-inlaid diamond products leading growth, accounting for 61% of total revenue, up 7 percentage points year-on-year [1] - Same-store sales grew by 104.2% in the first half of 2024, with the company ranking first in single-store revenue among jewelry brands in mainland China [1] Financial Performance Summary - Revenue for 2024 is projected to be 6.994 billion yuan, with a year-on-year growth of 120%, and net profit is expected to reach 1.079 billion yuan, up 159% [3][4] - The company anticipates continued revenue growth of 24% and 23% in 2025 and 2026, respectively, with net profit growth of 31% and 24% in the same years [3][4] - The projected P/E ratios for 2024, 2025, and 2026 are 13, 10, and 8 times, respectively [1][3] Revenue Breakdown - In the first half of 2024, revenue from gold products and gold-inlaid products was 1.372 billion yuan and 2.147 billion yuan, respectively, representing year-on-year increases of 110% and 182% [1] - Online sales contributed 391 million yuan, a 139% increase year-on-year, accounting for 11.1% of total revenue [1] Store Expansion and Market Position - As of June 30, 2024, the company had opened 33 self-operated stores across 14 cities, including 4 in SKP and 10 in the MixC chain, with a net addition of 6 new stores compared to the previous year [1] - The company has the highest coverage rate among high-end department stores in China, according to Frost & Sullivan [1]

[Table_Main] 证券研究报告 | 公司点评 老铺黄金(06181.HK) 2024 年 09 月 03 日 买入（维持） 所属行业：钟表珠宝 当前价格（港元）：92.50 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 -11% 0% 11% 23% 34% 46% 老铺黄金 恒生指数 -23% | --- | --- | --- | --- | |---------------------------------------------------|--------------------------|------------------------|-------------| | -34% 2023-09 \n恒 生 指 数 对 比 \n绝对涨幅 (%) | 2024-01 \n1M \n11.20 | 2024-05 \n2M \n17.99 | 3M \n124.32 | | 相对涨幅 (%) | 6.79 | 18.42 | 126.47 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《老铺黄金（61 ...

Investment Rating - The report assigns an "Overweight" rating to the company, with a target price of HKD 116.75, up from the previous HKD 103.37 [2][3] Core Views - The company's H1 2024 performance met expectations, driven by scale growth and operational leverage, leading to a significant improvement in net profit margin [2][3] - Domestic store efficiency is steadily improving, with store expansion doubling, indicating substantial growth potential [2][3] - The company is positioning itself to compete with international luxury brands, with significant potential for global expansion [2][3] Financial Performance - H1 2024 revenue reached RMB 3.52 billion, a 148.3% year-over-year increase [3] - Gross profit was RMB 591 million, up 146.4% year-over-year [3] - Net profit surged to RMB 588 million, a 198.8% year-over-year increase [3] - Gross margin stood at 41.33%, while net margin improved to 16.70%, up 2.82 percentage points [3] Business Breakdown - Store revenue accounted for RMB 3.129 billion, a 149.6% increase, while online platform revenue was RMB 391 million, up 138.9% [3] - Pure gold revenue was RMB 1.372 billion, up 110.15%, and gold-inlaid revenue reached RMB 2.147 billion, a 182.14% increase [3] - The proportion of gold-inlaid revenue increased from 53.7% in H1 2023 to 61% in H1 2024 [3] Operational Efficiency - Operating leverage release led to a significant improvement in net profit margin, with a 2.82 percentage point increase [3] - The company's expense ratio decreased by 3.91 percentage points, with sales/management/R&D expense ratios changing by -2.51pct/-1.25pct/-0.14pct respectively [3] Growth Drivers - Brand influence expansion drove overall revenue growth across both online and offline channels [3] - Product optimization, new launches, and iterations contributed to sustained revenue growth [3] - Consumer preference shifted towards high-quality, culturally rich gold products, reflecting upgraded consumption concepts [3] - The addition of 6 new stores and the expansion of 1 existing store contributed to incremental revenue [3] Valuation and Forecast - The report forecasts FY2024-2026 net profits of RMB 1.107 billion, RMB 1.509 billion, and RMB 1.921 billion, respectively, up from previous estimates [3] - The company is valued at 16.2x PE for FY2024 [3] Market Data - The current stock price is HKD 90.85, with a 52-week range of HKD 70.00-93.20 [4] - The current market capitalization is HKD 15.296 billion [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In H1 2024, the company's net profit attributable to shareholders increased by 199% year-on-year, with total revenue reaching 3.52 billion yuan, up 148% year-on-year. Same-store sales contributed significantly, with a 104.2% increase [2] - The company's gross margin slightly declined to 41.3%, down 0.32 percentage points year-on-year, while both sales and management expense ratios improved significantly [2] - The company targets high-net-worth clients with its unique traditional gold brand, showing strong profitability despite a challenging consumer environment [2] - The company operates a fully direct sales model, with a net increase of 6 stores year-on-year, totaling 33 stores across 14 cities as of June 2024 [2] - The report projects a full-year net profit of 1 billion yuan for 2024, with upward adjustments for 2025 and 2026 net profits to 1.3 billion and 1.6 billion yuan, respectively [2] Financial Summary - Total revenue forecast for 2024 is 6.32 billion yuan, with a year-on-year growth rate of 98.9% [2] - The projected net profit for 2024 is 1,000.77 million yuan, reflecting a 140.4% increase year-on-year [2] - The earnings per share (EPS) is expected to be 5.94 yuan for 2024, with a price-to-earnings (P/E) ratio of 14.21 [2][10]