Investment Rating - Maintain "Recommend" rating for Laopu Gold (6181 HK) [1][3] Core Views - Laopu Gold achieved rapid revenue and profit growth in H1 2024, with revenue reaching RMB 3 52 billion (+148 3% YoY) and net profit attributable to parent company of RMB 588 million (+198 8% YoY) [1] - The company's brand influence continues to expand, driving growth in both offline and online channels [1] - Laopu Gold maintains its high-end brand positioning, with product innovation and store expansion contributing to revenue growth [1] - The company's profitability continues to improve, with net profit margin reaching 16 70% in H1 2024, up 2 82 pct YoY [1] Financial Performance Revenue and Profit - H1 2024 revenue: RMB 3 52 billion (+148 3% YoY) [1] - H1 2024 net profit attributable to parent company: RMB 588 million (+198 8% YoY) [1] - 2024E revenue: RMB 6 162 billion (+93 8% YoY) [1] - 2024E net profit attributable to parent company: RMB 1 052 billion (+152 7% YoY) [1] Profitability - H1 2024 gross margin: 41 33% (-0 32 pct YoY) [1] - H1 2024 net profit margin: 16 70% (+2 82 pct YoY) [1] - 2024E gross margin: 41 72% [7] - 2024E net profit margin: 17 07% [7] Channel Performance - Offline store revenue in H1 2024: RMB 3 129 billion (+149 6% YoY) [1] - Online platform revenue in H1 2024: RMB 391 million (+138 9% YoY), accounting for 11 1% of total revenue [1] Product Performance - Pure gold product revenue in H1 2024: RMB 1 372 billion (+110 1% YoY) [1] - Gold inlaid product revenue in H1 2024: RMB 2 147 billion (+182 1% YoY), accounting for 61 0% of total revenue [1] Store Expansion and Brand Development - As of H1 2024, Laopu Gold operates 33 self-operated stores in 14 cities, including 4 SKP stores and 10 MixC stores [1] - The company opened 6 new stores and expanded 1 store in H1 2024 [1] - Laopu Gold opened its largest flagship store in Tsim Sha Tsui, Hong Kong in March 2024, covering over 1 000 square meters [1] - The company has created over 1 800 original designs and holds 243 domestic patents, 1 207 copyrights, and 164 overseas patents as of H1 2024 [1] Valuation - 2024E PE: 13x [1] - 2024E PB: 3 9x [7] - 2024E EV/EBITDA: 9 08x [7] Future Outlook - 2025E revenue: RMB 7 885 billion (+28 0% YoY) [1] - 2025E net profit attributable to parent company: RMB 1 369 billion (+30 1% YoY) [1] - 2026E revenue: RMB 9 490 billion (+20 4% YoY) [1] - 2026E net profit attributable to parent company: RMB 1 671 billion (+22 1% YoY) [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 Laopu Gold Co., Ltd. 老 鋪 黃 金股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6181） 截至2024年6月30日止六個月之 未經審核中期業績公告 | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------| | | | 中期業績摘要 | | 本集團的收入由截至 2023 年 6 月 30 日止六個月的約人民幣 1,417.51 百萬元增加約 | | 148.3% 至截至 2024 年 6 月 30 日止六個月的約人民幣 3,520.19 百萬元。 | | 本集團的毛利由截至 2023 年 6 月 30 日止 ...

我来为大家解读一下我们最新推荐的标的老铺黄金首先我来总结一下我们推荐老铺黄金的一个主要的逻辑老铺它是黄金珠宝板块中比较稀缺的产品品牌包括渠道都是贯彻高端定位的这样子的一个标的 那他的毛利率呢是能做到40%以上那进入率也是在23年提升到了13%那24年我们看到他的这个上半年的业绩也是持续延续的爆发那预告的进入是5.5到6个亿同增 180%到205%所以我们可以看到其实老兔的它整体的业绩在23年和24年的上半年是跑出了比较强势的R法那我们综合总结最根本的原因就是它差异化的一个高端的定位首先它是高端渠道然后它主攻的是高竞技的轮倾包括它的具有品牌印记类的产品 首先它的这个产品是专注于近几年来景气度最优的黄金赛道中的古法黄金赛道那同时它的产品像一些点赞类的和金摊烧篮类这些产品也在持续的破圈那我们可以看到它像蝴蝶啊金筐杵包括葫芦啊花窗这些系列 其实相对来说设计是比较精美的是具有一定的这个差异化同时呢就是从产品的这个设计角度我们参考国际珠宝的这个奢牌他们其实都是均具有强辨识度的这个产品的设计所以老铺呢他整体来说还是产品 驱动型的这样子的一个这个公司的一个定位那关于未来的这个成长性呢我们想从三个方面进行解读那第一个方面就是开 ...

老铺黄金20240808_1_导读 2024年08月09日 00:33 关键词 老铺黄金 珠宝行业 品牌升级 中高端品牌 沪深港通 行业深度 黄金饰品 工艺升级 高净值人群 国产珠宝 毛利率 销售费用率 净利润率 商业模式 古法金 金镶钻 产品序列 品牌高度 渠道端 门店数量 全文摘要 本报告深入探讨了某中高端珠宝品牌（以下简称品牌A）在面对消费市场压力时的发展战略与市场表 现。品牌A通过精确的消费者定位和店铺选址策略，成功实现了产品差异化和品牌升级。该品牌重点优 化了产品线和销售渠道，进而促进了利润的快速增长，这对于整个珠宝行业的品牌化进程具有重要意 义。报告还指出，品牌A未来有可能加入沪深港通，吸引投资者关注。在珠宝行业中，中高端市场的需 求稳定，尤其是黄金饰品方面。自2019年以来，工艺升级显著推动了市场需求的增长。品牌A利用高质 量产品和优质服务，针对高净值人群，实现了对高端市场的有效进入。通过多次关键转型，品牌A确立 了实体加线上多渠道经营策略，并在全国范围内精选位置布置门店，形成独特的商业模式。报告认 为，品牌A凭借其文化内涵、产品质量和差异化战略，在中高端珠宝领域建立了良好的品牌影响力和市 场份 ...

本次电话会议仅服务于长江证券研究所白名单客户未经长江证券事先书面许可任何机构或个人不得以任何形式对外公布、复制、刊载、转载、转发、引用本次会议相关内容否则由此造成的一切后果及法律责任由该机构或个人承担长江证券保留追究其法律责任的权利 各位投资人大家晚上好我是长江证券民售行业的分析师李瑾那今天也很高兴给大家带来老铺黄金的一个最新的深度报告以及我们最新对于整个老铺黄金的一个成长空间的一个专题报告的一个综合汇报 那相信大家可能在过去整个老普黄金在港股IPO的这个过程然后包括最新的这样一个中报的一个业绩前瞻的这个数据其实可以得看到就是在一众消费相对偏沉压放缓的大的背景下其实老普黄金凭借就是清晰的人群定位和商铺选择 结合产品端的差异化的这样一个定位其实是一个算横空出世的一个中高端品牌那么现阶段其实老铺可能未来来看的话在 今年的九月份或者是未来有望逐渐的去进入呼声港通的这个选择成为咱们对A股投资人而言的话就是一个非常值得关注的一个标的那么我们在觉得在现在这个节点上我们去对它进行深入的分析和拆解是显得尤为的必要对那我们整个今天的汇报可能主要是分作两个部分 第一个的话是我们将就是今年年初我们团队首先去写的从老破黄金看珠宝行业 ...

Investment Rating - The report gives a "Recommend" rating for the company [3][5] Core Views - The company is a pioneer in promoting the concept of ancient gold craftsmanship and has established itself as a leader in the industry [3][8] - The company's revenue grew from RMB 1.265 billion in 2021 to RMB 3.180 billion in 2023, with a CAGR of 58.6% [3] - The company's net profit attributable to shareholders increased from RMB 114 million in 2021 to RMB 416 million in 2023, with a CAGR of 91.0% [3] - The ancient gold jewelry market is expected to grow at a CAGR of 21.8% from 2023 to 2028, reaching RMB 421.4 billion by 2028 [3] Company Overview - The company was founded in 2009 and is the first brand to promote the concept of ancient gold craftsmanship in China [3][8] - The company has a strong R&D team and has developed a comprehensive product portfolio, including ancient gold jewelry, diamond-embedded products, and gold-fired enamel products [3][8] - The company operates 33 self-owned stores as of June 2024, covering 14 cities, mostly in high-end commercial areas [3] Industry Analysis - The ancient gold jewelry market in China grew from RMB 13 billion in 2018 to RMB 157.3 billion in 2023, with a CAGR of 64.6% [3] - The market is expected to continue growing at a CAGR of 21.8% from 2023 to 2028, driven by the shift in consumer preferences towards younger generations and the upgrading of consumer tastes [3] - The company holds a 2.0% market share in the ancient gold jewelry market in 2023 [3] Competitive Advantages - The company has a strong R&D team and a high proportion of self-produced products, with over 50% of products being self-produced since the establishment of the Yueyang factory in 2018 [3] - The company's products are differentiated by their high craftsmanship and cultural significance, with a focus on ancient gold techniques and high-end positioning [3] - The company's self-operated stores are strategically located in high-end commercial areas, targeting high-net-worth individuals [3] - The company has a strong brand influence, being listed as one of the top ten jewelry brands favored by high-net-worth individuals in the 2023 Hurun Report [3] Future Prospects - The company is expected to benefit from the rapid growth of the ancient gold jewelry market and its strong brand positioning, which attracts high-net-worth customers [3] - The company's high customer loyalty and repeat purchase rates are expected to drive future growth, with customers spending over RMB 1 million annually contributing 15.9% of revenue in 2023, up from 8.5% in 2021 [3] - The company plans to expand its store network, with a focus on high-end commercial areas, and has significant growth potential in terms of both store count and sales per store [3] Financial Projections - The company is expected to achieve revenues of RMB 5.849 billion, RMB 7.285 billion, and RMB 8.563 billion in 2024, 2025, and 2026, respectively, representing year-on-year growth of 84.0%, 24.5%, and 17.5% [3] - Net profit attributable to shareholders is expected to reach RMB 1.001 billion, RMB 1.259 billion, and RMB 1.484 billion in 2024, 2025, and 2026, respectively, with year-on-year growth of 140.5%, 25.7%, and 17.9% [3] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 12x, 10x, and 8x, respectively [3]

Investment Rating - The report initiates coverage with an "Overweight" rating for the company, assigning a target price of HKD 103.37 based on a 16.2x PE multiple for FY2024 [2][10] Core Investment Thesis - The company is positioned as a high-end brand with significant brand premium and customer loyalty, driven by strong single-store sales growth and store expansion potential [2] - The company's growth strategy combines product innovation, channel expansion, and brand building, creating a competitive moat [2] - The domestic market offers substantial growth potential through single-store efficiency improvement and store network expansion, while international markets present long-term opportunities [2] Financial Projections - Revenue is projected to grow from RMB 7.11 billion in FY2024 to RMB 13.25 billion in FY2026, with a CAGR of 30.83% [2][6] - Net profit is expected to increase from RMB 1.00 billion in FY2024 to RMB 1.91 billion in FY2026, with a CAGR of 31.54% [2][6] - Gross margin is forecasted to remain stable at around 42.5% from FY2024 to FY2026, supported by product mix optimization [6] Product and Brand Strategy - The company focuses on ancient gold craftsmanship and innovative product lines, such as gold-inlaid diamonds, which have driven rapid revenue growth [2][12] - The brand strategy aligns with luxury positioning, emphasizing exclusivity and premium pricing, which enhances brand equity [2][12] - The company's product portfolio includes ancient gold and gold-inlaid jewelry, with gold-inlaid products contributing 56% of total revenue in 2023 [12][38] Channel Expansion - The company operates a fully self-owned store model, with 33 stores in 14 cities as of the IPO filing, primarily located in tier-1 and new tier-1 cities [14][25] - Online sales accounted for 11.4% of total revenue in 2023, with a CAGR of 33% projected from FY2024 to FY2026 [6][14] - The company plans to expand its domestic store network to 60-100 stores, targeting high-end commercial centers, and explore international markets in Asia and beyond [2][25] Industry Analysis - The ancient gold jewelry market in China is a high-growth segment, with a projected CAGR of 21.8% from 2023 to 2028, reaching RMB 421.4 billion by 2028 [54] - The global gold jewelry market, particularly in Southeast Asia, the Middle East, and Europe, offers significant opportunities for Chinese brands, with markets exceeding USD 10 billion in size [59][60] - The shift from "channel-first" to "brand-first" strategies is reshaping the competitive landscape in the gold jewelry industry, with a focus on premium positioning and product innovation [64] Growth Drivers - Domestic growth is driven by single-store efficiency improvement, store network expansion, and increased penetration among high-net-worth individuals [2][5] - International expansion is a long-term growth driver, with the company targeting markets in Southeast Asia, the Middle East, and Europe, leveraging its brand and product differentiation [2][25]

买入（首次） 所属行业：钟表珠宝 当前价格（港元）：74.50 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 张望 资格编号：S0120524010002 邮箱：zhangwang＠tebon.com.cn 研究助理 市场表现 -23% -11% 0% 11% 23% 34% 2023-07 2023-11 2024-03 老铺黄金 恒生指数 | --- | --- | --- | |--------------------------------|-----------------|-------| | | | | | 恒 生 指 数 对 比 | 1M 2M | 3M | | 绝对涨幅 (%) | 99.75 99.75 | 99.75 | | 相对涨幅 (%) | 102.85 107.17 | 95.95 | | 资料来源：德邦研究所，聚源数据 | | | 相关研究 [Table_Main] 证券研究报告 | 公司首次覆盖 老铺黄金(06181.HK) 2024 年 07 月 28 日 老铺黄金（6181.HK）： 古法传承，奢品营运 投资要点 古 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next 6 to 12 months [1][20]. Core Insights - The company, Laopu Gold, is a leading brand in the ancient gold category in China, maintaining a strong reputation among high-net-worth clients due to its product quality and service [1]. - The company is expected to achieve significant profit growth, with a projected net profit of approximately 5.5 to 6 billion RMB for H1 2024, reflecting a year-on-year growth rate of 180% to 205% [2]. - The company's revenue is forecasted to grow substantially, with total revenue expected to reach 5,681.56 million RMB in 2024, representing a 78.69% increase from 2023 [5]. Financial Projections - The projected net profit for Laopu Gold is expected to be 997.10 million RMB in 2024, 1,248.10 million RMB in 2025, and 1,482.56 million RMB in 2026, with corresponding year-on-year growth rates of 139.51%, 25.17%, and 18.79% respectively [2][5]. - The company's earnings per share (EPS) is anticipated to rise from 2.47 RMB in 2023 to 5.92 RMB in 2024, and further to 8.81 RMB by 2026 [5][18]. - The price-to-earnings (P/E) ratio is projected to decrease from 31.22 in 2023 to 13.03 in 2024, indicating an attractive valuation as earnings grow [5][18]. Market Position and Strategy - Laopu Gold operates a fully direct sales model, achieving higher average store revenue compared to traditional jewelry franchise stores, with a coverage rate of 80% in China's top high-end shopping centers [3][10]. - The brand focuses on high-net-worth clients, leveraging its cultural and luxury attributes to enhance its market presence and profitability [10].

浙商证券研究所提醒您一、本次电话会已经面向浙商证券研究所签约的机构投资者以及受邀客户第三方嘉宾发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位、具体时点、具体市场表现的判断或投资建议 2、嘉宾所说信息或所表述的意见均不构成浙商证券研究所研究观点如果嘉宾发布的观点和浙商研究所发布的观点有分歧或不一致这也仅作为一种不同的研究视角供投资者参考3、依照监管要求和保密原则未经合法授权 严禁录音、记录、转发 感谢您的理解和配合若本次交流内容不慎流出或涉嫌违反上述情形的我们将保留追究法律责任的权利再次感谢您对这张证券的理解和配合谢谢 各位深圳的投资人大家晚上好欢迎大家参加我们今天的公开录演从老普黄金看中国黄金珠宝饰品高端化进程那我是智商零售负责人曹秀洁我目前主要覆盖黄金珠宝、医美化妆品、跨境电商等消费板块那也欢迎各位投资者会后跟我们私下联系再进行详细的探讨 那接下来进入正式的分享环节啊首先提到老铺黄金这个品牌有些投资者可能已经听说过并且很有可能是老铺黄金的消费者了那有些可能还比较陌生其实我们生活当中听说过或者是更多消费的品牌是周大福、周大生、老凤祥、策百、中国黄金这一类那这里呢我们先对老铺黄金做一 ...