Company Overview - On May 30, 2025, the company launched new products, the Gourd Baby and Seven Sons Gourd series, effectively combining traditional Chinese cultural elements with exquisite craftsmanship [1] - The new Seven Sons Gourd product showcases the brand's innovation in creativity and craftsmanship, utilizing traditional gourd elements and featuring seven colors, enhancing both individual and collectible value [1] Store Expansion - The company is accelerating its store openings in 2025, with new locations in high-end shopping areas such as Shenzhen MixC, Beijing SKP-S, and Shanghai Harbour City, with some stores reaching 300-400 square meters [2] - The improved location and larger store size are expected to enhance brand influence, product display, and customer experience, maintaining the brand's high-end positioning [2] Market Conditions - Gold prices experienced a brief decline from late April to mid-May but returned to an upward trend, benefiting the company as its products are sold at fixed prices [2] - In Q1 2025, gold prices increased by 19%, and by 7% in Q2 as of June 3, 2025, which is favorable for the sales of the company's gold products [2] Financial Forecast and Valuation - Due to strong sales performance and contributions from new stores, the company raised its net profit forecast for 2025/26 by 42%/48% to 4 billion/5.7 billion yuan, with current stock price corresponding to 39/27 times P/E for 2025/26 [2] - The target price has been increased by 22% to 1,079.06 HKD, reflecting a 12% upside potential from the current price, while maintaining an outperform rating in the industry [2]
老铺黄金(06181.HK)：产品创新和高端渠道扩张有望巩固公司竞争力