华尔街紧盯“老铺黄金”：高盛关注“6.27解禁”，大摩聚焦“海外首家门店”

Core Viewpoint - Major investment banks, Goldman Sachs and Morgan Stanley, are closely monitoring Laopu Gold, with Goldman Sachs being bullish and Morgan Stanley taking a more cautious stance regarding the company's overseas expansion strategy [1][7]. Group 1: Goldman Sachs' Analysis - Goldman Sachs has raised its 12-month target price for Laopu Gold from 976 HKD to 1,090 HKD, maintaining a "buy" rating, citing strong upcoming catalysts [2][5]. - The bank highlights three key drivers for its optimistic outlook: impressive sales growth, explosive online channel performance, and accelerated store expansion beyond previous guidance [2][6]. - Laopu Gold's same-store sales growth rate remained robust, achieving triple-digit growth despite market volatility, with total GMV reaching 1.6 billion RMB, a year-on-year increase of 511% [2][5]. Group 2: Morgan Stanley's Perspective - Morgan Stanley adopts a neutral rating with a target price of 865 HKD, focusing on the strategic significance of Laopu Gold's first overseas store in Singapore [1][7]. - The new store is strategically located at the entrance of the Marina Bay Sands shopping center, which has a sales per square foot of 2,900 USD, 15% higher than that of the Venetian in Macau [7][10]. - Morgan Stanley suggests investors monitor three aspects post-opening: product mix consistency with Greater China, pricing strategy differences, and the demand composition from local residents versus non-Chinese tourists [8][10]. Group 3: Upcoming Catalysts - Laopu Gold is expected to release a profit warning by the end of July, forecasting a net profit increase of approximately 260% year-on-year [5][6]. - The upcoming share unlock on June 27, which will release about 40% of shares, may create a buying opportunity for long-term investors [5][6]. - Additional new store openings in premier shopping centers like Shanghai IFC are anticipated, further supporting growth prospects [6].