Core Viewpoint - The report from CICC maintains the EPS forecast for Laopuhuang (06181) at 26.57/35.80 CNY for 2025/26, with a target price of 1079.06 HKD, indicating a potential upside of 38% [1] Group 1: Financial Performance - Laopuhuang reported a 251% year-on-year increase in revenue to 12.4 billion CNY for 1H25, with a net profit attributable to shareholders rising 286% to 2.3 billion CNY, meeting market expectations [1][2] - The company plans to distribute an interim dividend of 9.59 CNY per share, with a payout ratio of approximately 73%, marking its first interim dividend [1] Group 2: Retail Performance - The company demonstrated strong retail performance with same-store sales growth of 201%, and average sales per single mall reaching 460 million CNY, leading the domestic and international jewelry brands [2] - Offline revenue grew by 243% to 10.7 billion CNY, while online revenue surged by 313% to 1.6 billion CNY, contributing 13% to total revenue [2] Group 3: Cost and Inventory Management - The gross margin decreased by 3.2 percentage points to 38% due to rising gold prices, with only one price adjustment during the period [3] - Inventory increased from 4.1 billion CNY at the beginning of the year to 8.7 billion CNY by the end of June, with inventory turnover days improving from 195 days in 2024 to 150 days in 1H25 [3] Group 4: Brand Positioning - Laopuhuang's brand reflects a rare sense of luxury, with a consumer overlap of 77.3% with major luxury brands like Louis Vuitton and Hermes, indicating a strong high-end positioning [4] - The company has established a presence in 9 out of the top 10 commercial centers in China, with a loyal membership base of approximately 480,000, an increase of about 130,000 since the beginning of the year [4] Group 5: Future Outlook - The management anticipates that new and optimized channels from recent store openings will contribute significantly to revenue and profit in the second half of the year [5] - A price increase for Laopuhuang products is scheduled for August 25, which is expected to support the company's gross margin performance [5]
中金：维持老铺黄金(06181)跑赢行业评级 目标价1079.06港元