Group 1 - Morgan Stanley reports that Laopuhuang (06181) will increase product prices by 5%-12.5% on August 25, with most products seeing an approximate 12% increase [1] - The firm expects the group's gross margin to rise from 38.1% in the first half of 2025 to 44.7% post-price adjustment, surpassing the market's general expectation of 39.5% for the second half of the year [1] - Morgan Stanley maintains a "Market Perform" rating and a target price of HKD 925 for the stock [1] Group 2 - Key factors to monitor include demand elasticity, gold price trends, and promotional efforts by Laopuhuang and shopping malls [1] - Due to a high competitive base and a strategy to slow down store expansion in the Chinese market in 2026, the firm anticipates that the group's growth will gradually normalize starting from the second half of this year [1]
大摩：老铺黄金下半年起增长将逐步恢复 目标价925港元 维持“与大市同步”评级