Group 1 - The core viewpoint of the report is that the opening of new stores and optimization of store structure will drive a short-term revenue increase for Laopu Gold (06181) [1] - In the medium to long term, the company's focus on high-end brand positioning and expansion of domestic and international customer base will enhance overall purchasing power and repurchase rates [1] - Haitong International maintains an "outperform" rating for Laopu Gold, with a target price of 875.6 RMB (957.2 HKD) based on a 22x P/E ratio for 2026, indicating a potential upside of 31.6% [1] Group 2 - The company is expected to see a significant increase in net profit attributable to shareholders, with projected growth rates of 238.4% in 2025, 34.4% in 2026, and 17.2% in 2027 [1] - Earnings per share estimates are forecasted to be 29.6 RMB, 39.8 RMB, and 46.7 RMB for the years 2025, 2026, and 2027 respectively [1] - The company's channel expansion and overseas breakthroughs are anticipated to further increase membership and solidify its high-end brand position, supporting long-term growth potential for Laopu Gold [1]
海通国际：予老铺黄金目标价957.2港元 维持“优于大市”评级