汇丰首予买入评级：老铺黄金是首个能与蒂芙尼等国际奢牌竞争的中国品牌

Core Viewpoint - Laopuhuang possesses all the elements to compete with high-end Western jewelry brands like Tiffany and Richemont, according to a report by HSBC Global Investment Research [1] Group 1: Market Position and Performance - HSBC initiated coverage on Laopuhuang (6181.HK) with a buy rating and a target price of HKD 973.7 [1] - Laopuhuang's market share in the high-end segment of China's jewelry market is projected to increase from 10% in 2023 to 26% in 2024, while Tiffany and Cartier are expected to see declines of 8% (to 31%) and 2% (to 11%) respectively [1] - Laopuhuang's retail revenue is 2.5 times that of its closest domestic competitor, showcasing its dominance in the traditional gold sector [1] Group 2: Brand Value and Strategy - The brand's value is attributed to its exquisite craftsmanship, cultural narrative, high-net-worth clientele, careful expansion, and overseas sales strategy, which are key to maintaining its competitive edge [2] - HSBC believes that the "brand flywheel" will enable Laopuhuang to capture more market share from Western jewelry brands in China and facilitate further overseas expansion [2]