Core Viewpoint - The company is positioned as the leading brand in traditional handcrafted gold jewelry in China, utilizing a fixed pricing model to decouple product value from raw material costs, and establishing a technological barrier through unique craftsmanship. The company is successfully carving out a high-end niche market in a highly competitive gold jewelry sector, with projected net profits for 2025, 2026, and 2027 expected to be 5.23 billion, 7.30 billion, and 9.16 billion yuan respectively, reflecting significant growth rates [1] Industry and Company Analysis - The domestic gold jewelry market is steadily growing, with a CAGR of 7.2% from 2018 to 2023, while the traditional gold segment is expanding rapidly at a CAGR of 64.6% during the same period. The company is a pioneer in promoting the "traditional gold" concept, with a revenue CAGR of 53% from 2017 to 2024, outpacing its peers [1] - The company plans to maintain a restrained yet high-quality store expansion strategy, expecting to reach 46, 52, and 57 stores by the end of 2025, 2026, and 2027 respectively. Store revenue is projected to increase significantly, with average store income expected to rise from 200 million yuan in 2024 to 510 million yuan in 2025 [2] - The company has successfully penetrated the high-end luxury market, with a customer overlap of 77.3% with brands like Louis Vuitton and Cartier. Membership contributions to sales revenue are approximately 97%, significantly higher than the industry average of 60%-70% [3] - The company employs a fully self-operated model, ensuring high-quality service and superior profitability per store compared to peers. Online revenue growth has outpaced offline growth, indicating effective synergy between channels [3] Growth Catalysts - There is substantial room for store network expansion, with the company currently operating only 45 stores compared to competitors like Bvlgari and Cartier, which have 114 and 68 stores respectively. The demand in high-tier cities remains unfulfilled [4] - The company has seen a significant increase in loyal membership, with a 130% year-on-year increase in repeat members in 2023, driving same-store revenue growth [4] - The proportion of gold inlaid products has increased from 38.5% in 2020 to 61.0% in the first half of 2024, enhancing overall profitability due to higher margins associated with these products [5]
老铺黄金(6181.HK)首次覆盖报告：高端古法黄金第一股 稀缺性带来高成长性
Ge Long Hui·2025-12-26 21:37