大行评级｜高盛：老铺黄金管理层指去年10月产品加价后销售动能仍强 评级“买入”

Core Viewpoint - Goldman Sachs reported that the management of Lao Pu Gold did not observe sales pressure following the price increase of gold products in October, and noted long queues in several cities during the holiday period [1] Group 1: Sales Performance - During the New Year holiday, both the old store and company-level sales recorded high double-digit to triple-digit year-on-year growth [1] - The management believes that brand awareness, channel expansion, upgrades, and improved operational capabilities will support sales during the upcoming Spring Festival peak season [1] Group 2: Profit Drivers and Strategy - For 2026, the management identified profit drivers including improved gross margins (expected to reach 40% even after considering VAT and promotional factors), channel expansion, and a continuously growing customer base [1] - Lao Pu Gold's leadership position in the industry and its comprehensive capabilities are seen as competitive advantages [1] - The group's focus for 2026 will be on upgrading the location selection of its store network [1] Group 3: Valuation and Rating - Goldman Sachs forecasts a price-to-earnings ratio of 25 times for 2027 and discounts it to mid-2026 at a cost of equity of 9.6%, resulting in a 12-month target price of HKD 1,088 for Lao Pu Gold, with a "Buy" rating [1]