老铺黄金：元旦销售高增长，目标价1088港元

Core Viewpoint - Goldman Sachs released a report on Lao Pu Gold, setting a 12-month target price of HKD 1,088, highlighting strong sales growth and operational readiness for the upcoming Chinese New Year season [1] Group 1: Company Performance - Lao Pu Gold's management indicated that after raising gold product prices in October, there has been no sales pressure, with long queues reported in multiple cities during the holiday season [1] - Sales during the New Year holiday showed a year-on-year increase in double and triple digits [1] - The company believes that brand recognition, channel expansion, and improved operational capabilities will support sales during the peak season [1] Group 2: Future Outlook - For 2026, the management anticipates profit drivers to include improved gross margins, channel expansion, and an enlarged customer base [1] - Lao Pu Gold's leadership position in the industry and comprehensive capabilities are seen as competitive advantages, with a focus on upgrading store network locations in 2026 [1] Group 3: Valuation - Goldman Sachs forecasts a price-to-earnings ratio of 25 times based on 2027 projections, discounting to mid-2026 at a cost of equity of 9.6% [1] - The target price of HKD 1,088 reflects the company's strong market position and growth potential [1]