Core Viewpoint - Jefferies has lowered the target price for Lao Pu Gold (06181) from HKD 1,103 to HKD 981, reflecting a price-to-earnings ratio of 22 times for 2026 and 17 times for 2027, while maintaining a "Buy" rating despite profit margin pressures [1] Group 1: Financial Projections - Jefferies expects Lao Pu Gold to achieve a net profit of RMB 2.3 billion in the second half of 2025, representing a year-on-year increase of 155%, with sales projected at RMB 15.3 billion, a year-on-year growth of 207% [1] - The net profit forecasts for Lao Pu Gold from 2025 to 2027 have been revised downwards by 14%, 6%, and 12% respectively, due to high gold prices impacting gross margins and a return to normal growth in 2027 [1] Group 2: Market Performance - In the domestic market, sales are expected to reach RMB 13 billion in 2025, reflecting a year-on-year increase of 188%, with average sales per store projected to grow by 130% annually [1] - For the overseas market, sales are anticipated to be RMB 2.2 billion, showing a significant year-on-year increase of 295% [1] - The expected gross margin for the period is 36.4%, down from 38.1% in the first half of the year [1]
富瑞：降老铺黄金(06181)目标价至981港元 金价高企抑制毛利