大行评级｜瑞银：老铺黄金管理层对今年保持40%毛利率具信心 维持“买入”评级

Core Viewpoint - UBS report cites management of Lao Pu Gold indicating that overall sales achieved triple-digit growth during the New Year holiday, with same-store sales (SSSG) also recording strong double-digit growth [1] Group 1: Sales Performance - Overall sales during the New Year holiday period achieved triple-digit growth [1] - Same-store sales (SSSG) recorded strong double-digit growth [1] Group 2: Profit Margins - Management anticipates a decline in gross margin in the second half of last year compared to the first half, but gross margin has rebounded to 40% after price increases at the end of October [1] - Assuming a moderate increase in gold prices this year, management expects year-on-year improvement in gross margin and is more confident in maintaining a 40% gross margin for the full year [1] Group 3: Strategic Initiatives - Management reiterated the focus on channel upgrades in the domestic market [1] - The goal is to open 4 to 5 new stores outside mainland China this year [1] Group 4: Financial Projections - UBS expects Lao Pu's net profit last year to align with its forecast of 4.7 billion [1] - UBS maintains a "Buy" rating with a 12-month target price of 890 HKD, corresponding to a projected P/E ratio of 22 times for 2026 [1] - Despite high bases around the Spring Festival, better-than-expected same-store sales growth could serve as a potential positive catalyst [1]