Core Viewpoint - The report from CICC maintains the 2025 EPS forecast for Laopu Gold (06181) at 26.8 HKD, raises the 2026 EPS forecast by 3% to 36.9 HKD, and introduces a 2027 EPS forecast of 46.4 HKD, with the current stock price corresponding to 17/13 times the 2026/27 P/E ratio, maintaining an outperform rating for the industry [1] Company Status - Since the beginning of 2026, Laopu Gold has continued to demonstrate strong brand momentum and sales performance. With the arrival of peak seasons such as the Spring Festival and Valentine's Day, combined with expectations of price increases in the gold jewelry industry, the company is expected to maintain good terminal performance [2] Brand Momentum and Margin Pressure - The brand momentum of Laopu Gold remains strong, with active customer traffic in multiple stores. The company continues to optimize and upgrade stores in key shopping districts, enhancing brand influence and channel quality. Despite two price increases in August and October 2025, the rapid rise in gold prices and sales pace may still exert pressure on the company's gross margin in the second half of 2025 [3] Excellent Sales Performance - In early 2026, Laopu Gold launched the new "Wuma" series, effectively combining traditional Chinese cultural elements with exquisite craftsmanship. The company is expected to achieve double-digit and triple-digit year-on-year growth in same-store and overall sales during the New Year period. For the full year, the company is expected to focus on store optimization domestically, while there is still room for expansion in overseas markets such as Japan and Singapore [4] Positive Outlook on Brand Strength - In the context of rising gold prices, the further price increases of gold jewelry brands are expected to enhance the value and attractiveness of gold jewelry, leading to increased consumer attention and spending. With the arrival of the first quarter's peak season, there is continued optimism regarding the consumer preference for gold jewelry products, and Laopu Gold is expected to benefit from its scarce brand premium [5]
中金：维持老铺黄金(06181)跑赢行业评级 目标价1079.06 港元