Group 1 - The core viewpoint of the report is that the company maintains its EPS forecast for 2025 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 a target price of 1079.06 HKD, indicating a 58% upside potential [1] - The company has continued to demonstrate strong brand momentum and sales performance since the beginning of 2026, with expectations for good terminal performance due to upcoming peak seasons like the Spring Festival and Valentine's Day [2] - The brand momentum remains strong, with active customer traffic in multiple stores, and the company is optimizing and upgrading stores in key shopping areas, enhancing brand influence and channel quality [3] Group 2 - The company launched a new product series that effectively combines traditional Chinese cultural elements with exquisite craftsmanship, leading to significant year-on-year sales growth during the New Year period [4] - The company is expected to continue optimizing its domestic stores while exploring expansion opportunities in overseas markets such as Japan and Singapore, with management capabilities improving after navigating price fluctuations and operational changes [4] - The rising gold prices are expected to enhance the appeal and scarcity of gold jewelry, leading to increased consumer interest and spending as the industry enters its peak season [5]
中金：维持老铺黄金跑赢行业评级 目标价1079.06 港元