大行评级｜大和：上调老铺黄金目标价至880港元，维持“买入”评级

Core Viewpoint - The report from Daiwa indicates that the management of Laopu Gold has reiterated its goal of achieving a 40% gross margin this year, despite expectations of a decline in gross margin in the second half of 2025 [1] Group 1: Financial Projections - Daiwa estimates that Laopu Gold needs to increase its gold price per gram by over 35% this year to maintain the 40% gross margin target, which is significantly higher than current investor expectations [1] - If gold prices remain strong, there is a substantial upside risk to this year's revenue forecasts [1] Group 2: Earnings Adjustments - Based on lower gross margin assumptions, Daiwa has reduced its earnings per share (EPS) forecast for 2025 by 5% [1] - Conversely, due to higher sales projections, the EPS forecast for 2026 has been increased by 2% [1] Group 3: Target Price and Rating - The target price for Laopu Gold has been raised from HKD 860 to HKD 880, based on a 20 times price-to-earnings ratio of the revised 2026 EPS forecast [1] - Daiwa maintains a "Buy" rating for the stock [1]