Core Viewpoint - The stock price of Lao Pu Gold (06181) has increased by over 7%, reaching 790 HKD, with a trading volume of 750 million HKD, but it has underperformed compared to the gold price increase of 12% since the industry outlook report was released in late December 2025 [1] Group 1 - Daiwa's report indicates that Lao Pu Gold's stock price has only risen by 8% since the industry outlook report, lagging behind the gold price increase [1] - The company aims to achieve a gross margin of 40% this year, although Daiwa expects a decline in gross margin in the second half of 2025 [1] - To maintain a gross margin above 40% by the end of 2026, Lao Pu Gold would need to increase the selling price of gold by over 35% this year, assuming a linear increase of 10% on top of the 12% rise in gold prices [1] Group 2 - CICC notes that Lao Pu Gold will launch a new product series, the "Wu Ma" series, in early 2026, effectively combining traditional Chinese cultural elements with exquisite craftsmanship [1] - The company is expected to achieve double-digit and triple-digit year-on-year sales growth during the New Year period for domestic same-store and overall sales, respectively [1] - For the full year, CICC anticipates that Lao Pu Gold will focus on store optimization domestically, while there remains expansion potential in overseas markets such as Japan and Singapore [1] - After experiencing fluctuations in gold prices and changes in the operating environment in 2024-2025, the company's management capabilities have improved, and there is potential for further recovery in gross margin in 2026 [1]
港股异动 | 老铺黄金(06181)涨超7% 26年初终端销售表现优异 机构料年内毛利具进一步修复空间