Core Viewpoint - Citigroup's report indicates that the New Year promotional activities at SKP malls in mainland China have started on January 24, with significant customer traffic observed at Lao Pu Gold (06181) during the weekend. The bank expects strong demand driven by rising gold prices, predicting a triple-digit revenue growth during the holiday period leading up to the Spring Festival [1]. Group 1: Revenue and Profit Forecast Adjustments - Based on higher same-store sales growth expectations, Citigroup has raised its revenue forecast for Lao Pu Gold for 2026 and 2027 by 5% [1]. - The bank has adjusted its 2026 revenue forecast upward by 6% based on a 15% same-store sales growth assumption, while slightly lowering the gross margin forecast to 38% [1]. - After these adjustments, the bank has increased its net profit forecast for 2026 by 5%, with a similar 5% increase for the 2027 net profit forecast [1]. Group 2: Overall Growth Expectations - The bank anticipates that revenue and net profit for 2026 will grow by 45% and 57%, respectively [1]. - Due to the gross margin adjustment, the bank has slightly reduced its net profit forecast for 2025 by 1% [1].
花旗：老铺黄金(06181)新春销售迎来强劲开局 重申“买入”评级