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 Spring Festival period [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 by 6% for 2026, assuming a 15% same-store sales growth [1] - The bank has also slightly lowered its gross margin forecast to 38%, resulting in a 5% increase in net profit forecast for 2026 [1] - For 2027, the net profit forecast has been similarly raised by 5% based on the higher 2026 baseline and the same growth assumptions [1] Group 2: Overall Growth Expectations - The bank anticipates that revenue and net profit for 2026 will grow by 45% and 57%, respectively [1] - A minor adjustment has been made to the 2025 net profit forecast, which has been decreased by 1% due to the gross margin revision [1] - Citigroup maintains a "Buy" rating for Lao Pu Gold with a target price of HKD 1,119 [1]
花旗：老铺黄金新春销售迎来强劲开局 重申“买入”评级