IPO申购指南：老铺黄金

Investment Rating - The report recommends subscription for the company, Lao Pu Gold (6181.HK) [1] Core Viewpoints - Lao Pu Gold is a brand that integrates the original design, production, and sales of traditional Chinese gold products, emphasizing cultural value and product differentiation [1] - The company's revenue from solid gold products and gold-inlaid products accounted for 43.9% and 56% respectively in 2023, with both product categories contributing approximately 50% of total revenue in previous periods [1] - The company operates both online and offline retail, with offline store sales accounting for about 90% of total revenue, and currently has 33 stores across 14 cities in China, primarily in first-tier and new first-tier cities [1] - The target customer base consists mainly of high-net-worth individuals, aligning with the brand's positioning [1] - The market size of the traditional gold jewelry market in China was approximately RMB 157.3 billion in 2023, with a compound annual growth rate (CAGR) of 64.6% from 2018 to 2023 [1] - The company's market share in the traditional gold jewelry market was 2.0% in 2022 and 0.6% in 2023, with the highest single-store sales among all gold jewelry brands in China [1] - Revenue and profit have shown significant growth, with revenues of RMB 12.94 billion and RMB 31.8 billion in 2021 and 2023 respectively, reflecting a CAGR of 58.6% [1] - Gross profit for the years 2021 to 2023 was RMB 5.2 billion, RMB 5.4 billion, and RMB 13.3 billion, with corresponding gross profit margins of 41.2% and 41.9% [1] - Net profit for the same period was RMB 1.1 billion, RMB 0.9 billion, and RMB 4.2 billion, with net profit margins of 9.0%, 7.3%, and 13.1% [1] - The company's market capitalization is approximately HKD 65.6 billion, with a static PE ratio of 14.4, slightly higher than the average PE of comparable companies at 14.18 [1]