Investment Rating - The report gives a "Recommend" rating for the company [3][5] Core Views - The company is a pioneer in promoting the concept of ancient gold craftsmanship and has established itself as a leader in the industry [3][8] - The company's revenue grew from RMB 1.265 billion in 2021 to RMB 3.180 billion in 2023, with a CAGR of 58.6% [3] - The company's net profit attributable to shareholders increased from RMB 114 million in 2021 to RMB 416 million in 2023, with a CAGR of 91.0% [3] - The ancient gold jewelry market is expected to grow at a CAGR of 21.8% from 2023 to 2028, reaching RMB 421.4 billion by 2028 [3] Company Overview - The company was founded in 2009 and is the first brand to promote the concept of ancient gold craftsmanship in China [3][8] - The company has a strong R&D team and has developed a comprehensive product portfolio, including ancient gold jewelry, diamond-embedded products, and gold-fired enamel products [3][8] - The company operates 33 self-owned stores as of June 2024, covering 14 cities, mostly in high-end commercial areas [3] Industry Analysis - The ancient gold jewelry market in China grew from RMB 13 billion in 2018 to RMB 157.3 billion in 2023, with a CAGR of 64.6% [3] - The market is expected to continue growing at a CAGR of 21.8% from 2023 to 2028, driven by the shift in consumer preferences towards younger generations and the upgrading of consumer tastes [3] - The company holds a 2.0% market share in the ancient gold jewelry market in 2023 [3] Competitive Advantages - The company has a strong R&D team and a high proportion of self-produced products, with over 50% of products being self-produced since the establishment of the Yueyang factory in 2018 [3] - The company's products are differentiated by their high craftsmanship and cultural significance, with a focus on ancient gold techniques and high-end positioning [3] - The company's self-operated stores are strategically located in high-end commercial areas, targeting high-net-worth individuals [3] - The company has a strong brand influence, being listed as one of the top ten jewelry brands favored by high-net-worth individuals in the 2023 Hurun Report [3] Future Prospects - The company is expected to benefit from the rapid growth of the ancient gold jewelry market and its strong brand positioning, which attracts high-net-worth customers [3] - The company's high customer loyalty and repeat purchase rates are expected to drive future growth, with customers spending over RMB 1 million annually contributing 15.9% of revenue in 2023, up from 8.5% in 2021 [3] - The company plans to expand its store network, with a focus on high-end commercial areas, and has significant growth potential in terms of both store count and sales per store [3] Financial Projections - The company is expected to achieve revenues of RMB 5.849 billion, RMB 7.285 billion, and RMB 8.563 billion in 2024, 2025, and 2026, respectively, representing year-on-year growth of 84.0%, 24.5%, and 17.5% [3] - Net profit attributable to shareholders is expected to reach RMB 1.001 billion, RMB 1.259 billion, and RMB 1.484 billion in 2024, 2025, and 2026, respectively, with year-on-year growth of 140.5%, 25.7%, and 17.9% [3] - The company's P/E ratios for 2024, 2025, and 2026 are projected to be 12x, 10x, and 8x, respectively [3]
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