Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - In H1 2024, the company's net profit attributable to shareholders increased by 199% year-on-year, with total revenue reaching 3.52 billion yuan, up 148% year-on-year. Same-store sales contributed significantly, with a 104.2% increase [2] - The company's gross margin slightly declined to 41.3%, down 0.32 percentage points year-on-year, while both sales and management expense ratios improved significantly [2] - The company targets high-net-worth clients with its unique traditional gold brand, showing strong profitability despite a challenging consumer environment [2] - The company operates a fully direct sales model, with a net increase of 6 stores year-on-year, totaling 33 stores across 14 cities as of June 2024 [2] - The report projects a full-year net profit of 1 billion yuan for 2024, with upward adjustments for 2025 and 2026 net profits to 1.3 billion and 1.6 billion yuan, respectively [2] Financial Summary - Total revenue forecast for 2024 is 6.32 billion yuan, with a year-on-year growth rate of 98.9% [2] - The projected net profit for 2024 is 1,000.77 million yuan, reflecting a 140.4% increase year-on-year [2] - The earnings per share (EPS) is expected to be 5.94 yuan for 2024, with a price-to-earnings (P/E) ratio of 14.21 [2][10]
老铺黄金：2024H1业绩点评：归母净利同比+199%，品牌势能释放同店大幅增长