Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company's performance in the first half of 2024 met previous forecasts, with revenue of 35.20 billion (+148.3%) and net profit of 5.88 billion (+198.8%) [3] - Growth was driven by same-store sales increases and the opening of new stores, with a total of 6 new stores added and 1 expanded [3] - The company maintains a strong offline sales focus, with online channels serving as a supplementary source [3] - The product mix is diversified, with a strong performance in embedded products, which accounted for 60.98% of revenue [3] - The company is positioned as a leading brand in the ancient gold product segment, with over 1800 original designs [3] - Future revenue projections for 2024-2026 are 70.18 billion, 87.81 billion, and 108.87 billion respectively, with corresponding net profits of 10.25 billion, 13.25 billion, and 16.70 billion [3] Summary by Sections Market Performance - The current price is 92.50 HKD, with a market performance comparison showing a relative increase of 6.79% over 1 month and 18.42% over 2 months [2] Financial Data - Revenue for 2023 was 3.18 billion, projected to grow to 7.018 billion in 2024, 8.781 billion in 2025, and 10.887 billion in 2026 [5] - Net profit for 2023 was 416 million, expected to rise to 1.025 billion in 2024, 1.325 billion in 2025, and 1.670 billion in 2026 [5] - The gross margin is projected to improve slightly from 41.89% in 2023 to 42.50% in 2026 [5] Operational Insights - The company has expanded its store network to 33 locations across 14 cities, with a focus on high-profile commercial centers [3] - The average revenue per store reached 0.95 billion, reflecting a 104.09% increase [3] - Online sales accounted for 11.1% of total revenue, showing a growth of 138.89% [3] Product Performance - Embedded products saw a revenue increase of 182%, while gold products grew by 110% [3] - The company is recognized for its unique positioning in the market, focusing on ancient craftsmanship combined with modern design [3]
老铺黄金：24H1业绩高增长，产品持续迭代提升品牌效能