Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a significant increase in performance for the first half of 2024, achieving revenue of 3.52 billion yuan, a year-on-year increase of 148%, and a net profit of 588 million yuan, up 199% year-on-year [1] - The company's gross profit margin for the first half of 2024 was 41.33%, slightly down by 0.33 percentage points year-on-year, primarily due to rising raw material costs amid a rapid increase in gold prices [1] - The net profit margin improved to 16.70%, an increase of 2.82 percentage points year-on-year, driven by optimized expense ratios [1] - The brand's influence continues to expand, with sales of gold-inlaid diamond products leading growth, accounting for 61% of total revenue, up 7 percentage points year-on-year [1] - Same-store sales grew by 104.2% in the first half of 2024, with the company ranking first in single-store revenue among jewelry brands in mainland China [1] Financial Performance Summary - Revenue for 2024 is projected to be 6.994 billion yuan, with a year-on-year growth of 120%, and net profit is expected to reach 1.079 billion yuan, up 159% [3][4] - The company anticipates continued revenue growth of 24% and 23% in 2025 and 2026, respectively, with net profit growth of 31% and 24% in the same years [3][4] - The projected P/E ratios for 2024, 2025, and 2026 are 13, 10, and 8 times, respectively [1][3] Revenue Breakdown - In the first half of 2024, revenue from gold products and gold-inlaid products was 1.372 billion yuan and 2.147 billion yuan, respectively, representing year-on-year increases of 110% and 182% [1] - Online sales contributed 391 million yuan, a 139% increase year-on-year, accounting for 11.1% of total revenue [1] Store Expansion and Market Position - As of June 30, 2024, the company had opened 33 self-operated stores across 14 cities, including 4 in SKP and 10 in the MixC chain, with a net addition of 6 new stores compared to the previous year [1] - The company has the highest coverage rate among high-end department stores in China, according to Frost & Sullivan [1]
老铺黄金：24H1点评：品牌影响力持续扩大，24H1业绩高增