Investment Rating - The report assigns an "Add-A" rating to the company, indicating a positive outlook for investment [4]. Core Insights - The company maintains a high-end brand positioning in the ancient gold jewelry market, with significant expansion potential in both domestic and overseas markets [1]. - The ancient gold jewelry market in China is expected to grow at a compound annual growth rate (CAGR) of over 20% from 2023 to 2028, while the ordinary gold jewelry market is projected to shrink [2]. - The company has a market share of 2.0% in the ancient gold jewelry sector, ranking seventh among major brands, with substantial room for growth [3]. Summary by Sections Company Overview - Founded in 2009, the company is the first to promote the concept of ancient gold jewelry in China, achieving a market share of 2.0% in the ancient gold jewelry market and 0.6% in the overall gold jewelry market by 2023 [3][15]. - The company has consistently ranked first in single-store sales among all gold jewelry brands in China for two consecutive years [3]. Industry Analysis - The ancient gold jewelry market is rapidly expanding, with a CAGR of 64.6% from 2018 to 2023, and a market size of 157.3 billion yuan in 2023 [2]. - The top five brands in the ancient gold jewelry market hold a combined market share of 46.1%, with Chow Tai Fook leading at approximately 20% [2]. Financial Performance - The company reported a revenue of 3.18 billion yuan in 2023, a year-on-year increase of 145.7%, and a net profit of 416 million yuan, up 340.4% [26]. - For the first half of 2024, the company achieved a revenue of 3.52 billion yuan, representing a 148.3% increase year-on-year, with a net profit of 588 million yuan, up 198.8% [3][26]. Growth Potential - The company plans to open 4 new stores in 2024, 4 in 2025, and 2 in 2026, focusing on high-end shopping districts in first-tier and new first-tier cities [4]. - The company aims to expand its presence in overseas markets, including Hong Kong, Macau, and Singapore, with plans to open 1 store in 2024 and 4 in 2025 [4]. Valuation and Earnings Forecast - The projected net profits for 2024, 2025, and 2026 are 1.094 billion yuan, 1.324 billion yuan, and 1.532 billion yuan, respectively, with corresponding earnings per share (EPS) of 6.50 yuan, 7.86 yuan, and 9.10 yuan [4][5].
老铺黄金：坚持高端古法金品牌定位，国内及海外市场具备拓店空间公司研究/深度分析