高端黄金珠宝研究系列二：为何2024年老铺黄金扩圈加速？

Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Insights - In 2023, the high-end gold jewelry market experienced a general price increase, with Laopuhuang showing higher growth potential due to the migration of luxury consumers and the upgrading of gold jewelry clientele. In 2024, despite a sharp rise in gold prices, Laopuhuang and other high-end brands with strong aesthetic value are expected to grow against the trend [3][9][32]. Summary by Sections 1. Why is Laopuhuang Expanding in 2024? - The gold jewelry market saw a general price increase in 2023, with Laopuhuang benefiting from the migration of luxury consumers and an upgrade in the gold jewelry customer base. The brand's performance in 2024 is expected to diverge from industry trends due to a lag in product price adjustments, making it easier for the brand to upgrade its customer base [3][9][20]. - The ancient gold market's beta and the continuous migration of luxury consumers are key factors driving Laopuhuang's growth. The brand's product pricing adjustments have been relatively slow, allowing it to maintain a competitive edge [9][20]. 2. Competitive Advantages of Laopuhuang - Laopuhuang is positioned as a high-end gold jewelry brand with a focus on ancient gold craftsmanship, benefiting from the management team's experience and a systematic approach to high-end brand operations. The brand's differentiation strategy allows it to compete effectively against both international luxury brands and domestic jewelry brands [10][11][25]. - The brand's unique positioning in the high-end ancient gold market, along with its first-mover advantage, has established a strong competitive barrier. Laopuhuang's product design and craftsmanship are innovative, leading the industry in development [10][26]. 3. Investment Recommendation - The report expresses optimism about the leading position of Laopuhuang in the high-end gold jewelry market. The brand's growth is attributed to the migration of luxury consumers and the upgrading of the gold jewelry customer base, alongside the anticipated benefits from the ancient gold market and the increasing share of gold products in the luxury market [32].