Investment Rating - The investment rating for the company is "Buy" (maintained) [4]. Core Insights - The company has launched a share incentive plan to attract and retain core talent, reflecting confidence in long-term development. The overseas store expansion is progressing smoothly, with sales in various domestic locations performing well. The profit forecast for 2024-2026 has been raised, with expected net profits of 1.303 billion, 2.302 billion, and 3.230 billion yuan respectively, corresponding to EPS of 7.74, 13.67, and 19.18 yuan. The current stock price corresponds to P/E ratios of 55.2, 31.2, and 22.3 times for the respective years [4][5]. Financial Summary and Valuation Metrics - Revenue is projected to grow significantly from 1.294 billion yuan in 2022 to 17.452 billion yuan in 2026, with year-on-year growth rates of 2.3%, 145.7%, 148.0%, 60.1%, and 38.2% respectively [8]. - Net profit is expected to increase from 95 million yuan in 2022 to 3.230 billion yuan in 2026, with year-on-year growth rates of -16.5%, 340.4%, 213.0%, 76.7%, and 40.3% respectively [8]. - The gross margin is projected to remain stable at around 41.6%, while the net margin is expected to improve from 7.3% in 2022 to 18.5% in 2026 [8]. - Return on equity (ROE) is forecasted to rise from 10.9% in 2022 to 29.4% in 2026 [8]. - The diluted EPS is expected to grow from 0.69 yuan in 2022 to 19.18 yuan in 2026, with corresponding P/E ratios decreasing from 619.0 to 22.3 times [8].
老铺黄金：港股公司信息更新报告：公司发布股权激励计划，海外开店布局顺利推进-20250219