Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve a year-on-year net profit increase of 236% to 260% for 2024, with projected net profits of 1.4 to 1.5 billion yuan [1] - The significant growth in performance is attributed to the brand's continued expansion and high same-store sales growth [1] - The company plans to open 7 new stores and optimize 4 existing ones in 2024, with a total of 38 stores by February 2025, primarily in first-tier and new first-tier cities [1] - A share incentive plan has been announced to bind the core team and strengthen long-term development momentum, targeting high-performance employees [1] - The company is recognized as a leading brand in the ancient gold category, maintaining a strong reputation among high-net-worth clients, and is expected to continue its overseas expansion [1] Financial Summary - For 2024, total revenue is projected to be 8.43 billion yuan, a year-on-year increase of 165.20% [1] - The net profit for 2024 is forecasted at 1.446 billion yuan, representing a year-on-year growth of 247.43% [1] - The earnings per share (EPS) for 2024 is estimated at 8.59 yuan, with a price-to-earnings (P/E) ratio of 51.25 [1] - The company’s total assets are expected to reach 4.98 billion yuan in 2024, with a debt-to-asset ratio of 24.75% [8]
老铺黄金：2024年业绩预告点评：全年业绩同比+236%~260%，品牌破圈拉动同店高增-20250221