Investment Rating - The report maintains a "Buy" rating for the company, anticipating a price increase of over 15% in the next 6-12 months [3][10]. Core Insights - The company expects a significant increase in net profit for 2024, projecting a range of 1.4 to 1.5 billion yuan, representing a year-on-year growth of 236% to 260%, which exceeds market expectations [1]. - The upward revision of profit forecasts is attributed to sustained strong sales performance, brand momentum, and the opening of new stores, with net profit estimates for 2024-2026 at 1.44 billion, 2.13 billion, and 2.8 billion yuan, respectively [3]. - The company's revenue is projected to grow significantly, with estimates of 9.24 billion, 13.52 billion, and 17.41 billion yuan for 2024-2026, reflecting growth rates of 190.6%, 46.3%, and 28.8% [6]. Summary by Sections Event - The company announced on February 20 that it expects a net profit of 1.4 to 1.5 billion yuan for 2024, marking a substantial increase compared to the previous year [1]. Operational Analysis - The company's growth is driven by expanding brand influence, significant revenue growth from existing stores, product optimization, and the opening of new stores, with a total of 37 direct stores by year-end [7]. Financial Forecasts, Valuation, and Rating - The report projects net profits of 1.44 billion, 2.13 billion, and 2.8 billion yuan for 2024, 2025, and 2026, with corresponding P/E ratios of 51, 34, and 26 [3]. - Revenue forecasts for the same period are 9.24 billion, 13.52 billion, and 17.41 billion yuan, with growth rates of 190.6%, 46.3%, and 28.8% [6].
老铺黄金：24年业绩预告超预期，品牌势能加速向上-20250221