Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve a net profit of 1.4 to 1.5 billion yuan in 2024, representing a year-on-year increase of 236% to 260%. The significant growth is attributed to the brand's continued expansion and high same-store sales growth [7] - In 2024, the company plans to open 7 new stores and optimize 4 existing ones, with a total of 38 stores by February 2025, primarily in first-tier and new first-tier cities. The company is also preparing for its first overseas store [7] - The recent stock incentive plan aims to attract and retain core talent, covering high-performance employees and key positions, which is expected to drive long-term strategic goals [7] - The company is recognized as a leading brand in the ancient gold category, maintaining a strong reputation among high-net-worth clients. The report anticipates continued brand momentum and overseas expansion, leading to an upward revision of net profit forecasts for 2024-2026 [7] Financial Summary - The total revenue for 2024 is projected to be 8.43 billion yuan, with a year-on-year growth of 165.2%. The net profit for 2024 is expected to be 1.45 billion yuan, reflecting a 247.43% increase [1][8] - 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][8] - The company's total assets are projected 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-20250222