Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company is expected to maintain high growth in same-store sales due to strong brand momentum [4] - The company anticipates a significant increase in net profit for 2024, with projections of 1.46 to 1.5 billion RMB, representing a year-on-year growth of 236% to 260% [6] - The company's expansion strategy includes opening 7 new stores and optimizing 4 existing stores, contributing to revenue growth [6] Financial Performance Summary - Revenue projections for the company are as follows: - 2022: 1,294.8 million RMB - 2023: 3,180.2 million RMB (growth of 145.6%) - 2024E: 8,907.4 million RMB (growth of 180.1%) - 2025E: 14,780.0 million RMB (growth of 65.9%) - 2026E: 19,342.6 million RMB (growth of 30.9%) [5] - Net profit projections are as follows: - 2022: 94.5 million RMB - 2023: 416.3 million RMB (growth of 340.4%) - 2024E: 1,459.8 million RMB (growth of 250.7%) - 2025E: 2,524.5 million RMB (growth of 72.9%) - 2026E: 3,466.3 million RMB (growth of 37.3%) [5] - Earnings per share (EPS) projections: - 2023: 3.0 RMB - 2024E: 8.7 RMB - 2025E: 15.0 RMB - 2026E: 20.6 RMB [5] Market Position and Strategy - The company has a strong market presence with 38 stores as of February 2025, primarily located in first-tier cities [6] - The company targets high-net-worth consumers, with a focus on premium locations that enhance brand visibility [6] - The pricing strategy includes a fixed-price model, with recent adjustments to increase product margins and brand recognition [6]
老铺黄金：品牌势能强劲 同店有望保持高增-20250222