Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company has exceeded market expectations with a projected net profit growth of 236%-260% for 2024, reaching approximately 1.4-1.5 billion [9] - The growth is attributed to enhanced brand strength, significant revenue increases from existing stores, continuous product optimization, and the opening of new stores [9] - The company is expanding its presence in the mainland China market, with plans to increase the number of stores to 50-60 [10][26] Summary by Sections Market Performance - The company's stock has shown significant absolute and relative growth over the past months, with a 57.52% increase over 1 month and 169.14% over 3 months [5] Financial Forecast - Revenue projections for 2024-2026 have been revised upwards to 85.32 billion, 142.98 billion, and 198.49 billion respectively, with net profit estimates adjusted to 14.61 billion, 25.01 billion, and 35.16 billion [40] Consumer Trends - The report highlights a shift in consumer behavior towards valuing preservation of wealth, with high-net-worth individuals increasingly purchasing second-hand luxury goods [14][15] - The company is well-positioned to capture this demand as gold becomes a preferred investment choice over diamonds [14] Product Strategy - The company has a strong product design capability, integrating traditional cultural elements into new offerings, which enhances its competitive edge [22] - Pricing strategy involves a fixed price model with periodic increases, creating a perception of value retention among consumers [23] Market Expansion - The company has established a presence in key cities in mainland China and is planning further expansion, with a current total of 33 stores [26] - Internationally, the company is set to open its first store in Singapore, marking its entry into Southeast Asia [36] Brand Development - The company is leveraging social media platforms to enhance brand visibility and attract a broader customer base, with a current membership of 275,000 [15][19]
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