Investment Rating - The report maintains a "Buy" rating for the company, with an expected significant increase in net profit over the next few years [3]. Core Insights - The company is projected to achieve a net profit of 1.45-1.5 billion RMB in 2024, representing a year-on-year increase of 236%-260% [1]. - The growth in net profit is attributed to three main factors: the expanding brand influence leading to significant revenue growth from existing stores, continuous product optimization and innovation, and the addition of new stores [1][2]. - The company is also expanding internationally, with its first overseas store in Singapore under construction, which is expected to enhance brand positioning and sales [2]. - A stock incentive plan has been announced to attract and retain key talent, ensuring operational stability [2]. Financial Projections - The company is expected to achieve the following financial results: - Revenue: 8.38 billion RMB in 2024, with a growth rate of 163.5% [4]. - Net profit: 1.45 billion RMB in 2024, with a growth rate of 248.1% [4]. - Earnings per share (EPS): 8.61 RMB in 2024 [4]. - The price-to-earnings (P/E) ratio is projected to be 57 in 2024 and decrease to 22 by 2026 [4]. Store Expansion and Market Strategy - The company plans to open new stores, including three new locations in the second half of 2024, which will contribute to revenue growth [1]. - The strategic placement of stores in high-end shopping areas is aimed at attracting high-net-worth consumers, with potential for increased sales per store [3].
老铺黄金：2024年业绩预告点评：24年业绩高增，品牌势能强劲释放-20250226