Investment Rating - The investment rating for the company is "Buy" [1][8] Core Insights - The company's performance in the fiscal year 2024 slightly exceeded expectations, driven by brand momentum, continuous product innovation, and channel network expansion. The expectation of rising gold prices is anticipated to accelerate terminal sales, with high growth continuing into fiscal year 2025 [3][8]. - The operating leverage has significantly improved the net profit margin, with a gross margin of 41.16% (down 0.73 percentage points) and an adjusted net profit margin of 17.66% (up 4.29 percentage points). The period expense ratio decreased by 6.08 percentage points to 18.32% [5][8]. - The company is focusing on enhancing its brand's international presence, leveraging successful operations in the Hong Kong and Macau regions to accelerate store expansion in Singapore and Japan, thereby opening up growth opportunities overseas [5][8]. Financial Summary - In fiscal year 2024, the company achieved revenue of 85.06 billion RMB, representing a year-on-year increase of 167.5%. The net profit reached 14.73 billion RMB, up 253.9% year-on-year, with adjusted net profit at 15.02 billion RMB, also up 253.4% [7][8]. - The company’s revenue from physical stores was 74.50 billion RMB (+164.3%), while online platforms contributed 10.55 billion RMB (+192.2%), indicating a slight increase in the proportion of online sales [8]. - The company’s domestic business generated 76.51 billion RMB (+152.95%), while revenue from Hong Kong and Macau reached 8.55 billion RMB (+451.41%) [8].
老铺黄金（06181）：2024财年业绩点评：品牌势能向上，店效出海打开成长空间