Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company achieved a profit of 1.47 billion yuan in 2024, representing a year-on-year growth of 254%, with a dividend payout ratio of 73% [1] - Revenue for 2024 reached 8.5 billion yuan, an increase of 167.5% year-on-year, aligning with the upper end of the profit forecast [1] - The company's same-store sales growth exceeded 120%, ranking first in revenue and sales efficiency among jewelry brands in mainland China [2] - The gross margin remained stable at 41.2%, while the net profit margin increased significantly to 17.3% [3] - The company is expanding its brand influence and optimizing its product offerings, with plans to open 7 new stores and upgrade 4 existing ones in 2024 [4] Financial Summary - The company forecasts revenues of 17.85 billion yuan in 2025, 24.92 billion yuan in 2026, and 31.12 billion yuan in 2027, with respective year-on-year growth rates of 110%, 40%, and 25% [5] - The projected net profit for 2025 is 3.58 billion yuan, with a year-on-year growth of 143% [5] - The earnings per share (EPS) are expected to be 9.47 yuan in 2024, increasing to 38.63 yuan by 2027 [6]
老铺黄金（06181）：点评报告：业绩位于预告上沿，出海驶向星辰大海