离真正的奢侈品牌还有多远？

Investment Rating - The report initiates coverage with a "Buy" rating for the company, targeting a price of 857 HKD, indicating a potential upside of 32.8% from the current price of 645.5 HKD [5]. Core Insights - The company's success is attributed to its long-term focus on the high-end market, the unique craftsmanship of ancient gold, and a direct-to-consumer (DTC) model that enhances brand value [2][14]. - The report emphasizes that the company is still in the growth phase of its brand lifecycle, with a projected compound annual growth rate (CAGR) of over 40% in revenue from 2024 to 2028, driven by an expected increase in market share in the ancient gold segment [3][37]. - The company's stock price has shown a strong correlation with gold prices, with a correlation coefficient of 0.94, suggesting that fluctuations in gold prices will continue to impact the company's stock performance [3][8]. Summary by Sections Company Overview - The company has significantly increased its brand awareness and sales since its listing, with stock prices reaching over 20 times the issue price [1]. - The company is positioned as a luxury brand, focusing on ancient gold craftsmanship, which differentiates it from other jewelry brands [14][24]. Financial Performance - Revenue is projected to grow from 3.18 billion RMB in 2023 to 37.11 billion RMB by 2027, with a year-on-year growth rate of 145.7% in 2023 and 167.5% in 2024 [9][10]. - Net profit is expected to increase from 416 million RMB in 2023 to 7.11 billion RMB in 2027, with a remarkable growth rate of 340.4% in 2023 [9][10]. Market Positioning - The company aims to capture a larger share of the ancient gold market, with expectations to increase its market share from 2% in 2023 to at least 8% by 2028 [37]. - The report highlights the company's unique selling proposition, which includes a focus on traditional craftsmanship and a strong brand identity associated with ancient gold [2][14]. Valuation Analysis - The company is currently trading at 27x P/E for 2025 and 19x for 2026, which is significantly higher than the average valuation of other Chinese jewelry brands [54][55]. - The report suggests that the current valuation reflects the company's growth potential and brand value, indicating a favorable investment opportunity [54][55].