Investment Rating - The report maintains an "Accumulate" rating for the company [1][8]. Core Views - The opening of the first overseas store in Singapore on June 21 is expected to accelerate the brand's international expansion and growth potential [3]. - The company's brand strength is on the rise, with product value highlighted by increasing gold prices, which is expected to enhance terminal sales and operational leverage [12]. - The company is positioned in the high-end market, benefiting from significant brand premium and reputation, with strong growth in both single-store performance and store expansion [12]. Financial Summary - Revenue is projected to grow from 1,264.60 million RMB in 2021 to 31,621.17 million RMB by 2027, reflecting a compound annual growth rate (CAGR) of 41.21% from 2021 to 2027 [7]. - Gross profit is expected to increase from 521.00 million RMB in 2021 to 12,998.34 million RMB by 2027, with a significant rise in net profit attributable to the parent company from 113.88 million RMB in 2021 to 6,155.58 million RMB by 2027 [7]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 22.75 RMB, 29.43 RMB, and 35.65 RMB respectively [12]. Market Position and Growth Potential - The company has successfully opened stores in Macau and Hong Kong, and the Singapore store is expected to replicate this success, potentially accelerating international store openings [8][12]. - The report anticipates that the company's net profit margins will continue to improve due to operational leverage and product structure optimization [12]. - The target price for the stock is set at 960 HKD, based on a 30x valuation for 2026, indicating a strong growth outlook [12].
老铺黄金（06181）：更新报告：新加坡海外首店开业，品牌出海成长可期