Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The opening of the Singapore store exceeded expectations, marking a successful entry into overseas markets and enhancing brand momentum [6]. - The company is accelerating its layout in core domestic business districts, with strong same-store sales growth and ongoing optimization of existing stores [6]. - New product launches both domestically and internationally are enhancing product inclusivity and brand value [6]. - The company is focusing on long-term brand building and high-end operational systems to support future growth [6]. - The net profit forecasts for 2025-2027 have been raised to 45.3 billion, 58.0 billion, and 65.5 billion CNY respectively, reflecting strong sales performance [6]. Financial Summary - Revenue projections for 2023 to 2027 are as follows: 3,180 million CNY in 2023, 8,506 million CNY in 2024, 24,381 million CNY in 2025, 31,735 million CNY in 2026, and 36,878 million CNY in 2027, with growth rates of 145.7%, 167.5%, 186.6%, 30.2%, and 16.2% respectively [2][9]. - Net profit is expected to grow from 416 million CNY in 2023 to 6,549 million CNY in 2027, with growth rates of 340.4%, 253.9%, 207.5%, 28.1%, and 12.9% respectively [2][9]. - The company's earnings per share (EPS) are projected to increase from 3.05 CNY in 2023 to 38.90 CNY in 2027 [2][9]. - Return on equity (ROE) is expected to rise significantly, reaching 61.4% in 2025 before stabilizing at 42.0% in 2027 [2][9]. - The price-to-earnings (PE) ratio is projected to decrease from 271.3 in 2023 to 20.8 in 2027, indicating improved valuation as earnings grow [2][9].
老铺黄金（06181）：新加坡出海首战告捷，品牌势能加速提升