Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its performance and growth potential [5]. Core Views - The company is experiencing significant growth, with a projected revenue increase from 3,180 million in 2023 to 43,114 million by 2027, reflecting a compound annual growth rate (CAGR) of approximately 145.7% to 20.4% over the forecast period [7]. - Adjusted net profit is expected to rise from 416 million in 2023 to 7,725 million by 2027, showcasing a robust growth trajectory with a peak growth rate of 340.4% in 2023 [7]. - The company is expanding its brand influence and retail presence, with a focus on high-end markets both domestically and internationally, including a successful store opening in Singapore [5][6]. - The report highlights the company's strategic initiatives in product innovation and brand building, which are expected to enhance customer engagement and market penetration [5]. Financial Summary - Revenue projections for the company are as follows: 3,180 million in 2023, 8,506 million in 2024, 26,176 million in 2025, 35,822 million in 2026, and 43,114 million in 2027, with corresponding year-on-year growth rates of 145.7%, 167.5%, 207.8%, 36.8%, and 20.4% [7]. - Adjusted net profit is forecasted to grow from 416 million in 2023 to 7,725 million in 2027, with growth rates of 340.4%, 253.9%, 227.1%, 35.2%, and 18.6% respectively [7]. - The company's earnings per share (EPS) are projected to increase from 3.05 in 2023 to 44.74 in 2027, indicating strong profitability growth [7]. Market Expansion - The company has opened 41 stores as of July 27, 2025, with a focus on high-end shopping districts in major cities and international markets [6]. - The Singapore store has shown strong performance, with expectations for sales growth driven by increased foot traffic and a dedicated membership system [5]. - The report emphasizes the company's commitment to enhancing its brand presence and customer experience through strategic store placements and product offerings [5].
老铺黄金（06181）：品牌势能驱动线上线下高速增长，海内外高端渠道持续扩张