5月21日，截至港股收盘，恒生指数上涨0.62%，报23827.78点。老铺黄金（06181.HK）收报801.0港元/ 股，上涨7.44%，成交量195.18万股，成交额15.48亿港元，振幅6.98%。 最近一个月来，老铺黄金累计跌幅4.05%，今年来累计涨幅209.08%，跑赢恒生指数18.05%的涨幅。 财务数据显示，截至2024年12月31日，老铺黄金实现营业总收入85.06亿元，同比增长167.51%；归母净 利润14.73亿元，同比增长253.86%；毛利率41.16%，资产负债率38.13%。 机构评级方面，浦银国际证券有限公司给予"买入"评级，目标价857.0港元。 行业估值方面，纺织及服饰行业市盈率（TTM）平均值为-6.59倍，行业中值-0.17倍。老铺黄金市盈率 80.92倍，行业排名第58位；其他FAST RETAIL-DRS（06288.HK）为0.36倍、浙江永安（08211.HK）为 1.34倍、都市丽人（02298.HK）为3.78倍、其利工业集团（01731.HK）为3.92倍、杉杉品牌 （01749.HK）为4.1倍。 资料显示，老铺黄金股份有限公司是经中国黄金协会认证的 ...

Group 1 - The core viewpoint is that Lao Pu Gold has significantly increased its brand awareness and sales since its listing, with stock prices reaching over 20 times the issue price, attributed to its focus on traditional craftsmanship and high-end market positioning [2][10][11] - Lao Pu Gold's long-term focus on the high-end market has created a luxury brand attribute, similar to Moutai, characterized by product scarcity and high pricing [4][10] - The company has established a strong association with traditional gold craftsmanship, differentiating itself from ordinary gold jewelry brands [4][10] Group 2 - Revenue growth for Lao Pu Gold is expected to remain strong, with a projected compound annual growth rate (CAGR) of over 40% from 2024 to 2028, as its market share in the traditional gold segment is anticipated to increase to at least 8% by 2028 [5][34] - The current number of stores for Lao Pu Gold is significantly lower than other leading gold jewelry brands, indicating substantial potential for store expansion [6][40] - The company has considerable overseas market potential, with plans to expand into Southeast Asia, leveraging its unique product offerings that resonate with cultural heritage [7][46] Group 3 - Lao Pu Gold's revenue for 2023 is projected at 3,180 million RMB, with a year-on-year growth of 145.7%, and net profit expected to reach 416 million RMB, reflecting a 340.4% increase [8][14] - The company's stock price has surged since its listing, increasing from 40.5 HKD to 645.5 HKD, representing a nearly 15-fold rise [23][24] - The correlation between Lao Pu Gold's stock price and gold prices is very high, with a correlation coefficient of 0.94, indicating that fluctuations in gold prices significantly impact the company's stock performance [7][52]

Core Insights - Laopuhuang achieved a sales performance of 9.8 billion yuan (including tax) for the fiscal year ending December 31, 2024, representing a year-on-year growth of 166% [1] - The company reported a net profit of 1.47 billion yuan, which is a 254% increase compared to the previous year [1] - Laopuhuang's average sales per store in mainland China reached 328 million yuan, ranking first among all well-known jewelry brands in terms of average revenue and sales per square meter [1][3] Company Overview - Founded in 2009, Laopuhuang is the first brand in China to promote the "ancient method gold" concept and is recognized as the leading brand in handcrafted gold products [3] - The brand is known for its authentic craftsmanship, including techniques that are classified as national intangible cultural heritage, such as "flower silk inlay" and "wrong gold and silver" [3] - Laopuhuang has developed a complete product system and product line, with nearly 2,000 original designs and over 1,300 copyrights [3] Market Position and Expansion - As of December 31, 2024, Laopuhuang's membership reached approximately 350,000, an increase of 150,000 members compared to the same period last year [4] - The brand is set to open new stores in major commercial centers across China, including locations in Shanghai and Hong Kong, by the end of 2025 [4] - Laopuhuang plans to expand internationally, with its first overseas store opening in Singapore's Marina Bay Sands shopping center in June 2025 [4]

老铺黄金一路狂飙。 4月1日晚，超级大牛股——老铺黄金公告称，联交所已于2025年4月1日就公司实施H股全流通授出上市批准。公司已申请批准将4038.89万股非上市股份转换为 4038.89万股H股上市及买卖。 老铺黄金股价持续狂飙，4月1日大幅收涨超19%，收报868港元/股，相较于去年6月的发行价40.50港元/股，累计涨幅已高达2043%。据老铺黄金最新发布的财报， 2024年公司实现销售收入98亿元（人民币，下同），同比增长166%；净利润同比大幅增长254%。 有分析称，老铺黄金股价的持续暴涨与公司业绩和金价息息相关，也与公司的股权高度集中有关。值得注意的是，6月28日，老铺黄金将面临上市之后最大数量限售 股解禁，届时老铺黄金股价或将面临压力。 大牛股公告 4月1日晚间，老铺黄金（06181.HK）在港交所发布公告称，联交所已于2025年4月1日就公司实施H股全流通授出上市批准。公司已申请批准将4038.89万股非上市股 份转换为4038.89万股H股上市及买卖。转换及上市完成后，经转换H股占公司已发行股份总数约23.99%。 消息面上，3月31日晚间，老铺黄金披露了2024年财报，其中显示，公司2 ...