36氪旗下官方账号。洞见市场，比99%的投资者更聪明。 以下文章来源于36氪财经 ，作者丁卯 范亮 郑怀舟 36氪财经 . 凡勃仑效应下的奢侈品神话。 文 ｜ 丁卯 范亮 编辑 ｜ 郑怀舟 来源｜ 36氪财经（ID： krfinance ） 封面来源 ｜ 企业官 方 在新消费的春风下，老铺黄金火了。 北京的SKP、上海的豫园，排队抢购似乎都成了老铺黄金的独特风景线。这种热度一直延续到了资本市场。 6月30日，老铺黄金股价报收1008港元/股，当日暴涨近15%，收盘市值超1700亿港元，而这一天刚好是公司上市一周年后的第一个交易日。如果按公司2024 年IPO时63.9港元/股的开盘价计算，意味着，仅用了一年的时间，老铺黄金的股价就涨了15倍。 伴随着股价的上涨，老铺黄金的估值也水涨船高，市盈率从上市初的25倍左右一路冲高至目前的90-100倍，这背后无疑隐含着市场对公司未来巨大的增长预 期。 那么，老铺黄金未来的想象空间究竟有多大？是否还值得关注? 高增长、稳盈利， 年均复合增速超50% 近几年，老铺黄金在消费市场的热度持续飙升，带动了公司业绩的迅猛增长。 营收端， 2017-2024年，公司的营业收入（按新 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6]. Core Views - The company is positioned to benefit from the upward cycle of the beef market, with expectations of profit recovery and growth driven by its strong brand and integrated meat industry chain [4][71]. - The company has a long history and has developed a comprehensive meat industry chain, enhancing its competitive edge [10][11]. Summary by Sections 1. Company Overview - The company, established in 1930, has evolved from a small workshop to a comprehensive meat industry player, focusing on high-quality products and brand development [10]. - It operates a full industry chain including feed production, breeding, slaughtering, and meat processing, which forms its core competitive advantage [11]. 2. Beef Market Cycle - The beef market is expected to experience a cyclical upturn, influenced by both domestic and international supply factors [30]. - The report highlights the low concentration in China's beef market, suggesting potential for significant price elasticity and recovery following capacity adjustments [49][51]. - Major beef-producing countries are anticipated to see price improvements that will positively impact the domestic market [56]. 3. Business Segments - The company controls New Zealand's largest beef slaughtering enterprise, Silver Fern Farms, which enhances its global trade capabilities [73]. - The brand "Guanshengyuan" is a key asset, with a strong market presence in various food categories, contributing to the company's long-term performance stability [2]. - The company is a major player in the pig farming sector, ensuring stable supply and collaboration across the entire meat production chain [2][3]. 4. Financial Forecast and Investment Recommendations - Projected net profits for 2025, 2026, and 2027 are estimated at 431 million, 680 million, and 769 million yuan respectively, with corresponding EPS of 0.46, 0.73, and 0.82 yuan [5]. - The company is expected to benefit from the beef cycle's upward trend, leveraging its core competencies in the meat industry [4][71].