证券研究报告·海外公司点评·商贸零售 老铺黄金（06181.HK） 2025 年业绩报告点评：净利润同比+230.5%， 26Q1 预估业绩超市场预期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,506 | 27,303 | 46,583 | 60,075 | 73,152 | | 同比(%) | 167.51 | 221.00 | 70.61 | 28.96 | 21.77 | | 归母净利润（百万元） | 1,473 | 4,868 | 8,706 | 11,379 | 13,684 | | 同比(%) | 253.86 | 230.45 | 78.85 | 30.69 | 20.25 | | EPS-最新摊薄（元/股） | 8.33 | 27.54 | 49.26 | 64.38 | 77.42 | | P/E（现价&最新摊薄） | 58.97 | 17.84 | 9.98 | 7.63 | 6.3 ...

证券研究报告·海外公司点评·商贸零售 老铺黄金（06181.HK） 2025 年业绩报告点评：净利润同比+230.5%， 26Q1 预估业绩超市场预期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 8,506 | 27,303 | 46,583 | 60,075 | 73,152 | | 同比(%) | 167.51 | 221.00 | 70.61 | 28.96 | 21.77 | | 归母净利润（百万元） | 1,473 | 4,868 | 8,706 | 11,379 | 13,684 | | 同比(%) | 253.86 | 230.45 | 78.85 | 30.69 | 20.25 | | EPS-最新摊薄（元/股） | 8.33 | 27.54 | 49.26 | 64.38 | 77.42 | | P/E（现价&最新摊薄） | 58.97 | 17.84 | 9.98 | 7.63 | 6.3 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve an adjusted net profit growth of 233% to 240% year-on-year for 2025, continuing to lead in the high-end traditional gold market [1] - The revenue forecast for 2025 is projected to be between 27.0 billion to 28.0 billion, representing a year-on-year increase of 217% to 229% [7] - The company has successfully established a recognizable high-end brand in the traditional gold sector, with strong competitive barriers in product craftsmanship, channel layout, and brand strength [7] Financial Projections - Total revenue (in million) for 2023A is 3,180, for 2024A is 8,506, for 2025E is 27,660, for 2026E is 46,552, and for 2027E is 60,003, with year-on-year growth rates of 145.67%, 167.51%, 225.20%, 68.30%, and 28.90% respectively [1] - The net profit attributable to the parent company (in million) for 2023A is 416.30, for 2024A is 1,473.11, for 2025E is 4,894.13, for 2026E is 8,704.09, and for 2027E is 11,369.77, with year-on-year growth rates of 340.40%, 253.86%, 232.23%, 77.85%, and 30.63% respectively [1] - The latest diluted EPS for 2025E is projected to be 27.69, with corresponding P/E ratios of 20.78 for 2025E, 11.69 for 2026E, and 8.95 for 2027E [1][8]