罗曼股份 20251208 摘要 罗曼股份与奈飞和华纳兄弟均有合作，奈飞收购华纳兄弟将带来更多项 目拓展机会，尤其是在 IP 使用上的合作，利好公司数字文娱业务发展。 公司 AI Infra 交付的算力服务订单，覆盖硬件到组网，客户可直接调试 使用，通常 30 天内完成交付。公司储备了足够的芯片和 GPU，以确保 如期交付，但机头或存储紧缺可能会延迟。 梧桐树上半年净利率达 15.2%，高于同行，得益于稳定的 GPU 供应链 和在教育、医疗等应用端的广泛投资，更容易获取客户订单并保持较高 毛利率。 梧桐树与杨浦区在教育领域合作，投资教育模型应用；与华师大合作商 业卫星发射，为其搭建两个千卡集群用于太空图像识别，需要强大的存 储能力和算力支持。 罗曼股份计划通过与百代存储公司合作进行软件架构搭建，拓展 AI 存储 产业链，应对未来硬件突破后的市场需求，每个算力中心都需配备存储 芯片。 Q&A 梧桐树上半年的净利率较高，其技术优势是什么？新签订单净利润展望如何？ 梧桐树上半年的净利率为 15.2%，高于同行水平，其优势主要体现在两方面： 一是稳定的 GPU 供应链，保证不断货且运算效率比同类产品高 10%至 20 ...

Core Viewpoint - The Chinese gold jewelry industry is attracting investor attention due to its unique positioning within the global luxury market, with leading brands like Chow Tai Fook and Lao Pu Gold emerging as industry focal points despite moderate overall growth rates [2][3]. Market Size - By 2024, the retail scale of China's gold jewelry market is expected to reach $114 billion, accounting for 31% of the global market, which is equivalent to the combined markets of the US and Europe [3]. - The growth drivers include rising gold prices (11% CAGR), product innovation, and store expansion, with per capita annual consumption in China at $81, higher than the global average of $45 but significantly lower than Hong Kong ($663) and Taiwan ($236) [3]. Competitive Landscape - The industry is experiencing accelerated concentration, with the top 10 brands capturing 38% of the market share, an increase of 14 percentage points since 2019. Chow Tai Fook holds a 10% market share, while Lao Pu Gold, with a 1.2% share, is rapidly growing as a "national trend dark horse" [5]. Product Innovation - The industry is characterized by three major trends: - The rise of national trends, with Lao Pu Gold leveraging "culture + craftsmanship" to create high-margin products [7]. - IP collaborations attracting younger consumers, with Chow Tai Fook's partnerships leading to significant online sales growth [7]. - Emotional value driving consumption, as products symbolizing protection and prosperity become popular [7]. Channel Transformation - Online sales are becoming a key growth engine, with Chow Tai Fook's online sales expected to reach 20% by 2024, and Lao Pu Gold achieving a 287% year-on-year increase in online sales [8]. - Both companies are exploring overseas markets, particularly in Southeast Asia, with tailored products for local cultures [8]. Investment Perspective - Chow Tai Fook's profitability is driven by product popularity and same-store sales growth, while Lao Pu Gold is entering a new product/profit cycle with strong same-store sales growth and network expansion [9][10]. - Chow Tai Fook is expected to achieve positive same-store sales growth through store optimization and product upgrades, with a projected 30% profit growth in 2026 [11]. - Lao Pu Gold is anticipated to have a compound profit growth rate of 110% from 2024 to 2026, with a favorable risk-reward ratio following recent stock price adjustments [12]. Future Outlook - The core opportunity in the Chinese gold jewelry industry lies in leveraging culture to expand market share, with leading brands capturing high-end markets through national trend designs and IP innovations [13].