盈利预测与估值 考虑到老铺黄金持续破圈，终端销售高景气延续，且公司布局海外市场，进一步打开成长空间；同时， 随着公司品牌力及议价能力的提升，商场租金扣点有望进一步改善，且收入规模快速增长有望带动费用 率下行，我们上调25-27 年归母净利润40%/42%/43%至49.1/62.1/75.8 亿元。传统大众珠宝/奢侈品可比公 司25 年iFind/彭博一致预期17x/33xPE。考虑到老铺黄金高成长势头强劲，且品牌定位高端、稀缺性突 出，给予25 年38.5xPE，对应目标价1200 港币（前值840 港币基于25 年37 倍PE）。 风险提示：行业竞争加剧、黄金价格震荡、消费信心恢复不达预期、门店拓展计划不及预期。 新店扩张与老店升级持续推进，进驻高端商圈，夯实高端品牌调性截至2024 年底，老铺黄金已在全国 15 个核心城市布局36 家自营门店，进驻包括SKP、万象城在内的26 家主力高端商场。2025 年以来，公 司陆续开设北京东方天地禅房主题店（1 月）、深圳罗湖万象城B1 精品店（3 月）、北京SKP-S 店（4 月）、上海港汇恒隆店（5 月）、新加坡店（6 月）、上海IFC 店（6 月），门店选址 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 1,200.00 [1][7]. Core Views - The company is experiencing strong growth momentum driven by rapid store expansion both domestically and internationally, particularly in high-end markets [1][2]. - The premium gold jewelry market is expanding, with the company leading the trend through product innovation and high craftsmanship [2]. - The company has successfully opened new stores in key locations, enhancing its brand positioning and targeting high-net-worth customers [3]. - Strong same-store sales growth is observed, with a significant increase in online sales contributing to overall revenue growth [4]. - Profit forecasts have been adjusted upwards due to sustained high demand and successful overseas market entry, with net profit projections for 2025-2027 increased by 40%-43% [5][12]. Summary by Sections Store Expansion and Upgrades - As of the end of 2024, the company has established 36 self-operated stores in 15 major cities, focusing on high-end shopping centers [3]. - Recent openings include stores in Beijing, Shenzhen, and Singapore, with plans for further expansions [3]. Sales Performance - The company reported a same-store revenue growth of over 120.9% in 2024, with a remarkable 170% growth in the first five months of 2025 [4]. - Online sales through platforms like Tmall and JD.com reached HKD 12.8 billion in early 2025, marking a 333% year-on-year increase [4]. Financial Projections - Revenue forecasts for 2025-2027 have been significantly raised, with expected revenues of RMB 23.6 billion, RMB 29.2 billion, and RMB 35.4 billion respectively [10][12]. - The adjusted net profit for 2025 is projected at RMB 4.9 billion, reflecting a 233.6% increase from the previous year [12][17]. Market Positioning - The company is recognized as the leading brand in traditional handcrafted gold jewelry, continuously innovating with products that blend heritage craftsmanship with modern aesthetics [2]. - The brand's positioning in high-end markets is reinforced by its strategic store locations and product offerings [3].