Investment Rating - Maintain "Recommend" rating for Laopu Gold (6181 HK) [1][3] Core Views - Laopu Gold achieved rapid revenue and profit growth in H1 2024, with revenue reaching RMB 3 52 billion (+148 3% YoY) and net profit attributable to parent company of RMB 588 million (+198 8% YoY) [1] - The company's brand influence continues to expand, driving growth in both offline and online channels [1] - Laopu Gold maintains its high-end brand positioning, with product innovation and store expansion contributing to revenue growth [1] - The company's profitability continues to improve, with net profit margin reaching 16 70% in H1 2024, up 2 82 pct YoY [1] Financial Performance Revenue and Profit - H1 2024 revenue: RMB 3 52 billion (+148 3% YoY) [1] - H1 2024 net profit attributable to parent company: RMB 588 million (+198 8% YoY) [1] - 2024E revenue: RMB 6 162 billion (+93 8% YoY) [1] - 2024E net profit attributable to parent company: RMB 1 052 billion (+152 7% YoY) [1] Profitability - H1 2024 gross margin: 41 33% (-0 32 pct YoY) [1] - H1 2024 net profit margin: 16 70% (+2 82 pct YoY) [1] - 2024E gross margin: 41 72% [7] - 2024E net profit margin: 17 07% [7] Channel Performance - Offline store revenue in H1 2024: RMB 3 129 billion (+149 6% YoY) [1] - Online platform revenue in H1 2024: RMB 391 million (+138 9% YoY), accounting for 11 1% of total revenue [1] Product Performance - Pure gold product revenue in H1 2024: RMB 1 372 billion (+110 1% YoY) [1] - Gold inlaid product revenue in H1 2024: RMB 2 147 billion (+182 1% YoY), accounting for 61 0% of total revenue [1] Store Expansion and Brand Development - As of H1 2024, Laopu Gold operates 33 self-operated stores in 14 cities, including 4 SKP stores and 10 MixC stores [1] - The company opened 6 new stores and expanded 1 store in H1 2024 [1] - Laopu Gold opened its largest flagship store in Tsim Sha Tsui, Hong Kong in March 2024, covering over 1 000 square meters [1] - The company has created over 1 800 original designs and holds 243 domestic patents, 1 207 copyrights, and 164 overseas patents as of H1 2024 [1] Valuation - 2024E PE: 13x [1] - 2024E PB: 3 9x [7] - 2024E EV/EBITDA: 9 08x [7] Future Outlook - 2025E revenue: RMB 7 885 billion (+28 0% YoY) [1] - 2025E net profit attributable to parent company: RMB 1 369 billion (+30 1% YoY) [1] - 2026E revenue: RMB 9 490 billion (+20 4% YoY) [1] - 2026E net profit attributable to parent company: RMB 1 671 billion (+22 1% YoY) [1]
老铺黄金：2024年半年报点评：收入与利润快速增长，品牌影响力持续提升