Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [3]. Core Insights - The company is expected to achieve a net profit of 1.4 to 1.5 billion RMB in 2024, representing a year-on-year increase of 236% to 260%. The second half of 2024 is projected to yield a net profit of 810 to 920 million RMB, reflecting a quarter-on-quarter increase of 38.2% to 55.2% and a year-on-year increase of 269.9% to 315.5% [1]. - The strong performance is attributed to three main factors: the expanding brand influence leading to significant revenue growth from existing stores, continuous product optimization and innovation, and the addition of new stores [1][2]. - The company is also making strides in international expansion, with its first overseas store in Singapore under construction, which is expected to enhance its brand positioning and sales [2]. - A stock incentive plan has been announced to attract and retain key talent, ensuring operational stability and demonstrating confidence in long-term growth [2]. Financial Projections - The company is projected to achieve revenues of 8.378 billion RMB in 2024, with a growth rate of 163.5%. By 2025 and 2026, revenues are expected to reach 14.331 billion RMB and 20.746 billion RMB, respectively [4]. - The net profit forecast for 2024 is 1.449 billion RMB, with a growth rate of 248.1%. This is expected to increase to 2.531 billion RMB in 2025 and 3.735 billion RMB in 2026, with growth rates of 74.7% and 47.6% respectively [4]. - Earnings per share (EPS) are projected to be 8.61 RMB in 2024, 15.03 RMB in 2025, and 22.19 RMB in 2026 [4]. - The price-to-earnings (P/E) ratio is expected to be 57 in 2024, decreasing to 33 in 2025 and 22 in 2026, indicating a potentially attractive valuation as earnings grow [4].
老铺黄金：2024年业绩预告点评：24年业绩高增，品牌势能强劲释放-20250225