Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The report analyzes the brand power enhancement path of the company from the perspective of shopping centers, highlighting the need for high-growth and high-end brands to support sales in luxury shopping environments, especially as luxury consumption weakens [7][13] - The company is currently in a phase of accelerated brand power enhancement, with a focus on securing prime locations and favorable business conditions, which has improved its negotiating position with shopping centers [7][13] - The company has demonstrated strong sales growth despite a general decline in luxury consumption in China, with significant increases in average store revenue [7][13] Summary by Relevant Sections Store Selection Criteria - The company focuses on three core factors for store selection: city, shopping district, and store location, ensuring high-end positioning [16][17] - As of December 31, 2024, the company operates 37 self-operated stores across 15 cities, including all major first-tier cities in mainland China [17][20] Market Performance - The luxury goods market in China has faced challenges, with high-end commercial sales declining; however, the company has achieved significant sales growth, outperforming many competitors [7][9] - The average revenue per store has doubled year-on-year, indicating strong market positioning [7][9] Future Growth and Profitability - The company is expected to continue its growth trajectory, with projected net profits of 1.473 billion, 3.044 billion, and 4.413 billion yuan for 2024, 2025, and 2026 respectively, reflecting substantial year-on-year growth [8][14] - The company’s current price-to-earnings ratio (PE) is expected to improve, with estimates of 64, 31, and 21 for the next three years, indicating potential for valuation upgrades [8][14] Brand Positioning - The company is positioned as a rare high-end gold brand, with a strong brand moat that is expected to yield performance growth significantly above industry averages [8][14] - The report suggests that the company should be valued using the metrics of major luxury goods groups rather than traditional jewelry brands, as it has unique brand assets and growth potential [8][14]
老铺黄金：港股深度报告：从购物中心视角看品牌力提升路径-20250306