Investment Rating - The investment rating for the company is "Buy" [7]. Core Insights - The report analyzes the brand strength 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 has demonstrated significant sales growth despite a general decline in luxury consumption in China, with average store revenue doubling year-on-year in 2023 and the first half of 2024 [7][55]. - The company focuses on prime locations and favorable business conditions for store openings, with a total of 37 self-operated stores as of December 31, 2024, and plans to open 7 new stores in 2024 [7][17]. Summary by Sections Store Opening Strategy - The company emphasizes three core factors for store selection: city, business district, and store location, ensuring alignment with its high-end brand positioning [16][20]. - As of December 31, 2024, the company has expanded its presence to 15 cities, including all first-tier cities in mainland China and several new first-tier cities [17][23]. Market Performance - The report notes a general decline in luxury consumption in China, with major high-end shopping centers experiencing sales pressure, yet the company has managed to increase its sales significantly [9][40]. - The company's performance in key shopping centers has outpaced the overall market, indicating a strengthening brand position [7][55]. Financial Projections - The company is projected to achieve net profits of 1.473 billion, 3.044 billion, and 4.413 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 254%, 107%, and 45% [8][14]. - The report suggests that the company's current price-to-earnings ratio (PE) is favorable compared to other luxury brands, indicating potential for valuation upgrades [14].
老铺黄金（06181）更新报告：从购物中心视角看品牌力提升路径