Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the company, Laopu Gold, is a new-style luxury brand with a high brand premium, catering to high-net-worth individuals through craftsmanship and cultural identity, while also ensuring value retention. The company has shown significant same-store growth and has ample room for expansion, with a clear growth logic. The company plans to start its international expansion in Southeast Asia, marking the beginning of its second growth curve [4][6]. Summary by Sections 1. Global Gold Jewelry Consumption Culture - The global gold jewelry consumption culture is diverse, with varying preferences for demand, purity, style, and cultural significance across different regions. China and India are the largest markets, with a combined consumption of 1,042 tons in 2024, accounting for 56% of global consumption [9][10]. 2. Current Status of Chinese Gold Jewelry Brands Going Abroad - Chinese gold jewelry brands are still in the exploratory phase of international expansion, with Chow Tai Fook, Luk Fook, and Lao Feng Xiang having a limited number of overseas stores concentrated mainly in Southeast Asia and East Asia [18][19]. 3. Global Market Layout of Leading International Luxury Jewelry Brands - Leading luxury jewelry brands such as Cartier, Tiffany, and Van Cleef & Arpels have significant market shares and store layouts primarily in the US, China, Japan, and South Korea, contributing to over half of their revenue [22][23]. 4. Potential Space for Laopu Gold's International Expansion - Laopu Gold has initiated its international expansion, planning to open flagship stores in Hong Kong and Singapore, with a target of establishing 39 stores across various international cities, including 9 in Southeast Asia and 12 in Japan and South Korea [32][41]. The selection of target cities is based on criteria such as luxury consumption density and cultural affinity for gold [33][36]. 5. Financial Projections - The projected net profits for Laopu Gold for the years 2024, 2025, and 2026 are estimated at 1.462 billion, 2.842 billion, and 3.649 billion yuan respectively, reflecting significant year-on-year growth rates of 251.6%, 94.3%, and 28.4% [6].
老铺黄金：出海空间有多大？-20250321