Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company reported impressive performance in 2024, with revenue reaching 8.51 billion RMB, a year-on-year increase of 167.5%, and net profit of 1.47 billion RMB, up 253.9% [7] - The significant growth in net profit is attributed to three main factors: the expanding brand influence leading to substantial revenue growth from existing stores, continuous product optimization and innovation, and the addition of 7 new stores along with the optimization of 4 existing stores [7] - The company achieved the highest average revenue and sales efficiency among domestic jewelry brands in individual shopping malls, with same-store revenue growth exceeding 120.9% in 2024 [7] - The company has demonstrated superior channel expansion capabilities, opening 36 self-operated stores across 15 cities, including 7 new stores and optimizing 4 existing ones [7] - Profitability has significantly improved, with gross margin and net margin increasing to 41.2% and 17.3%, respectively, while the expense ratios for sales, management, and R&D have all been optimized [7] Financial Forecasts - Revenue projections for the company are as follows: 19.59 billion RMB in 2025, 28.40 billion RMB in 2026, and 36.92 billion RMB in 2027, with growth rates of 130.3%, 45.0%, and 30.0% respectively [6][8] - Net profit forecasts are 3.50 billion RMB for 2025, 5.30 billion RMB for 2026, and 7.19 billion RMB for 2027, with year-on-year growth rates of 137.4%, 51.7%, and 35.6% respectively [6][8] - The company is expected to maintain a strong return on equity (ROE) of 47.1% in 2025, decreasing to 36.1% by 2027 [6][8]
老铺黄金（06181）：24年业绩表现亮眼，同店营收持续高增