Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a revenue of 8.506 billion yuan in 2024, representing a year-on-year increase of 167.5%, and a net profit of 1.473 billion yuan, up 253.9% year-on-year [4] - The company plans to distribute a dividend of 6.35 yuan per share, reflecting strong financial performance [4] - The company is expected to see continued growth with projected net profits of 3.509 billion yuan, 5.089 billion yuan, and 6.923 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 20.84 yuan, 30.22 yuan, and 41.12 yuan [4] Financial Summary and Valuation Metrics - Revenue and net profit projections for the company are as follows: - 2023A: Revenue 3.18 billion yuan, Net Profit 416 million yuan - 2024A: Revenue 8.506 billion yuan, Net Profit 1.473 billion yuan - 2025E: Revenue 17.822 billion yuan, Net Profit 3.509 billion yuan - 2026E: Revenue 25.370 billion yuan, Net Profit 5.089 billion yuan - 2027E: Revenue 33.998 billion yuan, Net Profit 6.923 billion yuan [8] - The company’s P/E ratios are projected to be 36.0, 24.8, and 18.3 for 2025, 2026, and 2027 respectively [8] Brand and Channel Development - The company has expanded its brand reach, achieving a loyal membership of 350,000 by the end of 2024, driven by a deep understanding of consumer preferences [5] - The company’s online business grew significantly, generating 1.055 billion yuan in revenue, a year-on-year increase of 192.2% [5] - The company aims to enhance its international presence, starting with top-tier markets in Singapore and expanding to Western markets [6]
老铺黄金（06181）：港股公司信息更新报告：品牌破圈、渠道升级，高端中式黄金龙头扬帆出海