研報掘金|中金:大幅上調老鋪黃金目標價至537.55港元 逆勢達成超預期增長
中金髮表報吿指出,老鋪黃金料去年淨利潤14億至15億元,按年增長2.36倍至2.6倍。該行認為,老鋪黃金深耕高端古法黃金賽道,填補高端黃金珠寶市場長期存在的市場空白。產品矩陣持續優化升級,帶來高級感、中式美學元素的不斷加強,滿足消費者日益提升的審美需求。隨着老鋪黃金的品牌力日益提升並不斷破圈,已在消費端形成明顯的品牌優勢,並帶動在線線下渠道單店銷售逆勢持續提升。此外,公司也在積極佈局優勢商圈及核心渠道,為消費者提供優質的購物體驗,去年公司新增7家門店,並調整優化4家門店,截至去年末,老鋪黃金門店數量達37家。考慮到老鋪黃金持續超預期的終端銷售表現,中金上調公司2024至2026年每股盈利預測22%、13%及8%,至8.63、11.78與14.89元,當前股價對應今明兩年預測市盈率37及29倍,維持“跑贏行業”評級。因公司體現出好於行業的增長表現提振估值,上調公司目標價57%至537.55港元,並認為公司逆勢達成超預期增長。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.