Jinwu Financial News | According to Guolian Securities Research, in the short term, benefiting from rising gold prices and process upgrades, the old store Gold (06181) enjoys double dividends such as the migration of inlaid jewelry to the gold category and the rise in demand for gold jewelry accessories. The trend of brand expansion is expected to continue from 2023. In the long run, compared to international high-end jewelry brands, the company has broad scope in terms of store expansion/customer order improvement/brand expansion, and the company plans to raise capital to strengthen brand building. The management level is stable and steady, and it is expected to become the first luxury brand in the domestic gold and jewelry market.
The bank said that the company's revenue for 2024-2026 is 7.209/10.843/13.904 billion yuan, respectively, with corresponding growth rates of 126.7%/50.4%/28.2%; net profit to mother is 1.207/1.81/2.308 billion yuan, corresponding growth rates are 190.0%/49.9%/27.5%, respectively; EPS is 7.17/10.75/13.71 yuan/share, respectively, corresponding 3-year compound growth rate of 77.0%. Considering that the company is leading the industry in terms of development stage and growth, and the brand positioning is unique in the gold and jewelry industry, it was covered for the first time, giving it an “gain” rating.
