金吾财讯 | 国联证券发研指，短期来看，受益于金价上行与工艺升级，老铺黄金(06181)享受镶嵌类珠宝向黄金品类迁移与黄金珠宝配饰需求升级等双重红利，2023年以来品牌扩圈趋势有望延续。长期来看，对标国际高端珠宝品牌，公司在门店拓展/客单提升/品牌出海等维度空间广阔，且公司募集资金拟加强品牌建设，经营层面稳扎稳打，有望成为国内黄金珠宝市场首个奢侈品品牌。
该行表示，预计公司2024-2026年收入分别为72.09/108.43/139.04亿元，对应增速分别为126.7%/50.4%/28.2%；归母净利润分别为12.07/18.10/23.08亿元，对应增速分别为190.0%/49.9%/27.5%；EPS分别为7.17/10.75/13.71元/股，对应3年复合增速为77.0%。考虑到公司发展阶段与成长性领先可比同业，且品牌定位在黄金珠宝行业具备独特性，首次覆盖，给予“增持”评级。
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