老铺黄金(6181.HK):品牌势能向上 店效出海打开成长空间

国泰海通证券
07 Apr

本报告导读:2024 财年业绩略超预期,受益品牌势能提振、产品持续推新及渠道网络扩展;金价上行预期下,终端动销加速释放,2025财年高增延续可期。投资要点:业绩略超预期 ,维持“增持”评级。考虑到公司品牌势能上升、金价上行产品价值凸显加速终端动销释放,叠加规模增长驱动经营杠杆释放,上调预计FY2025-2026 经调整净利润分别为39.29/50.82 亿元(原值25.57/33.84 亿元),...

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