The company is a brand that integrates the original design, production price and sales of ancient Chinese handmade gold products.
The company's products have both Chinese intangible heritage cultural values and significant product differences. The main products include pure gold products and pure gold inlaid products (pure gold inlaid with diamonds or other precious stones). The company's products inherit ancient Chinese craftsmanship, and are intended to reflect classic elegance and extreme craftsmanship, reflecting the brand's core values and ideas. In 2023, the company's pure gold products and pure gold inlay products accounted for 43.9% and 56% of revenue respectively. In the past performance period, the two types of products each accounted for about 50% of revenue. The company uses an online and offline self-operated retail sales model. Among them, offline stores account for about 90% of sales revenue. As of the most practical date, the company had 33 stores, covering 14 cities across the country, most of which are first-tier and new-tier cities.
The vast majority of the company's customers are individual customers, and the consumer group portraits are generally high-net-worth consumers in line with the brand's positioning.
According to Frost & Sullivan, the size of China's ancient French gold and jewellery market in 2023 was approximately RMB 157.3 billion in sales revenue, with a CAGR of 64.6% in 2018-2023. In terms of revenue in 2023, the company's shares in the ancient French gold and jewellery market in China were 2.0% and 0.6% respectively.
Among all gold and jewelry brands in China in 2022 and 2023, the company ranked first in single-store sales.
The company's revenue and profit increased. The company's revenue for 2021, 2022 and 2023 was 1.26 billion yuan, 1,294 billion yuan and 3.18 billion yuan respectively, with a compound annual growth rate of 58.6%; in terms of gross profit, the company's gross profit for 2021 to 2023 was 520 million yuan, 540 million yuan and 1.33 billion yuan, respectively, corresponding to gross profit margins of 41.2%, 41.9% and 41.9%; in terms of net profit, net profit for 2021 to 2023 was 110 million yuan, 90 million yuan and 420 million yuan, respectively Interest rates 9.0%, 7.3%, and 13.1%. Based on the company's sale price, the market value of the company's shares is about HK$6.56 billion. The corresponding static PE is 14.4, which is slightly higher than the average PE (TTM) of H shares and A shares in the same industry compared to the company's average PE (TTM). It is recommended to subscribe.