According to the report released by the Zhìtong finance and economics app, Minsheng Securities issued a research report that covers Lao Pu gold (06181) for the first time, giving it a "recommendation" rating, and is expected to achieve revenue of 58.49, 72.85, and 8.563 billion yuan from 2024 to 2026, with net income attributable to shareholders of 10.01, 12.59, and 1.484 billion yuan. From 2021 to 2023, the income contribution of loyal members who purchase more than one million yuan per year will increase from 8.5% to 15.9%, and the income contribution of consumers who purchase more than five times a year will increase from 14.7% to 24.1%. The company has been effective in maintaining old customers and promoting repurchase rate, and considering the strong consumption resilience of the high net worth group, the growth potential is worth looking forward to.

Looking to the future, as a domestic high-end gold and jewelry brand, Lao Pu gold's channel deployment is similar to that of overseas luxury jewelry brands, showing features of streamlined stores and high-end product positioning. 1) Compared with the cities covered by existing channels of Bulgari and Cartier, many first-tier and new second-tier cities in China have not been covered, and the development potential of high-end business districts is urgently needed to be excavated. 2) The single-store sales of Lao Pu gold have been increasing year by year, and there is still room for growth compared with internationally renowned jewelry brands. By 2023, the average revenue per store of Lao Pu gold will reach 0.094 billion yuan, more than twice that of 2022 (0.04 billion yuan). In comparison, the single-store revenue of Lifei Group's jewelry division increased from 0.123 billion yuan in 2021 to 0.221 billion yuan in 2023, indicating that there is still room for growth in Lao Pu gold's single-store sales.