Intelligent Finance APP learned that Zheshang Securities released a research report stating that considering the comprehensive layout of software and hardware facilities and internal growth-driven factors, it is expected that Xiamen Xiangyu (600057.SH) will have a net profit attributable to the parent company of 1.211 billion yuan, 1.435 billion yuan, and 1.683 billion yuan from 2020 to 2022, with year-on-year increases of 9.50%, 18.46%, and 17.35%, respectively, corresponding to EPS of 0.56 yuan, 0.66 yuan, and 0.78 yuan. From a growth perspective, the company's compound annual growth rate of net profit attributable to the parent company from 2020 to 2022 is 17.90%, and the PEG of the corresponding 2021E PE is 0.52, which is significantly lower than the valuation relative to the growth. Zheshang Securities believes that the reasonable valuation of the company is around 15 times PE, the reasonable market cap of the 2021 net profit attributable to the parent company is about 21.5 billion yuan, and the relative price still has about 58% room for growth. The first coverage is given a "buy" rating.$LAOPU GOLD (06181.HK)$It rose by nearly 5%, as of the time of writing, up 4.85%, reported at 212.0 HKD, with a transaction volume of 62.6848 million HKD.

In terms of news, this year during the november 11 shopping festival-related, Lao Pu Gold has transitioned from offline to online popularity. During this year's november 11 period, Lao Pu Gold topped the Tmall jewelry sales ranking at TOP1, with transactions surging nearly 400% year-on-year, becoming the unquestionable sales champion in the gold category this year. It is worth mentioning that due to the tense situation in Eastern Europe, risk aversion sentiment has further increased, and international gold prices rose for the third consecutive trading day on Wednesday, with spot gold once again standing above 2600 USD.

UBS Group previously pointed out that Lao Pu Gold's sales momentum has remained strong in the second half of the year so far, with two new specialty stores opened, and renovations taking place in three stores by expanding their areas. The firm believes that since Lao Pu Gold was included in the Hong Kong Stock Connect on September 10, its stock price has increased by approximately 117%, yet the valuation remains low. The firm expects that the catalysts for Lao Pu Gold may include a rebound in gold prices after a short-term adjustment; strong sales momentum during the year-end shopping festival; a new store potentially opening in Singapore in early 2025; and the prospect of achieving positive operating cash flow by 2025 as inventory turnover improves.

Editor/ping