周四(6月19日),老铺黄金再跌近5%,本周已回落近13%,公司本月底将迎来大规模限售股解禁,花旗认为老铺的价格仍将具吸引力。
消息面上,6月28日,老铺黄金将迎来上市后最大规模限售股解禁。高盛发布报告称,鉴于6月27日将有约占总股本40%限售股到期解禁,股价的任何潜在回调都可能提供增持良机,因为盈利处于持续上修周期、更强的增长可持续性和海外市场机会带来估值重估潜力、同时2025年三季度面临多项推动因素。
花旗表示,老铺现处于前所未有的价格优势,且重塑了金饰行业的商业模式,对其产品实行每件固定价格,其纯金饰品的每克零售价格过去比主要传统珠宝商按重量计价的金饰贵约20%。该行指,因金价劲上涨,上述溢价已缩窄至约5%或更低,预计老铺在2025年下半年将价格上调9%至10%,与2025年上半年增幅相似,假设金价保持平稳,价格溢价可能扩大至10%至15%。花旗认为老铺的价格仍将具吸引力,若金价继续上涨,老铺的价格溢价将再次缩窄,吸引更多客户。
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