老铺黄金指新黄金首饰增值税影响或有限,重申“跑赢大市”评级

摩根大通
Nov 12, 2025

一、研报核心观点与评级摩根大通发布研报,维持对老铺黄金(06181)的“跑赢大市”评级,并给予目标价1296港元。该行微调了公司2025年的盈利预期,下调幅度为2-3%,但基本维持2026-2027年的盈利预期不变。老铺黄金是摩根大通在内地消费板块中的首选股之一,主要得益于其品牌价值、产品创新能力以及在民族自豪感驱动市场中的强大竞争力。二、新增值税政策的影响报告讨论了11月1日实施的新黄金首饰...

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