智通财经APP获悉，高盛发布研报称，维持老铺黄金(06181)“买入”评级，目标价1168港元，对应2026年预测市盈率约25倍。
报告中称，老铺黄金去年纯利达48.68亿元人民币(下同)，处于盈喜范围的中高端。2025年下半年收入同比增长200%至149.49亿元，略低于该行预期，但被毛利率优于预期及销售及行政开支低于预期所抵销。该行认为，这主要得益于提前备货及营运效率提升。
报告同时提及，公司公布今年首季初步业绩，表现远超市场预期。其中，收入预计达165亿至175亿元，较2025年上半年收入高出34%至42%，该行估计同比增长超过一倍，净利润率亦较预期高。该行相信，这主要受惠于提前备货及营运杠杆。
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