金吾财讯 | 老铺黄金（06181）盘中反复走高，截至发稿，最新报383.60港元，涨幅8.98%，成交额7.72亿港元。消息面上，申万宏源研究认为，短期来看，黄金波动对成本端影响边际减弱，老铺黄金推展产品与品类延伸，市场反馈良好；长期来看，公司高端黄金奢侈品定位清晰，积蓄品牌势能，并且不断拓宽海外市场。但考虑到二季度动销下降明显，该机构下调公司26-28年经调整净利润预测分别为64.99/74.52/84.58亿元（前值为84.97/100.31/113.84亿元）。基于公司商业模式和品牌价值具有独特性和稀缺性，参考可比黄金珠宝零售商的PE水平，该机构仍给予老铺黄金2027年12倍调整后PE，目标价584.31港元，维持“买入”评级。财通证券表示，近期老铺在渠道上动作频频，展示出其极强的品牌溢价能力和奢侈品化的渠道掌控力，体现出独特的品牌实力。公司将“经典文化、非遗工艺、极致审美和黄金资产价值”四位一体组合，重新定义奢侈品标准。该机构预计公司2026-2028年归母净利润至61.80/70.60/87.12亿元。对应PE分别为7.99/6.99/5.67倍，维持“买入”评级。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.