Market Brief

The articles are produced in Chinese only.

Author

馮兆山先生(Michael Fung)
經理

現任職輝立經理,對投資股票、期權經驗豐富。本人樂意為客戶提供投資分析及買賣策略。歡迎各位來電交流心得。
Phone:
22776655

老舖黃金:高毛利 + 產品結構優化, 前景看好

Wednesday, April 9, 2025 Views945

- 老舖黃金(6181HK)去年收入85.06億元人民幣, 按年升167.5%;淨利潤14.73億元人民幣, 按年升253.9%。去年度綜合毛利率為41.2%, 按年下跌0.7%。

 

- 相較為傳統金飾零售商, 老舖黃金的產品設計較時尚獨特, 較合年輕一代的消費口味, 同時擁有傳統黃金的保值功能。

 

- 中國內地市場:核心城市覆蓋率高 + 門店持續優化

目前, 老舖黃金於中國大陸市場的開店發展仍有大空間。據內地媒體引述管理層預計, 他們展望今年度分店數目可達致50 – 60家。

現時, 老舖黃金於中國內地的分店數目為33家, 大部份位於一線和新一線城市的黃金地段商業中心, 較為矚目的包括有:4家位於SKP, 8家位於萬象城;從城市分佈來看, 老舖黃金主要集中於北京城 -- 共有11家分店, 上海及廣州則各有1家。

 

- 門店調優 + 穩定漲價策略, 門店銷售有提升空間

據老舖黃金的招股文件顯示, 2023年北京SKP店年銷3.4億元人民幣, 南京德基、瀋陽萬象城、上海豫園等門店年銷額均超過2億元人民幣, 西安SKP店為1.9億元人民幣。

- 目前, 「老舖黃金」的品牌尚未打入高端、國際奢侈品牌的層次, 對於高端消費者群的曝光度仍不足;未來集中於一線 + 新一線城市的開店策略, 有望可進一步提升品牌力、用戶積累的結果。

 

- 積極拓展海外市場:港澳地區居先, 新加坡首店即將開幕, 東南亞市場部署中

目前, 香港老舖黃金門店分別設於尖沙咀廣東道的旗艦店、尖沙咀海港城分店;即將開幕的新加坡店則位於濱海灣金沙酒店。

另外, 老舖黃金正計劃於日本開設分店網絡。

 

- 老舖黃金正積極推進高毛利、高檔次產品矩陣、優化產品結構策略, 公司發展、業績及股價前景可看高一線。

看圖睇勢, 經過2025年4月7日的急跌後, 日線圖的上升軌及10天、20天平均線亦已跌穿, 投資者可採取較保守取態, 待股價回落至2025年3月26日的低位 = HK$616.5作出吸納;第一目標價設定為2025年4月7日的高位HK$772, 潛在升幅約25%。若股價能進一步突破的話, 有望邁向瑞銀的目標價 = HK$900及花旗的目標價 = HK$979;止蝕價設定為 = HK$550。

 

本人馮兆山為證監會持牌人士。截至本評論文章發表日止,本人及/或其有聯繫者並無持有全部提及之證券的所有相關財務權益.

I, Michael Fung, am a licensed person under the Securities and Futures Commission. Until the date this commentary was published, neither I and/or my affiliates are the beneficiary of the securities mentioned herein or are entitled to any financial interests in relation thereto.

This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.
Top of Page
Contact Us
Please contact your account executive or call us now.
Research Department
Tel : (852) 2277 6846
Fax : (852) 2277 6565
Email : businessenquiry@phillip.com.hk

Enquiry & Support
Branches
The Complaint Procedures
About Us
Phillip Securities Group
Join Us
Phillip Network
Phillip Post
Phillip Channel
Latest Promotion
新闻稿
E-Check
Login
Investor Notes
Free Subscribe
Contact Us