Haitong International released a research report stating that LAOPU GOLD's (06181) new store openings and store structure optimization will drive sequential revenue growth in the short term. In the medium to long term, the group's strengthened high-end brand positioning and expansion of domestic and overseas customer base will further enhance overall consumption capacity and repurchase rates.
The firm maintains its "Outperform" rating for LAOPU GOLD, with a target price of RMB 875.6 (HK$957.2 based on September 1 exchange rate) based on 22x price-to-earnings ratio for 2026, representing 31.6% upside potential.
The firm forecasts that the group's net profit attributable to shareholders will grow 238.4%/34.4%/17.2% year-over-year for 2025-2027, with earnings per share estimates of RMB 29.6/39.8/46.7 respectively.
Haitong International noted that the group's channel expansion and overseas breakthrough will further expand its member base and consolidate its high-end brand position, collectively supporting LAOPU GOLD's long-term growth potential.