CICC: Maintaining the "Outperform" rating on LAOPU GOLD (06181) with a target price raised to HKD 343.26.

CCB Research Report states that it maintains a "outperform" rating on LAOPU GOLD (06181), considering the upcoming peak season for jewelry and anticipating continued rapid growth in the end market. The report also mentions that the continuous improvement in brand awareness has boosted the valuation, leading to a 67% increase in the target price to HK$343.26. The bank predicts that LAOPU GOLD's revenue last year increased by 136% year-on-year to 7.5 billion RMB, with a net profit growth of 187% to 1.2 billion RMB. The report notes that the rapid increase in gold prices last year affected mass market jewelry sales, but high-end gold remained resilient. The company has been offering promotional activities at multiple stores since the end of last year, which is expected to drive sales growth. The report states that the bank continues to be optimistic about the growth prospects of LAOPU GOLD this year, raising the net profit forecast for this and next year by 15% and 18% to 1.2 billion and 1.7 billion RMB respectively. The forecast for 2026 is 2.3 billion RMB.