20231214_国泰君安_珠宝行业一文读懂老铺黄金（H01947.HK）招股书：古法金开创引领者打造世界一流珠宝品牌_29页.pdf
2010203 XVAZxOsPtQoPsMmPtOtMoP9PaO9PmOrRtRmPfQnMpNiNnMtO9PnNxPMYsOqRMYpMwO3/CONTENTS0102030405 4 2022 51.07%48.64%99%2023H1 14.18/yoy+116.12%1.97/yoy+232.22%1.10%10%20%30%40%50%60%70%80%90%100%FY2020 FY2021 FY2022 2023H1 2 99%0%10%20%30%40%50%60%70%80%90%100%FY2020 FY2021 FY2022 2023H1 3 1-0.500.511.522.50.002.004.006.008.0010.0012.0014.0016.00FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 2023H1 51.22009 20142014 11“”20172017 420192019 112017 8SKP2019 122022 112022 20232023 1129 122020 82020 4 61.3徐 高明先 生 徐 东 波 先 生陈 国 栋 先 生老 铺黄金 股份有 限公司（中 国）岳 阳老铺（中 国）红 乔 金 季天 津 金 橙（中国）香 港老铺（香 港）澳 门 老 铺（澳门）天 津金莅（中 国）天 津金咏（中 国）苏 州黑蚁（中 国）天 津金谛（中 国）苏 州 逸 美（中国）复 星汉兴（中 国）天 津 金 积（中国）70%30%10.57%22.39%39.33%10.04%6.51%3.05%0.88%1.11%1.82%1.86%1.49%0.96%100%100%100%员 工 持 股 平 台 Pre-IPO轮投资人 5 早期投资 人 71.358544246 1 2 423 205 108 75 17 9 9 423 82.1-2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%20.0%01,0002,0003,0004,0005,0006,0007,0008,0009,00010,000 yoy0100020003000400050006000700080009000100002017 2022 2027E 2017-2022 CAGR 2022-2027E CAGR9.2%5.9%7.6%6.4%-6.6%-0.7%-20.0%-2.3%2.3%4.8%15.9%-1.7%7.0%-0.7%6 2017-2027E 7 3 2017-2027E 92.101,0002,0003,0004,0005,0006,000 K 01000200030004000500060002017 2022 2027E 2017-2022 CAGR 2022-2027E CAGR3.70%-0.10%13.90%13.20%100.50%15.80%8 2017-2027E 9 4 2017-2027E 100.0%50.0%100.0%150.0%200.0%250.0%300.0%350.0%05001,0001,5002,0002,5002017 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E yoy2.1 10 2017-2027E CAGR 100.5%CAGR 15.8%112.2 12 2022 463 CR5 47.6%2022 2022 2.3 5 80%2023 10 1 100%2 90%3 Chaumet 80%4 70%5Qeelin APM Monaco60%11 02,0004,0006,0008,00010,00012,000 12 Wind 2023H1 13+2.3 14 3.1 2020-2023H1 8.96/12.65/12.94/14.18 2020-2022 2023H1-0.20%/41.21%/2.34%116.12%2023H1 6.53/7.61 102.1%/130.2%2019 2020H2 2023H1 12.54/1.64 88.4%/11.6%051015202530FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 2023H100.20.40.60.811.21.40.002.004.006.008.0010.0012.0014.0016.00FY2020 FY2021 FY2022 2023H1 89.49%89.78%87.03%88.44%10.51%10.22%12.97%11.56%0%10%20%30%40%50%60%70%80%90%100%FY2020 FY2021 FY2022 2023H1 14 13 15 153.20.0%10.0%20.0%30.0%40.0%250000250000 16 1-5 17 18 16 6 SKU 6.9g-34.3g 9280-57600 6.9g 9280 7.3g 9580 30 15.3g 25300 30 26.3g 38000 50 33.3g 56700 50 34.3g 57600 43.9g 0.610 43380 44.3g 43600 46.9g 46000 48.6g 47500 50.3g 48900 10 7.6g 13880 12 7.6g 13980 14 7.6g 14460 16 7.9g 14980 8 4.9g 9280 9 5.3g 9580 10 5.6g 9780 11 5.3g 9880 12 5.6g 10080 13 5.9g 10380 14 5.9g 10380 15 5.6g 11180 16 5.6g 11180 17 5.9g 11460 4.6g 13680 4.9g 13980 3 24 22000 25 22200 26 23500 40.6g 37700 37.9g 31100 38.3g 31300 219.3g 242000 SKU3.3 173.4 19 20 183.4 193.400.050.10.150.20.250.30.350.00100.00200.00300.00400.00500.00600.00700.00800.00900.00FY2020 FY2021 FY2022 2023H1 yoy 22 2020-2023H1 21 1 2 3 4 20+3.50.0%10.0%20.0%30.0%40.0%50.0%FY2020 FY2021 FY2022 FY2023H1 23 24 Wind 213.637.32%29.92%105.79%00.20.40.60.811.20.000.200.400.600.801.001.201.401.601.80FY2020 FY2021 FY2022 2023H1 yoy 25 26 223.7 28 0.00%20.00%40.00%60.00%80.00%100.00%120.00%140.00%0200,000400,000600,000800,0001,000,0001,200,0001,400,0001,600,000FY2020 FY2021 FY2022 FY2023H1 27 234.1 7 120 6.93 3,000 9,976 4,160 41.70%1,759 755 524 337 78 65-2,401 600 1,801 18.05%2020 2021 2022 2023H1 2023H1 SKP 2017 7 11,613 17,609 14,011 16,468 137 2018 8 6,297 7,768 8,459 10,399 127 2019 5 7,970 9,123 988 10,284 86 SKP 2018 5 7,336 10,616 10,528 9,396 175 2022 1 5,310 8,835 55 8 244.22020 2021 2021 2022 2022H1 2023H1 15 18 21 72,460 94,207 110,726 91,194 53,040 104,750 4,831 6,280 6,151 5,066 5,051 9,976 30.00%-17.60%97.50%9-20%0%20%40%60%80%100%120%02004006008001,0001,2001,400FY2020 FY2021 FY2022 FY2023H1(kg)(kg)yoy yoy0%2%4%6%8%10%12%14%02004006008001,0001,200FY2020 FY2021 FY2022 FY2023H1 yoy yoy 29 30 31 3 254.3 32 33 1058771594330 29 2923020406080100120 3913243032722502071507929050100150200250300350400450 26 4.40%5%10%15%20%25%30%35%40%45%0.001.002.003.004.005.006.007.00FY2020 FY2021 FY2022 2023H1 0.00%5.00%10.00%15.00%20.00%25.00%FY2020 FY2021 FY2022 2023H1 0.00%2.00%4.00%6.00%8.00%10.00%12.00%14.00%16.00%0.000.501.001.502.002.50FY2020 FY2021 FY2022 2023H1 34 35 36 2020-2023H1 21.2%/20.8%/23.0%/17.6%7.3%/7.1%/7.3%/4.8%2023H1 275.1 28 THANKS FORLISTENING
