Morgan Stanley: Optimistic about the performance of the old shop during the Spring Festival, considering it as the first choice for China's consumer sector, and giving a target price of 1296 Hong Kong dollars.

JPMorgan Chase released a research report stating that they are more optimistic about the Lunar New Year consumer performance of Lao Pu Gold than the market, due to the brand equity improvement, introduction of new products, attracting new customers, repeat purchases by existing customers, and favorable gold price trends. With the steady performance of the group, it should alleviate investors' worries about the recent high base effect and gold price fluctuations affecting consumer behavior. They believe that through its systematic development strategy, Lao Pu Gold is best positioned to benefit from experiential growth. The bank has raised its profit forecast for Lao Pu Gold from 2025 to 2027 by 1% to 7%, expecting a 49% year-on-year profit growth this year; predicting that Lao Pu Gold will achieve a compound annual growth rate of sales and net profit of 77% and 82% respectively from 2025 to 2027; and the next price increase for Lao Pu Gold may be around the end of February. JPMorgan has extended the valuation period for Lao Pu Gold to December 2026 and maintained a target price of HK$1296 using discounted cash flow method, with a "hold" rating, making it the top choice for the bank in the China consumer sector. Potential short-term catalysts include retail sales performance during January and February Lunar New Year, upcoming product price increases, and overseas expansion.