理解市场 | 老铺黄金尾盘跌近 4% 花旗称公司配股在预期内 产品加价 25% 超预期
LAOPU GOLD fell nearly 4% in the afternoon trading session, down 3.74% to HKD 669, with a transaction volume of HKD 822 million. On the news front, on October 22, LAOPU GOLD announced plans to place 3.71 million new H shares at HKD 732.49 per share, raising approximately HKD 2.707 billion, of which 70% will be used for inventory reserves. The company explained that due to the long cycle of procurement, production, and sales collection lasting several months, it needs to stock up in advance to cope with the peak sales season. It is reported that in May this year, LAOPU GOLD placed 4.31 million H shares, raising approximately HKD 2.698 billion. Citigroup published a research report stating that this placement is within market expectations, and investors' core focus is whether the capital will be sufficient after this fundraising. With same-store sales growth slowing and new store expansion slowing down, it is expected that free cash flow will turn positive by 2026. In addition, LAOPU GOLD's new round of products has an average price increase of 25%, exceeding expectations. The bank believes that the significant price increase before the November sales peak reflects that the company has achieved ideal sales, and it also expects the company's gross profit margin to stabilize in the second half of the year after the product price increase, based on current gold prices, and anticipates a recovery in gross profit margin next year
According to Zhitong Finance APP, LAOPU GOLD (06181) fell nearly 4% in late trading, and as of the time of publication, it was down 3.74%, priced at HKD 669, with a trading volume of HKD 822 million.
In terms of news, on October 22, LAOPU GOLD announced plans to place 3.71 million new H shares at HKD 732.49 per share, raising approximately HKD 2.707 billion, of which 70% will be used for inventory reserves. The company explained that due to the long cycle of procurement, production, and sales collection lasting several months, it needs to stock up in advance to cope with the peak sales season. It is reported that in May of this year, LAOPU GOLD placed 4.31 million H shares, raising approximately HKD 2.698 billion.
Citigroup published a research report stating that this placement is within market expectations, and the core concern for investors is whether the capital will be sufficient after this fundraising. With same-store sales growth slowing and new store expansion decelerating, it is expected that free cash flow will turn positive by 2026. Additionally, LAOPU GOLD's new round of product price increases averaged 25%, exceeding expectations. The bank believes that the significant price increase before the November sales peak reflects that the company has achieved ideal sales, and it also expects the company's gross margin to stabilize in the second half of the year after the product price increase, based on current gold prices, with a recovery in gross margin expected next year
