Workflow
GUMING(01364)
icon
Search documents
东吴证券:维持古茗“买入”评级 未来看好中价茶饮细分赛道龙头持续保持较快增长
Zhi Tong Cai Jing· 2025-10-23 08:53
该行表示,未来看好中价茶饮细分赛道龙头持续保持较快增长,主要源于:1)该行看好"十五五"期间国 内现制茶饮市场规模有望跨越5000亿元,扩容CAGR近15%。2)对标咖啡及平价茶饮赛道,中价茶饮份 额整合空间较大,古茗市占率提升空间可期。3)消费者复购率决定份额胜负手。中价茶饮内部对比来 看,在现制茶饮需求风口减弱背景下,新进品牌快速崛起实现份额赶超的可能性相对较小,而古茗凭借 更为扎实的供应链建设及门店运营管理,以更高的品质认同形成更强的复购表现,开店稳扎稳打,品牌 势能稳中有进,未来门店数量有望达到3.5~4.0万家。 东吴证券发布研报称,维持古茗(01364)"买入"评级,维持此前盈利预测,预计公司2025~2027年经调整 归母净利为21.9、25.0、28.8亿元,同比+44%、+14%、+15%,对应PE为24、21、18x。古茗作为大众 现制茶饮龙头,高质价比及稳定品控不断夯实销售势能,运营效率和门店布局所积累的系统性优势持续 显现,份额提升路径清晰。 ...
东吴证券:维持古茗(01364)“买入”评级 未来看好中价茶饮细分赛道龙头持续保持较快增长
智通财经网· 2025-10-23 08:49
智通财经APP获悉,东吴证券发布研报称,维持古茗(01364)"买入"评级,维持此前盈利预测,预计公司 2025~2027年经调整归母净利为21.9、25.0、28.8亿元,同比+44%、+14%、+15%,对应PE为24、21、 18x。古茗作为大众现制茶饮龙头,高质价比及稳定品控不断夯实销售势能,运营效率和门店布局所积 累的系统性优势持续显现,份额提升路径清晰。 该行表示,未来看好中价茶饮细分赛道龙头持续保持较快增长,主要源于:1)该行看好"十五五"期间国 内现制茶饮市场规模有望跨越5000亿元,扩容CAGR近15%。2)对标咖啡及平价茶饮赛道,中价茶饮份 额整合空间较大,古茗市占率提升空间可期。3)消费者复购率决定份额胜负手。中价茶饮内部对比来 看,在现制茶饮需求风口减弱背景下,新进品牌快速崛起实现份额赶超的可能性相对较小,而古茗凭借 更为扎实的供应链建设及门店运营管理,以更高的品质认同形成更强的复购表现,开店稳扎稳打,品牌 势能稳中有进,未来门店数量有望达到3.5~4.0万家。 ...
古茗(01364):潜心深耕,积厚成器
Soochow Securities· 2025-10-22 23:30
证券研究报告·海外公司深度·食物饮品(HS) 古茗(01364.HK) 潜心深耕,积厚成器 2025 年 10 月 23 日 买入(维持) | Table_EPS] [盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 7,676 | 8,791 | 12,315 | 13,576 | 15,590 | | 同比(%) | 38.07 | 14.54 | 40.08 | 10.24 | 14.83 | | 归母净利润(百万元) | 1,080 | 1,479 | 2,685 | 2,495 | 2,881 | | 同比(%) | 194.48 | 36.95 | 81.61 | (7.09) | 15.47 | | Non-GAAP 净利润(百万元) | 1,442 | 1,528 | 2,194 | 2,495 | 2,881 | | 同比(%) | 84.27 | 5.92 | 43.65 | 13.69 | 15.47 | | EPS-最新摊薄(元/股 ...
港股新消费概念股普跌,卫龙美味跌超6%,布鲁可、奈雪的茶、沪上阿姨、名创优品、泡泡玛特跌超5%,蜜雪集团、古茗跌超4%
Ge Long Hui· 2025-10-17 07:52
Core Viewpoint - The Hong Kong stock market has seen a decline in new consumption concept stocks, with several companies experiencing significant drops in their stock prices [1][2]. Group 1: Stock Performance - Wei Long Mei Wei (卫龙美味) fell by 6.72%, with a latest price of 12.220 and a market capitalization of 29.709 billion [2]. - Bluestone (布鲁可) decreased by 5.91%, priced at 97.950, with a total market value of 24.37 billion [2]. - Naixue's Tea (奈雪的茶) dropped by 5.65%, trading at 1.170, and has a market cap of 1.995 billion [2]. - Hu Shang A Yi (沪上阿姨) saw a decline of 5.57%, with a price of 111.900 and a market capitalization of 11.772 billion [2]. - Miniso (名创优品) decreased by 5.51%, priced at 41.880, with a total market value of 51.164 billion [2]. - Pop Mart (泡泡玛特) fell by 5.14%, trading at 273.400, with a market cap of 367.161 billion [2]. - XPeng Motors (小鹏汽车-W) decreased by 4.77%, with a latest price of 78.850 and a market capitalization of 150.328 billion [2]. - Mixue Group (密雪集团) dropped by 4.68%, priced at 423.400, with a market cap of 160.731 billion [2]. - Gu Ming (古茗) saw a decline of 4.66%, trading at 24.120, with a total market value of 57.362 billion [2]. - Shangmei Co., Ltd. (上美股份) decreased by 4.74%, with a price of 95.550 and a market capitalization of 38.039 billion [2].
港股新消费概念股普遍走高 上美股份、古茗均涨超7%
Mei Ri Jing Ji Xin Wen· 2025-10-15 02:36
每经AI快讯,10月15日,港股新消费概念股普遍走高,截至发稿,上美股份(02145.HK)涨7.43%,报 101.2港元;古茗(01364.HK)涨7.33%,报26.08港元;蜜雪集团(02097.HK)涨6.53%,报443.8港元;名创 优品(09896.HK)涨5.15%,报45.32港元;布鲁可(00325.HK)涨4.99%,报107.4港元;老铺黄金 (06181.HK)涨4.04%,报721港元。 ...
新消费概念股普遍走高 上美股份、古茗均涨超7%
Zhi Tong Cai Jing· 2025-10-15 02:32
消息面上,国泰海通证券此前指出,当前我国外部环境面临更大扰动,提振内需消费的重要性和必要性 日益凸显,政策支持下消费对经济的拉动作用有望强化。尽管当前港股新消费部分领域短期略显过热, 但居民消费更加注重个性化和理性化的宏观趋势并未改变,该行预计悦己和性价比相关消费或延续增长 趋势,如潮玩、美护、宠物等。 新消费概念股普遍走高,截至发稿,上美股份(02145)涨7.43%,报101.2港元;古茗(01364)涨7.33%,报 26.08港元;蜜雪集团(02097)涨6.53%,报443.8港元;名创优品(09896)涨5.15%,报45.32港元;布鲁可 (00325)涨4.99%,报107.4港元;老铺黄金(06181)涨4.04%,报721港元。 ...
港股异动 | 新消费概念股普遍走高 上美股份(02145)、古茗(01364)均涨超7%
智通财经网· 2025-10-15 02:32
智通财经APP获悉,新消费概念股普遍走高,截至发稿,上美股份(02145)涨7.43%,报101.2港元;古茗 (01364)涨7.33%,报26.08港元;蜜雪集团(02097)涨6.53%,报443.8港元;名创优品(09896)涨5.15%,报 45.32港元;布鲁可(00325)涨4.99%,报107.4港元;老铺黄金(06181)涨4.04%,报721港元。 消息面上,国泰海通证券此前指出,当前我国外部环境面临更大扰动,提振内需消费的重要性和必要性 日益凸显,政策支持下消费对经济的拉动作用有望强化。尽管当前港股新消费部分领域短期略显过热, 但居民消费更加注重个性化和理性化的宏观趋势并未改变,该行预计悦己和性价比相关消费或延续增长 趋势,如潮玩、美护、宠物等。 ...
港股新消费概念股走强 古茗涨近7%
Mei Ri Jing Ji Xin Wen· 2025-10-15 02:10
每经AI快讯,10月15日,港股新消费概念股走强,截至发稿,古茗(01364.HK)涨6.91%、布鲁可 (00325.HK)涨5.96%、蜜雪集团(02097.HK)涨5.38%、泡泡玛特(09992.HK)涨3.88%、老铺黄金 (06181.HK)涨3.32%。 ...
餐饮旅游行业:国庆中秋长假数据稳健向好
Orient Securities· 2025-10-13 09:47
Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Insights - The holiday data continues to validate the resilience of cultural and tourism consumption, with both short-term catalysts and mid-term growth logic present [3] - During the National Day and Mid-Autumn Festival holiday, domestic travel reached 888 million trips, with total spending of 809 billion yuan, indicating stable tourism activity and resilient travel demand [8] - The integration of cultural and tourism consumption is highlighted, with key retail and catering enterprises seeing a sales increase of 2.7% year-on-year during the holiday period [8] Summary by Sections Holiday Data Performance - The holiday period saw 888 million domestic trips, averaging 111 million trips per day, a year-on-year increase of 1.6% [8] - Total domestic travel expenditure was 809 billion yuan, averaging 101.1 billion yuan per day, with a year-on-year increase of 1.0% [8] - Cross-regional personnel flow reached 2.432 billion trips, averaging 304 million trips per day, a historical high with a year-on-year increase of 6.2% [8] Scenic Area Performance - Scenic areas generally experienced increased visitor numbers, with Emei Mountain receiving 371,000 visitors, a 41.3% increase [8] - The overall performance of Xinyuan Cultural Tourism's scenic areas reached a historical high, with 1.655 million visitors and revenue of 98.4 million yuan, marking a 20% increase [8] Duty-Free and Outbound Tourism - Hainan's duty-free shopping amounted to 944 million yuan, a 13.6% increase, with 122,900 shopping trips, indicating a recovery in outbound tourism [8] - Nationally, outbound travel reached 16.34 million trips, an 11.5% increase, with significant growth in foreign visitors [8] Consumer Behavior Trends - The holiday period exhibited three main characteristics: parallel long-distance and nearby travel, expansion of nighttime and experiential consumption, and more efficient transportation operations [8] - The integration of cultural and tourism sectors continues to drive growth, with a focus on enhancing travel experiences and innovative sales strategies [8]
古茗20251010
2025-10-13 01:00
Summary of Gu Ming's Conference Call Company Overview - **Company**: Gu Ming - **Industry**: Beverage (Tea and Coffee) Key Points and Arguments Sales Performance and Growth - Gu Ming expects same-store sales to grow in Q4, driven by reduced delivery subsidies, new product launches, and a low base from last year due to delivery price increases [2][3] - In January to September 2025, actual revenue for franchisees increased year-on-year, but the growth rate was lower than that of GMV [2][5] - The company achieved a 20% growth rate in 2025, with Q3 also showing strong performance [24] Franchisee Profitability - Franchisees' actual revenue has been increasing, but profit margins are under pressure due to high delivery ratios and low actual revenue rates [4][21] - The delivery revenue rate is around 60%, while non-delivery remains stable at 85% [4] - Gu Ming is focusing on improving dine-in sales to enhance franchisee profitability [4][18] Expansion Plans - The company aims to reach 20,000 stores by 2027, with a target of opening approximately 3,000 new stores in 2026 [2][7][11] - Despite the competitive delivery market, franchisee willingness to open new stores has declined since May 2025 [8][9] - Gu Ming plans to expand in existing regions and invest more resources in new areas like Guangdong and Guangxi [9][10] Product Strategy - New product launches, including hot drinks and coffee, are being introduced to adapt to seasonal changes, especially in northern markets [12][17] - The company has over 10,000 coffee outlets and aims to increase user retention and purchase frequency through promotional activities [23] Market Dynamics - The competitive landscape includes ongoing delivery wars among platforms like Ele.me, Taobao, and Meituan, affecting franchisee revenue [4][15] - Gu Ming does not plan to initiate price wars but will respond to competitive pressures as necessary [28] Seasonal Adjustments - The company has introduced seasonal products to address winter demand, such as hot drinks and specific tea varieties [12][17] - Sales of fruit tea are higher in summer, while milk tea sales increase in winter [13] Digital and Supply Chain Developments - There are no significant updates on supply chain upgrades or digital systems; automation is still in the testing phase [35] Breakfast and New Product Initiatives - Gu Ming is testing breakfast products in select locations, with plans to expand offerings in 2026 [32][33] - The pricing strategy for new breakfast items is being developed, with a focus on maintaining profitability for franchisees [33] Financial Outlook - The company is monitoring franchisee profitability closely and may consider price adjustments or other measures if profitability declines significantly [20][21] Conclusion - Gu Ming is positioned for growth with a focus on expanding its store network, enhancing franchisee profitability, and adapting its product offerings to seasonal demands. The company is navigating a competitive landscape while maintaining a strategic approach to market expansion and product innovation.