Core Viewpoint - Huatai Securities initiates coverage on Guming (01364.HK) with a "Buy" rating and a target price of HKD 35.27, reflecting a 30x P/E ratio forecast for 2026, highlighting the company's operational resilience and growth potential in expanding from regional to national markets [1] Company Summary - Guming focuses on maximizing regional efficiency by establishing a high-density store network, a streamlined supply chain, and a franchise system that aligns interests, which enhances brand loyalty and allows for strong profitability even with a lower population base [1] - The company is expected to leverage its core market advantages to expand nationally and diversify its product offerings, which is anticipated to enhance same-store sales growth [1] Financial Projections - The company is projected to achieve net profits of RMB 2.102 billion, RMB 2.537 billion, and RMB 3.052 billion for the years 2025, 2026, and 2027, respectively, translating to earnings per share of RMB 0.88, RMB 1.07, and RMB 1.28 [1]