华泰证券：予古茗“买入”评级 上半年公司经营表现亮丽

Core Viewpoint - Huatai Securities reports that Gu Ming's strong performance in the first half of the year is attributed to benefits from delivery subsidies, accelerated product innovation, and an optimized competitive landscape [1] Revenue and Growth - The company's revenue growth outpaced the growth of Gross Merchandise Volume (GMV), primarily due to increased equipment procurement and a higher proportion of core ToB sales [1] Operational Enhancements - Factors such as delivery channel subsidies, extended operating hours for some stores, and the introduction of coffee products are expected to enhance single-store cup volume and average GMV per store [1] Future Outlook - It is anticipated that even with a reduction in delivery subsidies, the company will demonstrate strong operational resilience in the second half of this year and into 2026, as coffee SKU offerings expand and the number of stores equipped with coffee machines increases [1] Valuation and Recommendation - Given the company's current potential for store expansion and profitability, Huatai Securities assigns a target price of HKD 34.57 based on a 30x price-to-earnings ratio for 2026, with a "Buy" rating [1]