Group 1 - The core viewpoint of the report is that Dahe has lowered the target price for Gu Ming (01364) to HKD 27 while maintaining a "Buy" rating, reflecting the impact of delivery subsidies on the market environment [1] - The expected price-to-earnings ratio for 2025-2026 has been adjusted down to 25 times from the previous 30 times, indicating a more cautious outlook [1] - Gu Ming's management has shown determination to address order fluctuations caused by delivery platforms, and there is increased confidence in their clear roadmap to reach 20,000 stores in the next three years [1] Group 2 - In a recent conference call, management reported that the average transaction value per store in July and August continued to grow by approximately 20% after the peak of subsidies [1] - Dine-in demand also experienced a year-on-year increase of several percentage points during the delivery competition period, showcasing resilience in customer preferences [1]
大和：降古茗(01364)目标价至27港元 重申“买入”评级