Core Viewpoint - Haitong International has raised the target price for Gu Ming (01364) from HKD 24.2 to HKD 27.7, maintaining an "outperform" rating due to strong revenue growth driven by store expansion and same-store sales growth [1] Financial Performance - In the first half of the year, Gu Ming achieved a transaction value of RMB 14.1 billion, a year-on-year increase of 34%, with revenue reaching RMB 5.66 billion, up 41% year-on-year [1] - Revenue from sales of goods and equipment, franchise management services, and direct store sales were RMB 4.50 billion, RMB 1.16 billion, and RMB 0.01 billion, respectively, reflecting year-on-year growth of 42%, 39%, and 14% [1] Future Outlook - The company is expected to see continued growth in the second half of the year, with takeout services contributing additional revenue, and the promotion of coffee and breakfast products expanding consumer scenarios [1] - Haitong International has adjusted its revenue forecasts for 2025-2027 upwards by 15%, 18%, and 31% to RMB 12.4 billion, RMB 15.2 billion, and RMB 18.8 billion, representing year-on-year growth of 41%, 22%, and 24% [1] - The adjusted net profit forecasts have been increased by 22%, 27%, and 46% to RMB 2.30 billion, RMB 2.79 billion, and RMB 3.49 billion, with year-on-year growth of 49%, 21%, and 25% [1] - The adjusted net profit margins are projected to be 18.5%, 18.4%, and 18.5% for the respective years [1]
海通国际：升古茗(01364)目标价至27.7港元 维持“优于大市”评级