Group 1 - Haitong International raised the target price for Gu Ming (01364) from HKD 24.2 to HKD 27.7, maintaining an "outperform" rating [1] - Gu Ming reported impressive revenue growth driven by store expansion and same-store sales, with a transaction value of RMB 14.1 billion, a year-on-year increase of 34%, and revenue of RMB 5.66 billion, up 41% year-on-year [1] - The sales breakdown includes RMB 4.50 billion from merchandise, RMB 1.16 billion from franchise management services, and RMB 0.01 billion from direct store sales, with respective year-on-year growth rates of 42%, 39%, and 14% [1] Group 2 - The firm expects continued growth from takeout services in the second half of the year, with ongoing promotion of coffee and breakfast products expanding consumer scenarios and attracting new customers [1] - Revenue forecasts for 2025-2027 have been raised by 15%, 18%, and 31% to RMB 12.4 billion, RMB 15.2 billion, and RMB 18.8 billion, reflecting year-on-year growth rates of 41%, 22%, and 24% [1] - 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 rates of 49%, 21%, and 25%, and adjusted net profit margins of 18.5%, 18.4%, and 18.5% [1]
海通国际：升古茗目标价至27.7港元 维持“优于大市”评级