Industrial Securities(SH:601377) 智通财经网·2025-09-10 03:57Core Viewpoint - The report from Industrial Securities highlights that Gu Ming (01364) is positioned second in the industry in terms of store scale, demonstrating strong operational efficiency and product quality, with significant room for expansion and untapped overseas markets, leading to a positive outlook on the company's performance potential and a "Buy" rating [1] Group 1: Financial Performance - In the first half of the year, the company experienced rapid growth in both revenue and profit, driven by internal and external factors, with improved single-store operational efficiency and profit levels, resulting in enhanced overall profitability [1] - The projected revenue for the company for the years 2025, 2026, and 2027 is estimated to be 12.36 billion, 14.87 billion, and 17.41 billion yuan respectively, with adjusted net profits of 2.28 billion, 2.82 billion, and 3.30 billion yuan [1] Group 2: Store Expansion - As of the first half of 2025, the total number of stores reached 11,179, an increase of 1,265 stores compared to the end of 2024, with a significant presence in lower-tier markets [1] - The company opened 1,570 new stores and closed 305, resulting in a closure rate of 3.1%, which is considered reasonable [1] - The company anticipates opening no less than 3,000 new stores throughout the year, with the opening pace in the first half aligning with expectations [1] Group 3: Operational Metrics - The total GMV (Gross Merchandise Volume) for the first half of 2025 was 14.1 billion yuan, reflecting a year-on-year growth of 34.4%, with a total cup output of 800 million cups, up 30.1% [2] - The average cup price increased to 17.3 yuan, marking a 3.3% year-on-year rise [2] - On a per-store basis, the average daily GMV was 7,600 yuan, a 22.6% increase year-on-year, and the average daily cup output was 439 cups, up 17.4% [2]