Core Viewpoint - The company, Gu Ming, is the largest mid-priced tea beverage brand in China, focusing on fresh and high-quality products to attract and retain consumers, supported by a robust supply chain and extensive store network [1][2][3] Company Overview - Gu Ming has established itself as a leading brand in the mid-priced tea beverage sector, with a slogan that emphasizes daily consumption without fatigue, offering a diverse range of fresh and delicious products at affordable prices [1] - The company has a significant presence in second-tier and lower cities, with a leading number of stores and the largest cold chain logistics system in the industry [1] Product Strategy - The product logic is defined by "fresh and high quality," with a focus on consistent product offerings and competitive pricing to drive consumer repurchase [2] - Gu Ming employs a strategy of large-scale procurement of fresh fruits and self-built cold chain logistics to enhance cost control and quality assurance, supporting store expansion [2] Market Potential - The mid-priced tea beverage segment is expected to grow rapidly, with the market size projected to exceed 500 billion yuan during the 14th Five-Year Plan period, with a compound annual growth rate (CAGR) of nearly 15% [3] - There is significant room for market share consolidation in the mid-priced tea segment, with Gu Ming positioned to increase its market share due to its strong supply chain and store management [3] Financial Projections - Gu Ming is expected to achieve adjusted net profits of 2.19 billion, 2.50 billion, and 2.88 billion yuan for the years 2025 to 2027, reflecting year-on-year growth rates of 44%, 14%, and 15% respectively [3] - The company maintains a "buy" rating, with projected price-to-earnings (PE) ratios of 24, 21, and 18 times for the same period [3]
古茗(01364.HK)：潜心深耕 积厚成器