Core Viewpoint - The report from Daiwa indicates that Gu Ming will continue to maintain stable same-store sales growth (SSSG) and remain a leader in the fresh beverage market by 2026 due to product innovation and successful category expansion [1] Group 1: Product Innovation and Sales Growth - Gu Ming launched several new products in 2025, with the sweet soup introduced in November performing exceptionally well, accounting for 15% of store gross merchandise value (GMV) by December [1] - Breakfast products, including coffee and bread, are expected to be a significant growth driver in 2026, with their GMV contribution projected to increase from 15% in 2025 to between 20% and 25% [1] Group 2: Expansion Plans - The company plans to open 3,300 new stores in 2026 to enhance coverage density in certain regions and enter new markets such as Shanghai and Shaanxi [1] Group 3: Financial Projections and Ratings - Daiwa has raised its earnings per share estimates for Gu Ming for 2025 to 2027 by 2% to 6%, and increased the target price from HKD 27 to HKD 32, reiterating a "buy" rating [1] - The firm views Gu Ming as a core beneficiary in the fresh beverage market due to its competitive advantages in product innovation, cold chain logistics, and market expansion [1]
大行评级｜大和：上调古茗目标价至32港元 2026年有望保持稳定的同店销售增长
Ge Long Hui·2026-01-09 04:56