Core Viewpoint - Goldman Sachs released a report indicating that Gu Ming (01364) faces high base pressure for same-store sales growth but expects support from key factors such as coffee product promotion, gradual breakfast offerings, early store openings, product category expansion, and enhanced in-store experiences [1] Group 1: Company Outlook - Gu Ming's management anticipates same-store sales growth to face high base pressure but remains optimistic due to strategic initiatives [1] - The company plans to maintain its store expansion at a year-on-year level, focusing on existing regional penetration and new market development [1] - The gross margin is expected to remain stable, while operating profit margin is projected to increase moderately due to operational leverage [1] Group 2: Market Strategy - Management noted a recent easing in subsidy intensity but believes the overall impact remains manageable due to cautious brand activities, successful new products aiding customer retention, and in-store sales recovering from low levels [1] - Long-term, Gu Ming aims to expand to 30,000 to 40,000 stores in China under the current model, indicating potential for further growth if new store potential is realized [1] - The group reaffirmed its commitment to a payout ratio exceeding 50% [1]
高盛：古茗(01364)今年透过多重策略推动同店销售增长 予“买入”评级