Core Viewpoint - Morgan Stanley has raised the target price for Gu Ming from HKD 35 to HKD 36, maintaining an "Overweight" rating and continuing to list it as an industry favorite [1] Group 1: Store Expansion and Financial Projections - The company management holds a positive outlook on the franchise network, although it anticipates a slight negative impact on gross margin [1] - The forecast for net new store openings in 2025 and 2026 has been increased from 3,100 and 3,300 to 3,300 and 3,500 respectively, with an expected year-on-year growth of 26% in store count by 2026 [1] - Core net profit for 2025 is estimated to reach CNY 2.3 billion, representing a year-on-year growth of 51% [1] Group 2: Revenue and Profitability Expectations - With the addition of 3,500 new stores in 2026 and a slight decrease in average selling price, revenue is expected to grow by 21% year-on-year [1] - Due to operational leverage expected to offset slight gross margin pressure, the net profit margin is anticipated to remain stable, with core earnings projected to reach CNY 2.8 billion in 2026 [1]
大行评级｜小摩：微升古茗目标价至36港元，继续列为行业首选
Ge Long Hui·2026-01-21 06:24