大行评级丨高盛：预期今年内地餐饮销售增长加快至4.2%，看好古茗及蜜雪集团

Core Viewpoint - Goldman Sachs expects a faster growth in mainland China's restaurant sales this year, projecting a year-on-year increase of 4.2%, surpassing last year's growth of 3.2% [1] Industry Summary - The restaurant industry is experiencing price increases to cope with rising operational and raw material costs, as well as an increase in the proportion of takeaway orders, supported by a recovery in demand [1] - For ready-to-drink beverage companies, the second and third quarters of this year will face challenges due to high same-store sales growth comparisons, but current takeaway subsidies are higher than expected, alongside product variety expansion and richer consumption scenarios, which will support same-store sales growth [1] Company Summary - Goldman Sachs maintains a positive outlook on leading companies in the ready-to-drink beverage sector, including Gu Ming and Mixue Group, raising the target price for Gu Ming to HKD 34 and for Mixue to HKD 493, with ratings of "Confident Buy" and "Buy" respectively [1] - The company is particularly optimistic about Gu Ming due to its strong historical performance in expanding consumption scenarios and launching new products, as well as significant potential for store expansion, with core earnings estimates for 2025 to 2027 raised by 4% to 6% [1]