Investment Rating - The report maintains an "OUTPERFORM" rating for Guming Holdings [2][12] Core Views - Guming Holdings reported outstanding performance in 1H, with revenue reaching RMB 5.66 billion, a year-on-year increase of 41% [3][11] - The company is expected to continue its growth trajectory, driven by store expansion and product innovation, with projected revenues of RMB 12.4 billion, RMB 15.2 billion, and RMB 18.8 billion for 2025, 2026, and 2027 respectively [6][12] Financial Performance - In 1H, Guming's adjusted net profit was RMB 1.09 billion, up 42% year-on-year, with an adjusted net profit margin of 19.2% [3][11] - The company achieved a gross profit margin of 31.5%, remaining stable compared to previous periods [5][11] - The number of stores increased by 1,265 in 1H, bringing the total to 11,179, with a significant presence in lower-tier cities [4][11] Revenue Breakdown - Revenue sources included sales of goods and equipment (RMB 4.5 billion), franchise management services (RMB 1.16 billion), and direct store sales (RMB 0.01 billion), with respective year-on-year growth rates of 42%, 39%, and 14% [4][11] - The average daily sales per store reached approximately RMB 7,600, a 23% increase year-on-year, with an average of 439 cups sold per store daily [4][11] Future Outlook - The report anticipates continued growth in the second half of the year, driven by the expansion of delivery services and the introduction of new products, particularly in the coffee segment [5][12] - The adjusted net profit is projected to grow to RMB 2.30 billion, RMB 2.79 billion, and RMB 3.49 billion for 2025, 2026, and 2027 respectively, reflecting a robust growth outlook [6][12]
古茗（01364）：1H业绩表现亮眼，未来增长仍具内外动能