Investment Rating - The report maintains a "Buy" rating for the company [2][5][12] Core Insights - The company reported a revenue of RMB 5.7 billion for 1H25, representing a year-on-year growth of 41%, and an adjusted core profit of RMB 1.1 billion, up 49% year-on-year, with an improved adjusted core profit margin of 20.1% [5][8] - The target price has been raised from HK$ 21.2 to HK$ 28, indicating a potential upside of 24% [5][8] - The company has seen significant growth in store numbers and same-store sales, with a net addition of 1,265 stores in 1H25, bringing the total to 11,179, and a same-store sales growth exceeding 20% in July and August [7][9][10] Financial Data and Earnings Forecast - Revenue projections for the next few years are as follows: - 2023: RMB 7,676 million - 2024: RMB 8,791 million - 2025E: RMB 12,152 million - 2026E: RMB 13,527 million - 2027E: RMB 15,725 million - Adjusted core profit forecasts are: - 2023: RMB 1,459 million - 2024: RMB 1,542 million - 2025E: RMB 2,232 million - 2026E: RMB 2,450 million - 2027E: RMB 2,854 million - Earnings per share (EPS) estimates have been adjusted upward for the coming years [6][15] Store Expansion and Performance - The company has focused on expanding its presence in lower-tier cities, with 81% of stores located in tier-2 and below cities, and 43% in townships [7][9] - The average daily GMV per store increased by 21% year-on-year to approximately RMB 7,600 [10] - The coffee business has also progressed, with over 8,000 stores equipped with coffee machines and new coffee products launched [11] Conclusion - The report expresses confidence in the company's supply chain efficiency, product innovation capabilities, and strong potential for store openings, maintaining a positive outlook on its growth trajectory [12]
古茗（01364）：1H25新开门店和同店收入均超预期