Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 36.01, compared to the current price of HKD 27.26 [6]. Core Insights - The company reported a revenue of HKD 12.914 billion for 2025, representing a year-on-year growth of 46.9%. The adjusted net profit reached HKD 2.575 billion, up 66.9%, while the net profit attributable to shareholders was HKD 3.109 billion, reflecting a significant increase of 110.3% [2][4]. - The report highlights that the growth is driven not only by external factors such as delivery subsidies but also by internal product expansion, particularly in the coffee category, which has seen rapid growth [10]. - The company plans to maintain its store expansion efforts and explore new regions, including Guangxi, Shandong, and Hebei, while continuing to enhance its coffee business and trial breakfast offerings in select stores [10]. Financial Summary - For 2025, the total revenue is projected at HKD 12.914 billion, with expected growth rates of 23.4%, 26.3%, and 21.3% for the years 2026, 2027, and 2028, respectively [4]. - The net profit attributable to shareholders is forecasted to be HKD 3.290 billion in 2026, with growth rates of 5.8%, 27.4%, and 22.8% for the subsequent years [4]. - The company’s gross margin improved from 30.6% in 2024 to 33.0% in 2025, indicating effective cost management and operational efficiency [10].
古茗（01364）：外卖大战波动风险可控，内生驱动增长可期