该行报告指，古茗持续展示其竞争力，年初至今单店商品交易总额(GMV)增长超过20%，显著好过其他 中价位的即制饮品品牌，背后不单止是因为外卖补贴，更归功于公司成功推出新产品和扩张产品类别 (如咖啡)，以及强大的执行能力。市场忧虑明年外卖补贴常态化后的同店销售增长，股价较6月高位回 落23%。不过，该行认为门店稳步扩张及增加产品类别和享用情境，可支持公司增长。 高盛发布研报称，将古茗(01364)纳入亚太区确信买入名单。该行分析师预期，古茗未来两年的经调整 净利润同比增长将超过20%，受即制饮品渗透率持续提升及市场份额扩大所支持，令公司在消费板块中 跑赢大市，予"买入"评级及目标价32港元。 ...

Core Viewpoint - Goldman Sachs has included Gu Ming in its Asia-Pacific "Conviction Buy" list, assigning a "Buy" rating and a target price of HKD 32, anticipating over 20% year-on-year growth in adjusted net profit over the next two years, supported by increasing penetration of ready-to-drink beverages and market share expansion [1] Group 1 - Gu Ming has demonstrated strong competitiveness, with year-to-date gross merchandise volume (GMV) growth exceeding 20%, significantly outperforming other mid-priced ready-to-drink beverage brands [1] - The growth is attributed not only to delivery subsidies but also to the successful launch of new products and expansion of product categories, such as coffee, along with strong execution capabilities [1]