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研報掘金丨光大證券:首予古茗買入評級 咖啡品類助銷售增長
格隆匯 06-06 13:22
光大證券發表報吿,首予古茗(1364.HK)買入評級。該集團為平價現製茶飲的龍頭品牌,具備較強的冷鏈供應鏈優勢,區域加密策略下門店擴張穩紮穩打。公司仍有較大開店空間,引入咖啡產品進一步推動同店銷售增長。古茗今年計劃淨增2000間店,重點開拓安徽、湖北、湖南、廣東和廣西。長遠看,預期該公司加密現有城市可達2萬家門店,再加上新進入城市門店,開店空間廣闊。此外,新增咖啡品類,為門店收入利潤帶來正向貢獻,門店銷售額增長約10%,門店利潤年增加數萬元。光大證券預期該集團2025至2027年純利分別為19.61億元人民幣、23.56億元及27.61億元,每股盈利分別0.82、0.99及1.16元,對應市盈率分別為31倍、25倍及22倍。
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