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《大行》國信證券首次覆蓋古茗(01364.HK) 予優於大市評級
國信證券研究報告指,截至2024年,古茗(01364.HK)是國內規模第二大的現製茶飲品牌,僅次於蜜雪集團(02097.HK)。該行認為公司基本面穩固,增長點包括單店商品交易總額(GMV)改善及門店擴張。首次覆蓋予「優於大市」評級。 該行預期2025、26及27年,古茗門店將分別淨增2,100、2,350及2,450間;並估計成熟加盟店年均GMV約為234萬元人民幣,淨利潤率19.1%,新店回本週期約為16.5月,平台補貼助力加上推出新品類等驅動,預計2025、26及27年單店GMV分別按年增8.5%、4.5%及3.8%。該行亦預計古茗2025、26及27年的經調整歸母淨利潤為20.1億、25.2億及30.8億元人民幣,按年增加30.1%、25.6%及22.2%。
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