《大行》華泰證券首次覆蓋古茗(01364.HK)予「買入」評級 目標價35.27元
華泰證券發表報告,首次覆蓋古茗(01364.HK)予「買入」評級,目標價35.27港元,對應預測2026年30倍市盈率,公司經營韌性較優,從區域走向全國、咖啡新品類成長性充裕,給予成長性溢價。
報告指,古茗是大衆現制飲品龍頭,聚焦爲消費者提供新鮮現制飲品。公司以區域效率最大化爲核心,構建起高密度門店網絡、下沉供應鏈與利益與共的加盟體系,優質產品力疊加高密度帶來的便捷性有效提升品牌覆購,使得單店能夠在較低人口基數覆蓋下實現較優盈利。
展望未來,該行指,公司有望覆用核心市場規模優勢從區域走向全國,跨品類拓展增厚同店可期,看好古茗兼具質量與速度的成長勢能。
該行預測公司2025至2027年淨利潤分別爲21.02億、25.37億及30.52億元人民幣,對應每股盈利0.88元、1.07元及1.28元人民幣。
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