金吾财讯 | 国元国际发研报指，古茗(01364)2月4日-2月7日招股，公司是行业领先、快速增长的中国现制饮品企业，根据灼识咨询，按2023年的GMV及门店数量计，“古茗”均是中国最大的大众现制茶饮店品牌，亦是全价格带下中国第二大现制茶饮品牌，市场份额约为18%。公司过去三年收入快速增长，净利润率水平大幅提升。该行指，按公司发售价的中位数计算，公司市值约为217.2亿港元，对应静态PE为18.4倍，高于可比行业中位值16.8倍。该行认为，中国现制茶饮市场依旧保持着良好增长态势，公司作为中国大众现制茶饮市场影响力品牌，拥有处于行业前列的，特别是于二线及以下城市市场开拓的竞争力，但行业同时也面临着整体消费增速变缓，行业竞争加剧等阻力，建议谨慎申购。
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