金吾财讯 | 招商证券发研指，古茗(01364)作为行业领先的大众茶饮品牌，以在下沉市场经营鲜果茶为特色，通过区域加密摊薄成本提升效率，打造国内领先的水果茶饮供应链，门店布局与供应链构成闭环。公司目前深耕华东、华南等区域，在北方有较多空白城市，随着未来古茗品牌力沉淀、供应链和加盟商管理进一步成熟，有望助力公司进一步优化成本和加速开业。该机构表示，预计2025-2027年间公司门店数有望达11414/12914/14414家，单店GMV收入为255/255/260万元/年,分别同比+7.6%/0.0%/2.0%，预计公司2025~2027年实现营业收入107.3/121.5/138.5亿，分别同比增长+22.1%/+13.2%/+14.0%，公司归母净利润为18.9/21.7/24.9亿元，同比增长27.9%/14.5%/15.1%。该机构首次覆盖，给予“强烈推荐”评级。
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