华泰证券发表报告，首次覆盖古茗，予“买入”评级，目标价35.27港元，对应预测2026年30倍市盈率，公司经营韧性较优，从区域走向全国、咖啡新品类成长性充裕，给予成长性溢价。报告指，古茗是大众现制饮品龙头，聚焦为消费者提供新鲜现制饮品。公司以区域效率最大化为核心，构建起高密度门店网络、下沉供应链与利益与共的加盟体系，优质产品力叠加高密度带来的便捷性有效提升品牌覆购，使得单店能够在较低人口基数覆盖下实现较优盈利。 展望未来，该行指，公司有望覆用核心市场规模优势从区域走向全国，跨品类拓展增厚同店可期，看好古茗兼具质量与速度的成长势能。该行预测公司2025至2027年净利润分别为21.02亿、25.37亿及30.52亿元，对应每股盈利0.88元、1.07元及1.28元。
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