《大行》华泰证券降古茗(01364.HK)目标价至34.57元评级“买入” 营收利润双高增

阿斯达克财经

Aug 28

华泰证券研究报告指出，古茗(01364.HK) 受益于外卖补贴、产品推新加速和竞争格局优化，上半年公司经营表现亮丽，其中收入按年增速快于商品交易总额(GMV)增速，主要是设备集采量提升及部分核心品类ToB销售占比有所提高。
华泰证券认为，外卖渠道补贴、部分门店营业时间按年延长、以及部分门店引入咖啡产品有望增厚单店杯量和店均GMV，预计今年下半年及2026年随咖啡SKU进一步丰富及配备咖啡机门店数量提升，即使外卖补贴退坡，亦有望展现较优经营韧性。

该行又估计公司从单个加盟门店处获得的销售商品及设备年化收入约为80.4万元人民币，年增20.7%；从单个加盟门店处获得的加盟管理服务年化收入20.7万元人民币，年增18.5%。
考虑公司收入增速亮眼，毛利及费率控制相对稳健，利润释放正加速，但26年外卖渠道补贴或有退坡，华泰证券调整公司2025至2027年经调整归母净利润增2.9%、跌0.8%、增0.2%，至21.63亿、25.17亿及30.58亿元人民币，对应调整后每股盈利为0.91元、1.06元1.29元人民币。考虑公司当前兼备开店空间与盈利能力，给予公司2026年30倍市盈率，调整目标价至34.57港元(原本35.27港元)，评级“买入”。(hc/u)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-27 16:25。)

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