Huaxi Securities: Initiates coverage of Gu Ming (01364.HK) with "buy" rating. High-quality and reasonably priced tea drinks still have more than double growth potential.

According to the Wisdom Financial APP, Huaxi Securities released a research report stating that Guming (01364) has formed a positive cycle of scale and efficiency with its high quality-to-price ratio product strategy, regionally encrypted store network, and self-built cold chain supply chain. The company's performance is steadily growing, and it is expected to support single-store sales through category expansion and brand strength enhancement in the future. At the same time, optimization of the joining policy will drive the doubling of store scale, with estimated EPS of 1.16/1.21/1.45 yuan for 2025-2027, corresponding to PEs of 17.4/16.7/14.0 times, and the company is given a "buy" rating for the first time.