CICC: Maintains Guming (01364.HK) "Outperform" Rating with Target Price of HK$29.5

Zhitong Finance APP has learned that CICC released a research report stating it maintains Guming's (01364.HK) "Outperform Industry" rating, with a target price of HK$29.5, corresponding to 19x and 16x P/E for 2026 and 2027, implying 38% upside from the current share price. The bank believes that the company's per-store operations and franchisee profits continue to improve, that the certainty of room for approximately 30,000 stores over the medium to long term is relatively high, that store expansion is expected to accelerate in 2027, and that the growth expectations implied by the current valuation may already be too low. Recently, CICC attended Guming's Investor Day exchange. The company's per-store operations and franchisee profits continued to improve, while the full-year net store opening expectation was further lowered. The bank believes that per-store quality takes priority over store count, that the certainty of room for approximately 30,000 stores over the medium to long term is relatively high, and that store expansion is expected to accelerate in 2027.