Industrial Securities: Assigns GUMING a "Buy" rating, with an increase in cup price and order volume jointly driving store efficiency growth

Zhitong
2025.09.10 03:54
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Industrial Securities gives GUMING a "Buy" rating, expecting operating revenues of 12.36 billion, 14.87 billion, and 17.41 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 2.28 billion, 2.82 billion, and 3.30 billion yuan. In the first half of the year, the company achieved rapid growth in both revenue and profit driven by the dual push of store openings and improved operational efficiency, with significant increases in average daily GMV and cup output per store. It is expected that the number of new stores opened throughout the year will not be less than 3,000