Huachuang Securities: Initiated coverage of Guming with a "buy" rating and a target price of HK$27.84.

Huachuang Securities released a research report stating that the ancient tea series is a leading domestic mid-range tea beverage brand. In the future, with the penetration of new product categories, the expansion of stores, and the reduction in raw material costs, it is expected to achieve stable growth in performance. The firm predicts that the company's operating income will reach 11.159/13.419/15.818 billion yuan respectively from 2025 to 2027, with year-on-year growth rates of 26.9%/20.3%/17.9%; net profit attributable to shareholders will be 2.487/2.625/3.155 billion yuan, with year-on-year growth rates of 68.2%/5.5%/20.2%. The target price is 27.84 Hong Kong dollars, with a "recommend" rating for the first time coverage, and optimistic about its growth potential as a leader in the ready-to-drink tea industry.