大行评级丨大和：上调古茗目标价至36港元，评级“买入”

中金财经04-13

大和发表研报，将古茗目标价由35港元上调至36港元，对应2026年预测市盈率22倍，予“买入”评级。　　该行指，内地外卖平台补贴战已持续一年，近期美团及京东的补贴已回复至战前水平，淘宝亦正在缩减。虽然投资者忧虑未来数月销量，但管理层指出，门店模式改造、咖啡增量及延长营业时间等措施，将推动2026年销售量平稳增长。该行认为，补贴退坡为古茗提供整合中价位市场的黄金机会，因其加盟商的实收率及盈利...

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