Goldman Sachs: Raised Gu Ming's target price to 32 Hong Kong dollars, raised this year's adjusted core net profit forecast.

Goldman Sachs released a research report pointing out that the speed of store openings by Gu Ming has been exceeding expectations recently. With the support of delivery subsidies and new products, the total transaction volume of goods in each store has maintained strong growth, with an increase of over 20% in July and August. Looking ahead to 2025, despite the increase in food delivery subsidies, strong performance in store openings and category expansion will support revenue growth. The bank has raised its profit forecast for Gu Ming from 2025 to 2027 by 9% to 14%, and also raised its adjusted core net profit forecast for this year from 22 billion yuan to 24 billion yuan. The bank has raised its target price for Gu Ming from 30 Hong Kong dollars to 32 Hong Kong dollars and maintains a "buy" rating.