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《大行報告》匯豐研究上調九毛九(09922.HK)目標價至20.7元 評級「買入」
阿思達克 08-26 11:33
匯豐研究發表報告指,疫情下九毛九(09922.HK)上半年利潤表現符合預期,經調整淨虧損為1.148億元人民幣,收入下降23%,旗下「太二酸菜魚」收入增長25%。該行表示,由於九毛九下半年收入未可完全復甦,加上品牌改造翻新會產生成本,「太二」在低線城市新開餐廳收支平衡的時間可能會較一、二線城市的分店更長,並不期望利潤率在2021年之前會恢復正常:因此降低下半年利潤預測,但同時提高2021年利潤預測。

考慮到短期的不利因素,該行預計下半年「太二」及其他品牌的餐廳利潤率將分別恢復至17.7%和5.3%,但仍較之前21.6%和12.1%的水平低,將2020年淨利潤預測下調至2,200萬元人民幣。展望2020年後,「太二」及其他餐廳利潤率將分別回復至22%和19%,加上「太二」收入增長,將2021至2022年淨利潤預測提高16%至18%,維持「買入」評級,目標價由16.9元上調至20.7元。

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