《大行报告》大和上调九毛九(09922.HK)目标价至31.5元 评级「买入」
大和发表的研究报告指,去年疫情对餐饮市场带来影响,不过九毛九(09922.HK)管理层趁机加强供应链,并建立自家IT团队及整合IT系统,同时亦有建立新概念怂重庆火锅厂。公司亦加强与上游鱼类供应商合作,以确保原料供应、质素及价格稳定,同时亦公布计划在广州建立全国供应链中心,进一步支持餐厅网络扩张。
该行指出按品牌划分,九毛九去年净关店45家,主要是关闭了部分表现较差的分店,而下半年经营利润亦见复苏。大和认为品牌更新趋势持续,或会有更多关店举措,不过管理层指新形式的店铺效率提升15%。期内太二仍然是公司增长引擎,净开店107家,管理层认为虽然疫情带来挑战,不过其盈利能力令人鼓舞,展望今年公司料开100-120家太二分店,主要在一、二线城市及一线地区,同时亦会渗透核心城市外围城市,进一步强化品牌及供应链能力。怂重庆火锅厂方面现时仍在初步阶段,不过管理层对表现感满意,展望2021年计划开设少於10家分店。
该行重申对公司「买入」评级,目标价由23元升至31.5元,并将公司2021-22年每股盈测升16-18%,以反映餐厅利润好过预期。(el/u) ~
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