《大行報告》野村上調九毛九(09922.HK)目標價至40.6元 評級「買入」
野村發表的研究報告指,維持九毛九(09922.HK)「買入」評級,目標價由35.8元升至40.6元,認為去年業績亮點為太二,期內下半年銷售超越2019年水平,主要受惠去年開店107家,而翻桌率亦改善至4次,期內平均客戶消費增長5.3%至79元人民幣(下同)。管理層目標2021年太二開店120家,而品牌亦將滲透低端城市,估計受惠租金及員工成本較低,經營利潤率料可進一步改善,並料會較一、二線城市高2個百分點左右,加上2020年的新簽租約較2019年便宜約15%,料2021年可更快達收支平衡。
去年下半年公司開設兩家慫重慶火鍋廠以打入火鍋市場,相關銷售已達750萬元,人均消費達119元亦高於海底撈(06862.HK),意味有利潤增長潛力,估計品牌將跟隨太二的步伐,主打年輕客戶,並在商場擴張,同時該行料其學習過程將較短,意味將較同業更快達收支平衡,不過管理層對短期擴張維持審慎,該行料公司在火鍋的投資極具潛力。
該行認為九毛九去年淨利強過預期,下半年淨利潤率已超2019年水平,相信公司聚焦年輕客戶及聚會,加上價錢合理,估計今年可繼續受惠。(el/k) ~
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