《大行报告》野村上调九毛九(09922.HK)目标价至40.6元 评级「买入」
野村发表的研究报告指,维持九毛九(09922.HK)「买入」评级,目标价由35.8元升至40.6元,认为去年业绩亮点为太二,期内下半年销售超越2019年水平,主要受惠去年开店107家,而翻桌率亦改善至4次,期内平均客户消费增长5.3%至79元人民币(下同)。管理层目标2021年太二开店120家,而品牌亦将渗透低端城市,估计受惠租金及员工成本较低,经营利润率料可进一步改善,并料会较一、二线城市高2个百分点左右,加上2020年的新签租约较2019年便宜约15%,料2021年可更快达收支平衡。
去年下半年公司开设两家怂重庆火锅厂以打入火锅市场,相关销售已达750万元,人均消费达119元亦高於海底捞(06862.HK),意味有利润增长潜力,估计品牌将跟随太二的步伐,主打年轻客户,并在商场扩张,同时该行料其学习过程将较短,意味将较同业更快达收支平衡,不过管理层对短期扩张维持审慎,该行料公司在火锅的投资极具潜力。
该行认为九毛九去年净利强过预期,下半年净利润率已超2019年水平,相信公司聚焦年轻客户及聚会,加上价钱合理,估计今年可继续受惠。(el/k) ~
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