野村:重申九毛九(9922.HK)買入評級 目標價40.6港元
野村發表研究報吿指,由於防疫限制已基本取消,九毛九(9922.HK)管理層認為下半年的同店銷售可能會恢復到正常水平。此外,該行基於5月廣州店的同店銷售創歷史新高,及深圳新店的順利投產,以及四家新店在籌備階段,對“慫火鍋”愈來愈看好。該行維持集團目標價40.6港元,重申買入評級。
九毛九管理層強調,5月底至6月中旬在廣東爆發的新冠疫情對同店銷售造成短期負面影響,不過預期公司業務表現將會恢復,因為截至6月底政府對餐館的大部分限制已放寬。集團又計劃到2022財年,將太二的翻桌率恢復至4倍以上,並料太二2021財年的毛利率將呈上升趨勢,然而,這可能會被潛在的毛利率壓力部分抵銷,因為集團在冷凍肉等其他食品成分中的議價能力較小。另外,管理層指引2021財年的派息率為20%至30%。
野村表示,“慫火鍋”與海底撈的區別主要在於用餐體驗,例如氣氛更活躍,背景音樂響亮,服務人員的舞蹈表演。此外,由於只有50多個菜單,“慫火鍋”的菜單比海底撈更簡單。

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