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《大行報告》匯豐研究下調九毛九(09922.HK)目標價至30.1元 評級「買入」
阿思達克 08-26 10:43
匯豐研究發表研究報告指,九毛九(09922.HK)上半年增長穩固,受惠門店網絡擴張;但同店銷售略遜預期,仍受疫情影響,次季「太二」品牌同店銷售下滑,令上半年與2019年同期比較跌2%。 但由於收入組合調整,來自盈利能力更佳的「太二」貢獻提升,上半年經調整淨利潤率回升至10.3%,高於2019年同期的9.4%。 考慮到同店銷售復甦較慢,該行預期今年同店銷售額將較2019年下跌2%,並下調對今明兩年「太二」收入預測約10%及6%,預期「太二」門店至2023年將增至707家,並將2023年收入預測上調1.5%。至於九毛九2021至2023年整體收入預測則下調14%、12%及6%,整體純利預測下調31%、19%及13%。 該行表示,「太二」品牌仍處於初期擴張階段,而「慫火鍋」亦有潛力成為下個增長動力,因此維持「買入」評級,目標價由33.5元下調30.1元。
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