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《大行報告》麥格理下調九毛九(09922.HK)目標價至20元 評級「跑贏大市」
阿思達克 06-28 10:43
麥格理發表研究報告,將九毛九(09922.HK)2022年和2023年的盈利預測分別下調34.7%和11.5%,以反映新冠疫情反彈和嚴格防疫措施對盈利的影響。麥格理將九毛九目標價從22元下調9%至20元,維持評級「跑贏大市」。 麥格理認為,旗下「太二」處於正確軌道,營業額有改善,但預計未來複蘇將有障礙,多種材料採購價格在年初已鎖定,2022年價格將持平至小幅下跌,緩解了加價壓力,使九毛九在宏觀環境疲軟的情況下保持競爭力。此外,緊湊的門店規模和高度標準化的廚房營運,有助於九毛九管理成本,從而維持毛利率。 麥格理指出,在上半年疫情反彈期間,九毛九部分新店的開業已被推遲。該行預計「太二」將在2022年新增105家門店,同名品牌「九毛九」的門店網絡應基本穩定,「慫重慶火鍋廠」仍有望在2022年年底前開設10家門店。
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