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《大行報告》富瑞下調九毛九(09922.HK)目標價至18元 評級「買入」
阿思達克 07-06 09:39
富瑞發表評級報告,預料九毛九(09922.HK)上半年純利按年升269%至2.13億元人民幣,收入按年升53%至29億元人民幣;而營運利潤按年升102%至5.63億人民幣,餐廳利潤率達19.3%。該行指,即使內地經濟呈不確定性令同店銷售增長遜於預期,但銷售增長主要受到「太二」及「慫」等品牌店舖擴張的支持。該行指,自開關以來,公司盈利能力正復甦中,並料近期「慫」的店舖擴張或會帶來一些短期的稀釋影響。 該行預料,上半年太二、慫及九毛九的淨店舖數目,分別增加34間、15間及減少1間,並預料今年復甦道路或會更平坦且痛苦地進行,平均單店銷售額回復至2021年上半年80%以上的水平,主要受惠於同店銷售復甦趨勢和低線城市的滲透率。 該行將公司在2023年至25年純利預測下調9%至15%,並將目標價由21元下調至18元,維持其評級為「買入」。(ca/u) ~
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