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大行評級|高盛:下調九毛九目標價至3.8港元 下調2024至26財年盈測
格隆匯 07-23 12:36

高盛發表報吿指出,九毛九管理層透露,雖然本月至今市場仍然充滿挑戰,但公司致力豐富產品種類以覆蓋更廣泛的客户羣,並計劃在下半年更好地控制促銷,同時更注重產品質量。門店擴張方面,九毛九管理層將採取更為謹慎的態度,並只開設具盈利的門店,旗下品牌慫火鍋的開店目標由34至40間,下調至25間;儘管太二酸菜魚於內地開店目標仍為80至100間不變,但可能以下限為開店目標。股東回報方面,管理層預期未來幾年的派息率將高於40%,並進行最多2億港元的回購。

該行將九毛九2024至2026財年的盈利預測下調37%至55%,以反映其今年上半年業績遜預期,以及在市場充滿挑戰下,可能會繼續對同店銷售增長造成壓力。然而,隨着管理層在促銷控制、成本節約和資源集中在主要品牌方面的努力,該行預計九毛九今年下半年及明年毛利將持續改善。該行將九毛九目標價由6.2港元下調至3.8港元,維持對其“買入”評級。

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