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《大行報告》大和上調九毛九(09922.HK)目標價至31.5元 評級「買入」
阿思達克 03-25 09:26
大和發表的研究報告指,去年疫情對餐飲市場帶來影響,不過九毛九(09922.HK)管理層趁機加強供應鏈,並建立自家IT團隊及整合IT系統,同時亦有建立新概念慫重慶火鍋廠。公司亦加強與上游魚類供應商合作,以確保原料供應、質素及價格穩定,同時亦公布計劃在廣州建立全國供應鏈中心,進一步支持餐廳網絡擴張。

該行指出按品牌劃分,九毛九去年淨關店45家,主要是關閉了部分表現較差的分店,而下半年經營利潤亦見復甦。大和認為品牌更新趨勢持續,或會有更多關店舉措,不過管理層指新形式的店舖效率提升15%。期內太二仍然是公司增長引擎,淨開店107家,管理層認為雖然疫情帶來挑戰,不過其盈利能力令人鼓舞,展望今年公司料開100-120家太二分店,主要在一、二線城市及一線地區,同時亦會滲透核心城市外圍城市,進一步強化品牌及供應鏈能力。慫重慶火鍋廠方面現時仍在初步階段,不過管理層對表現感滿意,展望2021年計劃開設少於10家分店。

該行重申對公司「買入」評級,目標價由23元升至31.5元,並將公司2021-22年每股盈測升16-18%,以反映餐廳利潤好過預期。(el/u) ~

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