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《大行報告》里昂下調九毛九(09922.HK)目標價至23元 評級「跑贏大市」
阿思達克 02-23 10:28
里昂發表研究報告指,九毛九(09922.HK)發盈警預期去年收入將按年下跌4%,遠遜於該行預期的增長11%;全年淨利潤預期僅錄4,700萬元人民幣,即下半年淨虧損達到1,100萬元人民幣。 該行指出,雖然投資者對此並不擔心,但預期虧損將導致公司開店步伐變得更加保守,指出九毛九的高效商業模式是一種可持續的競爭優勢,但公司短期內或優先考慮改善盈利能力,相應地將今明兩年淨利潤預測下調19.5%及18.8%,以反映太二酸菜魚品牌的門店及單位銷售額增長放緩。 里昂又表示,對九毛九的業務增長及盈利能力在去年下半年仍進一步惡化感到驚訝,認為雖然期內的確仍受到疫情因素影響,但指出倒退主因相信是公司加快開店步伐的同時要應對市場競爭,令公司或要犧牲部分利潤空間。該行將目標價從27元下調至23元。維持「跑贏大市」評級,預計太二的單店銷售額要到2024年才能回升至2021年水平以上。
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