Summary of Conference Call Company and Industry - The conference call primarily discusses the performance and outlook of the restaurant chain, specifically focusing on the brands "太二" and "总火锅" within the broader restaurant industry in China. Key Points and Arguments 1. **Financial Performance**: - The company reported a total revenue of 5.95 billion yuan for the year 2023, representing a 49.4% increase compared to 2022. The net profit reached approximately 480 million yuan, a 7.6-fold increase year-over-year, with a net profit margin of 8% [4][5][6]. 2. **Store Expansion**: - In 2023, the "太二" brand opened 122 stores in mainland China and 12 in Hong Kong, Macau, and international markets, bringing the total to 578 stores globally by the end of 2023 [5][6]. - For 2024, the company plans to open 80 to 100 new stores in mainland China and 15 to 20 in Hong Kong and international markets [8][12]. 3. **Customer Metrics**: - The average spending per customer in mainland China decreased slightly from 75 yuan in 2022 to 72 yuan in 2023, attributed to a more conservative consumer spending environment [6][7]. - The average spending for the "总火锅" brand dropped from 128 yuan in 2022 to 113 yuan in 2023, indicating a trend towards lower customer spending [7][22]. 4. **Market Conditions**: - The management noted that consumer sentiment remains cautious, with no significant changes in the overall economic environment observed in early 2024. The company anticipates that Q1 2024 will continue to reflect the conservative spending trends seen in Q4 2023 [9][29]. - The company is adapting to market conditions by implementing promotional activities and adjusting menu pricing to attract customers [7][14][33]. 5. **Supply Chain and Cost Management**: - The company is investing in central kitchens to improve efficiency and reduce costs, with plans for 2 to 3 billion yuan in capital expenditures over the next two years [17][18]. - The management emphasized the importance of maintaining control over the supply chain to ensure quality and cost-effectiveness [18][59]. 6. **Franchise Model**: - The company is exploring franchise opportunities, particularly in remote areas and international markets, with several potential franchisees already in discussions [8][25][28]. - The franchise model aims to leverage local resources while maintaining a similar operational structure to company-owned stores [63]. 7. **Product Strategy**: - The company is focusing on enhancing menu offerings and introducing new products to meet consumer demand for variety and value [32][33]. - The introduction of lower-cost menu items, such as the "黑鱼" (black fish) option, aims to cater to price-sensitive customers while maintaining quality [23][52]. 8. **Competitive Landscape**: - The management acknowledged increased competition in the mid-range dining sector, with many new entrants and a focus on value-driven offerings [41][54]. - The company is committed to adjusting its pricing strategies in response to market dynamics and consumer preferences [14][16]. Other Important but Possibly Overlooked Content - The management highlighted the importance of consumer perception and the need for continuous adaptation to market trends, emphasizing that maintaining a balance between quality and affordability is crucial for long-term success [31][44]. - The call also touched on the impact of external economic factors on consumer behavior, indicating that the company is closely monitoring these trends to inform its strategic decisions [43][46].

Summary of the Conference Call Company Overview - The conference call discusses the performance and outlook of the company, specifically focusing on its restaurant brands, including "Tai Er" and "0.99 Yuan" [2][3]. Key Financial Performance - In 2023, the company's total revenue reached 5.95 billion, representing a year-on-year growth of 49.4% compared to 2022 [4]. - The net profit for the same period was approximately 480 million, with a significant increase of 7.6 times year-on-year, resulting in a net profit margin of 8% [4]. - The average spending per customer in mainland China decreased slightly to 72 yuan from 75 yuan in 2022, attributed to a conservative consumer sentiment and promotional activities [6]. - The average spending for the "Total Hot Pot" brand dropped to 113 yuan from 128 yuan in 2022, reflecting adjustments in menu pricing and structure [6]. Store Expansion Plans - For 2024, the company plans to open 80 to 100 new stores for the "Tai Er" brand in mainland China and 15 to 20 stores in Hong Kong, Macau, and international markets [7]. - The company is exploring franchise opportunities in remote areas and airports, with no specific targets set for franchise openings yet [7]. Market Trends and Consumer Behavior - The company noted a cautious consumer sentiment continuing into Q1 2024, with no significant changes in the economic environment observed [8]. - The competitive landscape remains intense, with many brands engaging in price wars to attract existing customers due to stagnant foot traffic in shopping malls [12][13]. - The company is adjusting its pricing strategies in response to market conditions, with a focus on maintaining competitiveness without aggressive price cuts [14]. Supply Chain and Cost Management - The company is investing in central kitchens to streamline operations and reduce costs, with an expected capital expenditure of 200 to 300 million annually for the next two years [16]. - The strategy includes bringing previously outsourced production back in-house to improve margins and control quality [17]. Product Innovation and Menu Adjustments - The company is focusing on enhancing menu offerings and introducing new items to cater to changing consumer preferences, including smaller portion sizes and promotional packages [35][36]. - The introduction of lower-cost options, such as black fish, aims to provide consumers with more affordable choices while maintaining quality [25]. International Market Performance - The overseas market is performing well, benefiting from a "viral" brand effect, with higher operating profit margins compared to domestic operations [62]. - The company is currently sourcing ingredients locally for international locations, with plans to optimize supply chains as the business scales [20]. Conclusion - The company remains optimistic about its growth potential despite current market challenges, with a focus on strategic expansion, cost management, and product innovation to enhance customer experience and drive sales [30][32].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 15% in stock price compared to the benchmark index within the next 6 to 12 months [5]. Core Views - The company is facing pressure on its main brand's same-store sales recovery due to a decline in consumer spending power and brand momentum. However, the current valuation level is considered attractive after a significant correction since mid-2023, suggesting potential for upward valuation catalysts as the company returns to an upward trajectory [2][4]. - The report adjusts profit forecasts, lowering the expected net profit for 2024-2025 to 6.2 billion and 7.7 billion RMB, respectively, while maintaining a "Buy" rating despite the challenges faced by the company's main brands [2][4]. Financial Summary - Revenue for 2023 is projected at 5,994 million RMB, with a year-on-year growth rate of 49.4%. The forecast for 2024 is 7,872 million RMB, representing a growth rate of 31.5% [4]. - The net profit for 2023 is expected to be 453 million RMB, with a significant increase of 820.2% year-on-year. For 2024, the net profit is projected to be 617 million RMB, reflecting a growth rate of 36.0% [4]. - Earnings per share (EPS) is forecasted to increase from 0.32 RMB in 2023 to 0.43 RMB in 2024, and further to 0.54 RMB in 2025 [4]. Operational Insights - The company is actively adjusting its operational strategies to cope with the external environment, including lowering customer prices to enhance value and accelerating menu updates to boost customer traffic. The management team, with decades of experience in restaurant brand operations, is expected to effectively respond to these challenges and revitalize the brand [2][4].

2024 年3 月28 日 消费服务: 中性 证券研究报告 / 业绩点评报告 九毛九国际 (9922 HK, 买入, 目标价: HK$7.00) 当前估值仍具吸引力 目标价: HK$7.00 当前股价: HK$5.27 • 2023 年业绩符合预期，太二继续快速增长； 股价上行/下行空间 +33% 52周最高/最低价 (HK$) 19.26/4.42 • 持续变革寻找需求，测算市值大概率介于77-130 亿港元，当前估值仍具吸引力； 市值 (US$mn) 968 • 维持买入评级，维持7.00 港元目标价不变，对应15 倍2024 年P/E。 当前发行数量(百万股) 1,437 三个月平均日交易額 10 2023 年业绩符合预期，太二继续快速增长：1）九毛九发布2023 年业绩，营收同比增长 (US$mn) 流通盘占比 (%) 100 49.4%至59.9 亿元，实现归母净利润4.5 亿元；折算2H23 营收同比增长47.5%至31.1 主要股东 (%) 亿元，归母净利润2.3 亿元。2）太二品牌：23 年净开128 家门店至578 家，翻座率也改 GYH J Limited 37 善15.4%至3.0 次/ ...

[Table_MainInfo] 公司研究/旅游服务业/旅游综合 证券研究报告 九毛九（9922）公司年报点评 2024年03月26日 [Table_InvestInfo] 投资评级 优于大市 维持 2H23 年收入增 47.5%，派息率有望不低于 40% 股票数据 [Table_Summary] [Table_StockInfo] 投资要点： 3月25日收盘价（港元） 5.60 52周股价波动（港元） 4.42-19.47 九毛九发布 2023年业绩公告。2023年，公司收入合计59.86亿元，同比上升 总股本/流通股（亿股） 14.37/14.37 49.43%；店铺层面经营利润10.77亿元，同比上升108.48%；归母净利润4.53 总市值/流通市值（亿港元） 80/80 亿元，同比上升820.17%，经调整净利润5.01亿元，同比上升622.71%。业绩 相关研究 基本符合此前预告预期。2H23，公司收入合计31.06亿元，同比上升47.45%； [《Ta盈bl利e_弹Re性p释ort放Inf，o]新 品牌表现亮眼》 店铺层面经营利润 5.02 亿元，同比上升 110.47%；归母净利润 2.31 ...

港股公司报告 | 公司点评 九毛九（09922） 证券研究报告 2024年03月 28日 投资评级 九毛九：23 年业绩符合预期，看好后续稳健扩张 行业 非必需性消费/旅游及 消闲设施 6个月评级 买入（维持评级） 公司发布2023年年报：2023年实现营业收入59.9 亿元/yoy+49.4%；归母 当前价格 5.27港元 净利润 4.5 亿元/yoy+820.2%、归母净利率 7.6%/yoy+6.3pct，若剔除外汇 目标价格 港元 亏损/收益影响，经营性归母业绩约 4.8 亿；经调净利润 5.0 亿元 /yoy+622.7%。符合盈利预告的收入59.9亿元、归母净利润不低于4.5亿元 基本数据 的指引。 港股总股本(百万股) 1,436.57 其中，23H2 实现营业收入31.1 亿元/+47.5%；归母净利润 2.3 亿元/同比 港股总市值(百万港元) 7,570.71 扭亏，若剔除外汇亏损/收益影响，23H1/23H2经营性归母业绩约2.7亿/2.1 每股净资产(港元) 2.56 亿。23H2 经营利润率 16.2%/环比 H1-3.8pct，归母净利率 7.4%/环比 资产负债率(%) 48.5 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Insights - The company achieved a revenue of 5.986 billion in 2023, representing a year-on-year increase of 49%. The operating profit at the store level was 1.077 billion, up 108% year-on-year, and the net profit attributable to shareholders was 453 million, reflecting an increase of 820% year-on-year [5][6]. - For 2024, the company plans to open 80-100 new stores for the brand "Tai Er" in mainland China and 15-20 stores outside mainland China, along with 35-40 new stores for "Song Hotpot" in mainland China. The company aims to enhance its brand and explore franchise opportunities in various regions [6][7]. Summary by Sections Financial Performance - In 2023, the company reported a total revenue of 5.986 billion, with a significant increase in net profit attributable to shareholders of 453 million, marking an 820% rise year-on-year. Adjusted net profit reached 501 million, up 623% year-on-year [5][6]. - The second half of 2023 saw a revenue of 3.106 billion, a 47% increase year-on-year, and a 4% increase quarter-on-quarter. The operating profit for the same period was 502 million, up 110% year-on-year [5][6]. Brand Performance - The "Tai Er" brand generated a revenue of 2.285 billion in the second half of 2023, with a year-on-year growth of 41%. The "Song Hotpot" brand saw a revenue increase of 155% year-on-year, reaching 453 million, primarily due to new store openings and improved product offerings [5][6]. - The same-store sales growth for "Tai Er," "Song," and "Jiu Mao Jiu" brands was 18.3%, 10.6%, and 7.4% respectively for the entire year of 2023 [5][6]. Future Outlook - The company is expected to achieve revenues of 7.673 billion, 9.314 billion, and 10.817 billion for the years 2024, 2025, and 2026 respectively, with net profits projected at 626 million, 793 million, and 937 million for the same years [6][7].

公司研 究 证 券研究 报 告 消费者服务 2024年03月27日 九 毛九（09922.HK）2023 年报点评 推 荐 （维持） 目标价：7.68港元 整体符合预期，开启加盟扩张 当前价：5.27港元 事项： 华创证券研究所  九毛九公布 2023 年业绩，2023 年公司实现营业收入 59.9 亿元，同比增长 证券分析师：王薇娜 49.5%；归母净利润 4.5 亿元，同比增长 820.2%，归母净利率7.6%（+6.3pct）， 经调净利润 5.0 亿 元，同比增长622.7%。 电话：010-66500993 评论： 邮箱：wangweina@hcyjs.com 执业编 号：S0360517040002  公司坚持多品牌战略，集中资源于高势能品牌，同时不断孵化新品牌，公司整 体门店数量达 726家（去年同期为 556），期内新开180家门店，包括 134家 太二，35家怂火锅，4家九毛九西北菜，6家赖美丽烤鱼和1家赏鲜悦木餐厅， 公司基本数据 关闭10家门店，主要由于租约到期或表现不及预期。当前拥有 “太二”578家 总股本(万股) 143657 （其中大陆地区560家），九毛九77家，怂重庆火锅 ...

证券研究报告 公 2024年03月26日 司 报 告 九毛九(09922) │ 行 业： 社会服务/酒店餐饮 港 投资评级： 买入（维持） 股 当前价格： 5.60港元 经营效率提升，试水加盟模式 - 公 目标价格： 7.23港元 司 事件： 年 基本数据 报 点 公司发布 2023 年业绩公告。2023 年公司实现营收 59.9 亿元，同比增长 总股本/流通股本(百万股) 1,436.57/1,436.57 评 49.4%；实现归母净利润4.5亿元，同比大增；经调整净利润为5.0亿元， 流通市值(百万港元) 8,044.78 同比大增，对应经调净利率为8.4%。符合此前业绩预告。 每股净资产(元) 2.60 ➢ 拓店助力收入高增，经营利润率同比改善 资产负债率(%) 42.44 2023 年公司太二/怂火锅/九毛九品牌分别实现收入 44.7/8.1/6.3 亿元，占 一年内最高/最低(港元) 19.26/4.42 比为74.8%/13.5%/10.5%，怂的持续打磨+高速拓店平滑各品牌收入占比。 从同店视角看，太二/怂火锅/九毛九同店销售分别增18.3%/10.6%/7.4%， 股价相对走势 主要系经营恢复 ...

交银国际研究 公司更新 消费 收盘价 目标价 潜在涨幅 2024年3月26日 港元5.60 港元9.90 +76.8% 九毛九 (9922 HK) 怂火锅势头强劲；加盟模式是潜在利润扩张引擎 个股评级  2023 年业绩符合预期：收入和净利润均超过了2021年峰值并创下历史新高。 买入 净利润同比反弹 820%至4.53 亿元人民币（符合盈利预告），销售额同比增长 49% 至59.86 亿元。受经营杠杆带动，毛利率/经营利润率/净利率分别同比增 长0.3/5.1/6.3个百分点至 64.2%/18.0%/7.6%。在激烈竞争和平均售价/促销压 1年股价表现 力下，坚挺的毛利率证明了管理层的管理与适应能力。 9922 HK 恒生指数 10%  太二和怂火锅引领增长：按品牌划分，2023年，太二/怂火锅/九毛九/其他品 0% -10% 牌的销售额分别同比增长 44%/210%/4%/127%，占2023 年销售额75%/13%/ -20% 11%/1%。尽管占比不高，其他品牌在 2023 年下半年的销售额同比增长 -30% -40% 314%，主要由赖美丽烤鱼及首次贡献收入的赏鲜悦木（更天然的口味）所带 -5 ...