浦银国际研究 公司研究 | 消费行业 九毛九（9922.HK）：估值已反映短期较弱 的趋势，持续看好长期运营能力提升 林闻嘉 浦 首席消费分析师 银 richard_lin@spdbi.com 九毛九 FY23 的收入与净利润同盈喜时公布的数据基本一致，但太二翻 (852) 2808 6433 国 台率与公司整体经营利润率略低于市场预期，导致股价在业绩后大跌。 际 我们认为当前的估值已基本反映了短期较弱的销售数据与市场情绪。我 桑若楠，CFA 们认为，销售趋势一旦有所好转，将促使股价出现较大幅度的反弹。公 消费分析师 司较强的多品牌运营能力以及不断优化的运营效率有望为长期利润增 serena_sang@spdbi.com 长打开空间，为股价在当前点位提供较强支撑。维持“买入”评级，下 (852) 2808 6439 公 调目标价至 6.8 港元。 2024年3月25日 司 研  太二短期销售趋势较弱，但开店目标维持不变：在较弱的市场环境下， 评级 究 太二2H23 翻座率/翻台率环比1H23 有所下降。管理层表示，太二 2024 年1-2 月仍延续了4Q23 较弱的销售趋势，同店销售与翻台率同比去年 同期有 ...

+M N 26 Mar 2024 CMB International Global Markets | Equity Research | Company Update Jiumaojiu (9922 HK) Resilient margin in 2H23 with positive outlook Target Price HK$8.39 Maintain BUY and raise TP to HK$8.39 (we now assume a gradual improvement in SSS recovery rate onwards as the group is rolling out more new initiatives (Previous TP HK$7.05) this year). We are still cautious about catering sector, but JMJ’s numbers have Up/Downside 49.9% stabilized lately. A rebound in share price is possible given undem ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5] Core Insights - The company achieved significant improvement in performance, with 2023 revenue reaching 5.99 billion yuan, a year-on-year increase of 49.4%, and a net profit of 450 million yuan, up 820.2% year-on-year [3][5] - The core brands showed growth in key operating metrics, with operating profit margins improving significantly [3][5] - The company is opening a franchise model in 2024, which is expected to accelerate brand expansion and reduce operational risks [5] Summary by Sections Revenue Performance - In 2023, the company reported a revenue of 5.99 billion yuan, with a growth rate of 49.4% year-on-year [3][6] - The net profit for 2023 was 450 million yuan, marking a turnaround from losses in the previous year [3][6] Brand Performance - The main brands, including 太二, 九毛九, and 怂火锅, reported revenues of 4.48 billion, 630 million, and 807 million yuan respectively, with year-on-year growth rates of 44.0%, 210.4%, and 4.0% [3][4] - Operating profit margins for 太二, 九毛九, and 怂火锅 improved to 19.3%, 12.2%, and 17.6%, reflecting increases of 5.0, 14.1, and 4.7 percentage points respectively [3][4] Store Expansion - The company added 128 stores for 太二, bringing the total to 578, with an average table turnover rate of 3.0 times per day [3][4] - 九毛九 added 1 store, with a turnover rate of 1.8 times per day, while 怂火锅 increased its store count by 35 [3][4] Cost Structure - The company optimized its cost structure, achieving a gross margin of 64.2%, an increase of 0.3 percentage points year-on-year [4][5] - Employee and rental costs as a percentage of revenue decreased by 1.5 and 1.7 percentage points respectively [4][5] Future Outlook - The company plans to maintain a rapid pace of store openings in 2024, with a focus on franchise expansion [5] - The net profit forecasts for 2024 and 2025 are 661 million and 832 million yuan respectively, with corresponding P/E ratios of 12x and 9x [5][6]

2024年03月23日 来源：公司年报、国金证券研究所 增持（维持评级） 事件 2024 年 3 月 22 日，公司公告 23 年业绩，23 年收入 59.9 亿元 /+49.4%，归母净利 4.5 亿元/+820%。 点评 行业需求存在压力+客单下降，下半年盈利能力环比略降；股东回 报提升。23 年经调整净利 5.0 亿元，对应经调整净利率 8.4%、其 中 2H23 为 8.2%、环比 1H23 -0.4pct，推测主因新店下半年集中 开业产生前期费用及促销力度加大。2023 年度拟每股派 0.15 港 元，股利支付率 43%/+17pct，对应 3/22 收盘价股息率约 2.6%。 太二：提升性价比，扩大消费客群。23 年收入 44.8 亿元、占比 75%，年末 578 家，全年新开 134 家（中国大陆 122 家+中国港澳 台及国际 12 家）；翻台率 4.1 次、恢复至 19 年的 68%，客单价 75 元、同比-2 元；餐厅层面经营利润率 19.3%/+5.0pct、较 19 年 -6.4pct。经营策略调整方面，计划进一步提升性价比；施行三大 动作，即让品牌更有亲和力（允许拼桌等）、让产品更有 ...

股 票 研 究 [Table_industryInfo] 社会服务业 [ Table_Main[九I Tnaf 毛bol]e 九_Ti（tle] 9 922） [评Tab级le_：Inv est] 增持 当前价格（港元）： 5.86 分红力度大幅提升，看好多品牌发展潜力 2024.03.24 海 ——九毛九2023 年年报点评 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 宋小寒(研究助理) 52周内股价区间（港元） 4.50-19.36 当前股本（百万股） 1,437 公 021-38677706 010-83939087 当前市值（百万港元） 8,418 司 liuyuenan@gtjas.com songxiaohan026736@gtjas.co 证书编号 S0880516030003 mS0 880122070054 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 公司大幅提高分红力度，看好多品牌餐饮平台公司发展潜力。 国 九毛九 恒生指数 香 14% 摘要： 港 -3% [T able维_S持um增m持ar评y] 级。怂客单价低于预期，考虑当前消费 ...

证券研究报告·海外公司点评·旅游及消闲设施(HS) 九毛九（09922.HK） 2023 年报点评：业绩符合预期，海外&加盟 2024 年 03月 25日 打开成长天花板 证券分析师 孙瑜 买入（上调） 执业证书：S0600523120002 suny@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 李昱哲 执业证书：S0600522090007 营业总收入（百万元） 4,006 5,986 7,547 9,155 10,752 liyzh@dwzq.com.cn 同比 -4.2% 49.4% 26.1% 21.3% 17.4% 归母净利润（百万元） 49 453 623 746 864 股价走势 同比 -85.5% 820.2% 37.3% 19.9% 15.8% 九毛九 恒生指数 EPS-最新摊薄（元/股） 0.03 0.32 0.43 0.52 0.60 5% P/E（现价&最新摊薄） 155 17 12 10 9 -3% -11% -19% [关Ta键bl词e_：Ta#g业] 绩符合预期 #大比例分红 ...

Investment Rating - The investment rating for the company is "Buy" [1][3][11] Core Views - The company achieved a net profit attributable to shareholders of 450 million yuan in 2023, which aligns with positive profit forecasts. The revenue for 2023 was 5.99 billion yuan, representing a year-on-year increase of 49% [1][5] - The adjusted net profit for 2023 was 500 million yuan, reflecting a significant year-on-year growth of 623%. The adjusted net profit margin improved to 8.4% from 1.7% in the previous year [1][5] - The company plans to increase its mid-term dividend payout ratio to over 40%, enhancing shareholder returns [1][11] Summary by Relevant Sections Financial Performance - In 2023, the company reported a revenue of 5.99 billion yuan, up 49% year-on-year, and a net profit of 450 million yuan, up 763% year-on-year. The adjusted net profit was 500 million yuan, up 623% [1][5] - The second half of 2023 saw revenue of 3.11 billion yuan, a 47.7% increase year-on-year, and a net profit of 230 million yuan, compared to a loss of 9 million yuan in the same period last year [1][5] Brand Performance - The company operates six main brands, with revenue contributions from Tai Er, Song Hotpot, and Jiu Mao Jiu being 75%, 13%, and 10% respectively. Tai Er's revenue grew by 44%, while Song Hotpot saw a 210% increase [1][5] - The average customer spending for Tai Er, Song Hotpot, and Jiu Mao Jiu was 75 yuan, 113 yuan, and 58 yuan respectively, with some declines noted in customer spending for Tai Er and Song Hotpot [1][5] Expansion Plans - The company opened a total of 180 new restaurants in 2023, bringing the total to 726. Plans for 2024 include opening 80-100 new Tai Er locations and 35-40 Song Hotpot locations domestically, along with 15-20 new Tai Er locations internationally [1][11] - The company has initiated a franchise model for Tai Er and Song Hotpot to accelerate expansion in remote and overseas areas [1][11] Dividend Policy - The board proposed a final dividend of 0.15 HKD per share, with a payout ratio of approximately 43.1%, compared to 26% in 2022. Future dividends are expected to maintain a payout ratio of at least 40% of the annual profit attributable to shareholders [1][11]

公[Ta司ble点_H评ead●er] 社会服务 2024 年 03 月24 日 [Table_Title] 经营改善显著，关注新品牌+新模式并 [Table_StockCode] 九毛九(9922) 进 [Tabl推e_In荐ves tRank] (维持) 核心观点： 分析师 [⚫T able事_S件um：m公ar司y] 2023 年实现营收 59.9 亿元/同比+49.4%，归母净利 4.5 亿元，同 [顾 Ta熹 b闽 le_ Authors] 比+820.2%。其中，2H23实现营收 31亿元/同比+47.4%；归母净利 2.3亿元， ：18916370173 同比扭亏为盈。公司拟派发末期股息每股 0.15港元，派息率约 43%。 ：guximin_yj@chinastock.com.cn ⚫ 核心品牌经营恢复，门店盈利能力优化 分析师登记编码：S0130522070001 2023年公司核心品牌太二/九毛九/怂火锅分别实现经营收入44.8/6.3/8.1亿元， 同比各增 44%/210%/4%。其中，太二/九毛九同店销售额同比 2021 年+20%/- 3%，怂火锅/赖美丽同店销售额同比 202 ...

Revenue Growth - Total revenue for 2023 increased by 49.4% to RMB 5,985.9 million compared to RMB 4,005.7 million in 2022[6] - Revenue from the "Tai Er" brand grew by 44.0% from RMB 3,108.3 million in 2022 to RMB 4,476.9 million in 2023, driven by restaurant network expansion and increased turnover rate[18] - Revenue from the "Song Hotpot" brand surged by 210.4% from RMB 259.8 million in 2022 to RMB 806.5 million in 2023, due to restaurant network expansion and higher turnover rate[18] - Restaurant operation revenue increased by 58.2% from RMB 3,203.2 million in 2022 to RMB 5,066.5 million in 2023, accounting for 84.6% of total revenue[22] - Takeaway business revenue grew by 14.5% from RMB 787.1 million in 2022 to RMB 901.2 million in 2023, but its share of total revenue decreased from 19.7% to 15.1%[23] - Tai Er's revenue increased by 44.3% to RMB 4,469,217 thousand in 2023, compared to RMB 3,098,041 thousand in 2022[9] - Song Hotpot's revenue surged by 210.4% to RMB 805,206 thousand in 2023, up from RMB 259,402 thousand in 2022[9] - Lai Mei Li Grilled Fish's revenue grew by 272.3% to RMB 47,647 thousand in 2023, compared to RMB 12,799 thousand in 2022[9] - Revenue for 2023 increased to RMB 5,985,850 thousand, up 49.4% from RMB 4,005,722 thousand in 2022[79] - Revenue from restaurant operations increased to RMB 5,066,466 thousand in 2023, up from RMB 3,203,210 thousand in 2022, representing a significant growth[89] - Revenue from delivery services rose to RMB 901,219 thousand in 2023, compared to RMB 787,114 thousand in 2022[89] - Total revenue from customer contracts under IFRS 15 reached RMB 5,985,850 thousand in 2023, up from RMB 4,005,722 thousand in 2022[89] - Tai Er's revenue increased to 4,476,906 thousand RMB in 2023, up from 3,108,328 thousand RMB in 2022, representing a significant growth[94] - Song Hotpot's revenue surged to 806,512 thousand RMB in 2023, compared to 259,814 thousand RMB in 2022, indicating a strong performance[94] - Total revenue for the company reached 5,985,850 thousand RMB in 2023, up from 4,005,722 thousand RMB in 2022, showing overall growth[94] Profitability - Net profit for 2023 surged by 763.3% to RMB 480.0 million from RMB 55.6 million in 2022[6] - Annual profit surged by 763.3% from RMB 55.6 million in 2022 to RMB 480.0 million in 2023, reflecting strong operational performance[37] - Adjusted net profit increased to RMB 501.2 million in 2023, up from RMB 69.3 million in 2022, with an adjusted net profit margin of 8.4% compared to 1.7% in the previous year[43] - Net profit for 2023 surged to RMB 479,998 thousand, a significant increase from RMB 55,610 thousand in 2022[79] - Basic earnings per share (EPS) for 2023 rose to RMB 0.31, compared to RMB 0.03 in 2022[79] - Total comprehensive income for 2023 reached RMB 504,335 thousand, up from RMB 142,461 thousand in 2022[80] - Basic earnings per share increased to RMB 0.312 in 2023 from RMB 0.034 in 2022, representing an 817.6% increase[105] - Non-GAAP operating profit for Tai Er rose to 865,833 thousand RMB in 2023, from 444,893 thousand RMB in 2022, reflecting improved profitability[94] - Song Hotpot turned a profit of 98,749 thousand RMB in 2023, recovering from a loss of 5,064 thousand RMB in 2022[94] - Total non-GAAP operating profit for the company increased to 1,076,967 thousand RMB in 2023, up from 516,578 thousand RMB in 2022[94] Restaurant Expansion - The company opened 180 new restaurants in 2023, including 134 Tai Er restaurants and 35 Song Hotpot restaurants[6] - The number of restaurants increased from 556 in 2022 to 726 in 2023[5] - The company plans to open 80-100 new Tai Er restaurants and 35-40 new Song Hotpot restaurants in mainland China in 2024[13] - The company aims to open 15-20 new Tai Er restaurants outside mainland China in 2024[13] - The company expanded its restaurant network from 556 in 2022 to 726 in 2023, supporting revenue growth across brands[22] - The company is constructing a supply chain center in South China and a production facility for hotpot base and compound seasonings in Southwest China to support future expansion[14] - The company is expanding globally, currently operating "Tai Er" restaurants in Canada, Malaysia, Singapore, Thailand, and the US, and a "Lai Mei Li" grilled fish restaurant in Singapore[14] - The company plans to introduce franchise and partnership models for regional and international expansion, targeting areas like Xinjiang, Tibet, Taiwan, and Australia/New Zealand[14] Operational Metrics - Same-store sales growth for Tai Er, Song Hotpot, and Jiumaojiu were 18.3%, 10.6%, and 7.4% respectively[5] - The company's customer traffic per seat per day for Tai Er increased to 3.0 in 2023 from 2.6 in 2022[5] - The company's customer traffic per seat per day for Song Hotpot increased to 2.8 in 2023 from 2.5 in 2022[5] - The company's customer traffic per seat per day for Jiumaojiu increased to 2.9 in 2023 from 2.4 in 2022[5] - Tai Er's table turnover rate in mainland China increased to 4.1 in 2023 from 3.5 in 2022[9] - Song Hotpot's table turnover rate rose to 3.8 in 2023 from 3.6 in 2022[9] - Tai Er's same-store sales growth in mainland China was 18.3% in 2023, compared to a decline of 22.3% in 2022[11] - Lai Mei Li Grilled Fish's same-store sales growth was 42.3% in 2023[11] Costs and Expenses - Raw material and consumable costs increased by 48.0% from RMB 1,447.1 million in 2022 to RMB 2,142.2 million in 2023, maintaining a stable ratio of 35.8% to total revenue[25] - Employee costs increased by 36.2% from RMB 1,133.9 million in 2022 to RMB 1,544.1 million in 2023, primarily due to the expansion of the restaurant network[26] - Depreciation of right-of-use assets rose by 20.4% from RMB 403.0 million in 2022 to RMB 485.3 million in 2023, driven by the increase in the number of restaurants[27] - Other rental and related expenses surged by 66.8% from RMB 83.2 million in 2022 to RMB 138.8 million in 2023, mainly due to increased variable rental payments[28] - Depreciation and amortization of other assets grew by 23.8% from RMB 190.3 million in 2022 to RMB 235.6 million in 2023, attributed to restaurant network expansion[29] - Utility expenses increased by 47.3% from RMB 148.7 million in 2022 to RMB 219.0 million in 2023, reflecting the expansion of the restaurant network[30] - Travel and related expenses rose by 52.2% from RMB 25.5 million in 2022 to RMB 38.8 million in 2023, due to increased business trips for operational needs[31] - Advertising and promotion expenses increased by 52.3% from RMB 55.5 million in 2022 to RMB 84.5 million in 2023, driven by higher advertising spending[32] - Employee costs for 2023 were RMB 1,544.1 million, up from RMB 1,133.9 million in 2022, reflecting an increase in workforce and related expenses[66] - Total other expenses increased to RMB 438,588 thousand in 2023 from RMB 316,124 thousand in 2022, representing a 38.7% increase[100] - Depreciation and amortization expenses rose to RMB 711,561 thousand in 2023 from RMB 587,363 thousand in 2022, a 21.1% increase[100] - Tax expenses increased significantly to RMB 156,386 thousand in 2023 from RMB 38,721 thousand in 2022, a 303.8% rise[103] - Professional service fees increased to RMB 82,922 thousand in 2023 from RMB 66,599 thousand in 2022, a 24.5% rise[100] - New restaurant opening expenses rose to RMB 76,643 thousand in 2023 from RMB 44,922 thousand in 2022, a 70.6% increase[100] - Transportation and related expenses increased to RMB 156,122 thousand in 2023 from RMB 125,158 thousand in 2022, a 24.7% rise[100] - R&D expenses grew to RMB 3,956 thousand in 2023 from RMB 3,082 thousand in 2022, a 28.4% increase[100] Financial Position - The company's store-level operating profit increased to RMB 1,076.967 million in 2023 from RMB 516.578 million in 2022[2] - Store-level operating profit for the Tai Er brand reached RMB 865.8 million in 2023, with a profit margin of 19.3%, up from 14.3% in 2022[41] - Store-level operating profit for the Jiu Mao Jiu brand increased to RMB 110.8 million in 2023, with a profit margin of 17.6%, up from 12.9% in 2022[41] - Inventory increased by 11.9% to RMB 132.1 million in 2023 from RMB 118.1 million in 2022, driven by the expansion of the restaurant network[45] - Inventory turnover days decreased from 23.8 days in 2022 to 21.3 days in 2023, reflecting faster consumption of ingredients as restaurants recovered from the pandemic[45] - Right-of-use assets increased by 27.8% to RMB 2,007.9 million in 2023 from RMB 1,571.0 million in 2022, primarily due to the expansion of Tai Er and Song Hotpot restaurants[46] - Trade receivables increased by 82.5% to RMB 37.6 million in 2023 from RMB 20.6 million in 2022, mainly due to the expansion of the restaurant network[47] - Trade payables increased by 11.2% to RMB 209.3 million in 2023 from RMB 188.2 million in 2022, with turnover days decreasing from 41.5 days in 2022 to 33.9 days in 2023[48] - Total assets increased to RMB 6,520.9 million in 2023 from RMB 5,407.1 million in 2022, while total liabilities rose to RMB 3,163.9 million from RMB 2,207.9 million, resulting in a debt-to-asset ratio increase from 40.8% to 48.5%[51] - Cash and cash equivalents increased by 20.7% to RMB 1,326.9 million in 2023 from RMB 1,098.9 million in 2022, primarily due to cash inflows from restaurant operations[52] - Capital expenditures increased by 55.7% to RMB 576.2 million in 2023 from RMB 370.1 million in 2022, driven by new restaurant openings and supply chain construction[53] - Total revenue for 2023 increased to RMB 244,162 thousand from RMB 30,000 thousand in 2022, representing a significant growth[54] - Bank loans with floating interest rates amounted to RMB 184.2 million as of December 31, 2023, compared to none in 2022[54] - Lease liabilities increased by 26.3% to RMB 2,084.5 million in 2023, driven by the expansion of the Tai Er and Song Hotpot restaurant networks[55] - The company has no significant contingent liabilities, guarantees, or pending litigations that could materially affect its business or financial performance as of December 31, 2023[56] - Bank deposits pledged as collateral for a currency forward contract and bank loans amounted to RMB 10.7 million and RMB 220.8 million, respectively, as of December 31, 2023[57] - The company proposed a final dividend of HKD 0.15 per share for 2023, a significant increase from HKD 0.01 per share in 2022[61] - The company has fully utilized the proceeds from its global offering, with 77.4% allocated to expanding its restaurant network[68] - The net proceeds from the subscription will be allocated as follows: 55% (HKD 456.5 million) for investment in major raw material suppliers, 30% (HKD 249.0 million) for general working capital, and 15% (HKD 124.5 million) for investment in other companies in the catering industry[70] - As of March 10, 2024, 57.3% of the funds allocated for investment in major raw material suppliers have been utilized, with 42.7% remaining unused[70] - 100% of the funds allocated for general working capital have been utilized as of March 10, 2024[70] - 69.5% of the funds allocated for investment in other companies in the catering industry have been utilized, with 30.5% remaining unused as of March 10, 2024[70] - The total unutilized balance of the subscription proceeds is 28.1% (HKD 233.2 million) as of March 10, 2024[70] - All unvested restricted share units (RSUs) totaling 7,053,710 units were fully vested by December 31, 2023[71] - The weighted average market price per share for the RSUs vested in 2023 was HKD 13.90[73] - The share option plan, adopted on December 6, 2019, has a remaining term of approximately 5 years and 11 months as of December 31, 2023[74] - The number of shares available for further grant under the share option plan as of December 31, 2023, was 118,167,100 shares, representing 8.23% of the total issued shares on that date[77] - The number of shares subject to share options granted but not yet exercised as of December 31, 2023, was 14,071,200 shares, accounting for 0.98% of the total issued shares on that date[77] - The total number of shares that could be issued under the share option plan as of December 31, 2023, divided by the weighted average number of issued shares for the year ended December 31, 2023, was 0.97%[77] - The total number of shares granted but not yet exercised as of December 31, 2023, was 14,071,200 shares[76] - The total number of shares available for further grant under the share option plan as of January 1, 2023, was 122,555,400 shares[77] - The total number of shares granted but not yet exercised as of December 31, 2023, was 14,071,200 shares, representing 0.98% of the total issued shares on that date[77] - The total number of shares that could be issued under the share option plan as of December 31, 2023, divided by the weighted average number of issued shares for the year ended December 31, 2023, was 0.97%[77] - The total number of shares granted but not yet exercised as of December 31, 2023, was 14,071,200 shares, representing 0.98% of the total issued shares on that date[77] - The total number of shares available for further grant under the share option plan as of January 1, 2023, was 122,555,400 shares[77] - The total number of shares granted but not yet exercised as of December 31, 2023, was 14,071,200 shares, representing 0.98% of the total issued shares on that date[77] - Property, plant, and equipment increased to RMB 1,129,483 thousand in 2023 from RMB 736,623 thousand in 2022[81] - Cash and cash equivalents grew to RMB 1,326,902 thousand in 2023, up from RMB 1,098,872 thousand in 2022[82] - Trade and other receivables increased to RMB 643,844 thousand in 2023 from RMB 505,456 thousand in 2022[82] - Total assets rose to RMB 3,714,972 thousand in 2023, compared to RMB 2,821,841 thousand in 2022[81] - Total equity attributable to the company's shareholders increased to RMB 3,335,535 thousand in 2023 from RMB 3,174,282 thousand in 2022[84] - Non-current liabilities increased to RMB 1,761,287 thousand in 2023 from RMB 1,252,982 thousand in 2022[83] -

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨九毛九（ ） 9922.HK [2T0a2b3le年_T业it绩le]预告点评：开店加速，业绩承压， 坚持创新探索 报告要点 [2T0a2b3le财_S年um，m预a计ry收] 入约59.86亿元，同比+49.4%；预计归母净利润约4.50亿元，2022年仅 为0.49亿元。其中，2023H2，预计收入31.06亿元，同比+47.46%；预计归母净利润约2.28 亿元。预计2024-2025年归母净利润7.1和9.1亿元，对应PE分别为10.0和7.9X，给予“买 入”评级。 ...