Core Viewpoint - Huachuang Securities maintains a "Buy" rating for Jiumaojiu (09922), projecting net profit for 2025/26/27 to be 1.47/1.65/1.68 billion yuan, with a target price of 2.65 HKD. The company has a solid supply chain foundation and strong core brands, with potential for continuous new brand incubation [1] Financial Performance - In the first half of 2025, Jiumaojiu reported revenue of 2.753 billion yuan, a year-on-year decrease of 10.1%, and a net profit attributable to shareholders of 61 million yuan, down 16.05%. The company's net profit margin was 2.13%, a decrease of 0.09 percentage points year-on-year [1] - By brand, the operating profit margins for the first half of 2025 were as follows: Taier at 13.4% (down 0.4 percentage points), Song Hotpot at 3.6% (down 5.0 percentage points), Jiumaojiu at 12.7% (down 4.2 percentage points), and other brands at 15.9% (up 25.7 percentage points) [1] Customer Metrics - In the first half of 2025, the turnover rates for each brand decreased: Taier at 2.2 (down from 2.7 in the same period of 2024), Song Hotpot at 1.7 (down from 2.0), and Jiumaojiu at 1.5 (down from 1.8) [2] - The table turnover rates were also down: Taier at 3.1 (down from 3.8), Song Hotpot at 2.5 (down from 2.9), and Jiumaojiu at 2.5 (down from 2.8) [2] - Average customer spending showed slight increases for Taier (73 yuan, up from 71 yuan) and Jiumaojiu (57 yuan, up from 56 yuan), while Song Hotpot saw a decline (99 yuan, down from 110 yuan) [2] Same-store Sales - Same-store sales for the first half of 2025 were as follows: Taier at 1.536 billion yuan (down 18.9%), Song Hotpot at 288 million yuan (down 20.07%), and Jiumaojiu at 193 million yuan (down 19.85%) [3] Store Optimization - As of the end of the first half of 2025, the total number of stores, including a few franchise restaurants, was 729, a net decrease of 42 from the end of the first half of 2024. Taier had 566 stores (down 48), Song Hotpot had 31 stores (up 9), and Jiumaojiu had 68 stores (down 4) [4] Supply Chain and International Expansion - The company is actively optimizing its store structure and has closed underperforming stores. The Nansha supply chain center has begun trial operations, enhancing its digital capabilities. Taier has expanded operations in multiple countries, including Singapore, Malaysia, Canada, the United States, Thailand, and Indonesia [5]
华创证券：维持九毛九(09922)“推荐”评级 目标价2.65港元