九毛九：We see risks in 2H24E after the miss in 2Q24

22 Jul 2024 CMB International Global Markets | Equity Research | Company Update Jiumaojiu (9922 HK) We see risks in 2H24E after the miss in 2Q24 HOLD (Down) Jiumaojiu issued a profit warning for 1H24, which is still awful compared to our already negative outlook. With risks to linger in the near future (SSSG drop may sustain and store expansion may also slow down, etc.), plus the fairly high valuation (23x FY24E P/E), we now cut our FY24E-26E net profit forecasts by 69%-57% and downgrade the stock to HOLD. ...