金吾财讯 | 摩根士丹利发研报指，九毛九(09922)主要品牌"太二"第四季度有新店关闭，因此预计门店网络以及同店运营将需要一段时间优化。若看不到好转迹象以及宏观经济复苏缓慢，该股可能在更长时间内受到压力。第四季度太二的同店销售同比下降25%，较第三季的18%同比跌幅扩大，怂火锅SSSG跌幅收窄至27%。太二从去年9月至12月关闭20间门店。农历新年前的门店关闭表明经营前景受到挑战，公司的关注点是改善现有的业务。该行指，相信九毛九门店网络的"下行周期"将持续一段时间，公司正优化同店运营。例如，海底捞(06862)用一年的时间去完成其门店关闭下行周期，并优化运营，目前海底捞利润率比疫情前好。该行将其目标价由3.8港元下调39.5%至2.3港元，评级由“与大市同步”降至“减持”，以反映削减2025年盈利预测22%。
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