金吾财讯 | 国元国际发研报指，九毛九(09922)经营业绩仍受到外部环境影响，1Q25主品牌太二/怂火锅/九毛九翻台率分别为3.1/2.6/2.6次/天，同比分别-0.8/-0.4/-0.4次/天，环比4Q24分别+0.1/-0.1/+0.2次/天；同店日均销售额同比分别-21.2%/-24.2%/-18.6%，降幅环比4Q24小幅改善；人均客单价分别为72/100/56元，同比分别-1.4%/-13.8%/-1.8%，环比4Q24分别0%/+1.0%/+3.7%，亦有企稳迹象，公司品质和体验聚焦策略初现成效。该行表示，集团坚持审慎扩张，同时关闭经营不佳的门店。1Q25主品牌太二于香港新开设1家门店，新增1家加盟店，同时有1家直营店转为加盟模式，另外关闭26家直营店及1家加盟店；怂火锅新开3家门店，闭店2家；九毛九闭店2家，无新店开出。截至1Q25末，集团合计拥有门店数780家，其中太二(自营+加盟)/怂火锅/九毛九(自营+加盟)门店数分别为610/81/69家。该行续指，公司主品牌均处于调整期，效果及持续性需进一步观察，且仍受到外部环境影响。预期25-27年公司EPS分别为0.1/0.15/0.24元，给予3.0港元/股目标价，对应26年19倍PE，较现价有14.5%的涨幅空间，给予“持有”评级。
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