金吾财讯 | 交银国际研报指，九毛九(09922)2季度整体运营压力持续，同店销售仍呈下降态势：太二（仅限自营）/怂火锅/九毛九（仅限自营）2025年2季度同店日均销售额分别同比下降13.7%/14.3%/18.5%。该机构看到公司核心品牌太二的门店调整初见成效，其同店有望在下半年出现边际改善。该机构指，公司核心品牌太二同店同比跌幅自1季度的21.2%收窄至2季度的13.7%。客单价方面，2季度太二（中国内地）、九毛九客单价环比上升1.5%/1.8%，怂火锅则环比降2.0%。截至6月底，公司总门店数为729家，2季度环比净减少51家，其中太二门店净减少44家。该机构相信这主要来自公司对低效门店的结构性调整。考虑到2季度运营数据弱于该机构此前预期、同店修复缓慢，该机构下调2025-27年收入预测至56.1-63.4亿元人民币，净利润预测下调至1.5-3.0亿元人民币，分别下调约12-31%。该机构仍基于19倍预测市盈率（滚动至2026年预测每股收益），给予目标价2.79港元，维持中性评级。
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