【券商聚焦】交银国际维持九毛九(09922)中性评级指短期太二门店升级带来的同店回暖仍是核心观察点

金吾财讯

Oct 17

金吾财讯 | 交银国际研报指，九毛九(09922)3季度同店销售仍然承压，但修复迹象初步显现：太二/怂火锅/九毛九2025年3季度同店日均销售额分别同比下降9.3%/19.1%/14.8%。尽管同店仍为负增长，但太二和九毛九的降幅环比2季度收窄，太二已连续三个季度改善，反映出经营调整措施的初步成效。公司表示太二在北京、上海等城市的同店销售已于第3季度实现同比正增长，成为短期亮点。公司门店优化加速，运营效率边际改善，客单价趋于稳定：截至9月底，公司总门店数为686家，较2季度末净减少43家。门店减少主要来自公司对低效门店的调整，其中太二门店净减少36家。3季度，太二/怂/九毛九的翻台率分别为3.3/2.4/2.5，虽低于去年同期，但环比小幅回升。客单价保持大致平稳趋势，3季度太二（中国内地）环比小幅下降1元，怂火锅/九毛九客单价分别环比回升2/1元。考虑到目前同店修复节奏，该机构小幅下调2025-27年收入预测至55.563.2亿元，净利润预测下调至1.4-3.0亿元人民币。该机构基于16倍2026年预测市盈率（原19倍），给予目标价2.32港元（原2.79港元），维持中性评级。短期看，太二门店升级带来的同店回暖仍是核心观察点，建议密切关注4季度新模型推广和成本控制。

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One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2576086377"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2576086377\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2576086377?lang=en_US&edition=fundamental","thumbnail":"https://static.szfiu.com/news/20250109/ODYzMTA4NTI1Nzg5MjIw.jpg","is_english":false,"pubTime":"2025-10-17 08:54","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2576086377","market":"us","top_or_hot":-1,"title":"【券商聚焦】交银国际维持九毛九(09922)中性评级 指短期太二门店升级带来的同店回暖仍是核心观察点","media":"金吾财讯","content":"<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/03329\">交银国际</a>研报指，<a href=\"https://laohu8.com/S/09922\">九毛九</a>(09922)3季度同店销售仍然承压，但修复迹象初步显现：太二/怂火锅/九毛九2025年3季度同店日均销售额分别同比下降9.3%/19.1%/14.8%。尽管同店仍为负增长，但太二和九毛九的降幅环比2季度收窄，太二已连续三个季度改善，反映出经营调整措施的初步成效。公司表示太二在北京、上海等城市的同店销售已于第3季度实现同比正增长，成为短期亮点。公司门店优化加速，运营效率边际改善，客单价趋于稳定：截至9月底，公司总门店数为686家，较2季度末净减少43家。门店减少主要来自公司对低效门店的调整，其中太二门店净减少36家。3季度，太二/怂/九毛九的翻台率分别为3.3/2.4/2.5，虽低于去年同期，但环比小幅回升。客单价保持大致平稳趋势，3季度太二（中国内地）环比小幅下降1元，怂火锅/九毛九客单价分别环比回升2/1元。考虑到目前同店修复节奏，该机构小幅下调2025-27年收入预测至55.563.2亿元，净利润预测下调至1.4-3.0亿元人民币。该机构基于16倍2026年预测市盈率（原19倍），给予目标价2.32港元（原2.79港元），维持中性评级。短期看，太二门店升级带来的同店回暖仍是核心观察点，建议密切关注4季度新模型推广和成本控制。</p></body></html>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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