交银国际:下调九毛九(09922.HK)目标价32%至1.3港元 维持“中性“评级

智通财经
Jul 30
【交银国际:下调九毛九(09922.HK)目标价32%至1.3港元 维持“中性“评级】智通财经APP获悉,交银国际发布研报称,维持九毛九(09922.HK)"中性"评级,目标价下调31.6%至1.3港元。该行表示,以最新的门店数量、调改进程及零售业务拓展节奏,将2026-2028年收入预测下调至50.9-55.5亿元人民币,预计期间归母净利润为1.6-2.9亿元,下调2026-2028年盈利预测3%-12%。预计太二内地同店销售及门店利润率将持续修复;然而,海外业务、其他品牌的调改进程及外销业务的拓展不确定性仍存。公司目前的盈利恢复更多来自门店调改及费用优化,而扩店尚未重启,因此考虑到公司成长中枢以及行业不确定性的变化,下调目标价并维持评级。

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