证券研究报告·海外公司点评·旅游及消闲设施(HS) 九毛九（09922.HK） 2023 年报点评：业绩符合预期，海外&加盟 2024 年 03月 25日 打开成长天花板 证券分析师 孙瑜 买入（上调） 执业证书：S0600523120002 suny@dwzq.com.cn [ 盈Ta 利bl 预e_ 测EP 与S] 估 值 2022A 2023A 2024E 2025E 2026E 证券分析师 李昱哲 执业证书：S0600522090007 营业总收入（百万元） 4,006 5,986 7,547 9,155 10,752 liyzh@dwzq.com.cn 同比 -4.2% 49.4% 26.1% 21.3% 17.4% 归母净利润（百万元） 49 453 623 746 864 股价走势 同比 -85.5% 820.2% 37.3% 19.9% 15.8% 九毛九 恒生指数 EPS-最新摊薄（元/股） 0.03 0.32 0.43 0.52 0.60 5% P/E（现价&最新摊薄） 155 17 12 10 9 -3% -11% -19% [关Ta键bl词e_：Ta#g业] 绩符合预期 #大比例分红 ...

Revenue Growth - Total revenue for 2023 increased by 49.4% to RMB 5,985.9 million compared to RMB 4,005.7 million in 2022[6] - Revenue from the "Tai Er" brand grew by 44.0% from RMB 3,108.3 million in 2022 to RMB 4,476.9 million in 2023, driven by restaurant network expansion and increased turnover rate[18] - Revenue from the "Song Hotpot" brand surged by 210.4% from RMB 259.8 million in 2022 to RMB 806.5 million in 2023, due to restaurant network expansion and higher turnover rate[18] - Restaurant operation revenue increased by 58.2% from RMB 3,203.2 million in 2022 to RMB 5,066.5 million in 2023, accounting for 84.6% of total revenue[22] - Takeaway business revenue grew by 14.5% from RMB 787.1 million in 2022 to RMB 901.2 million in 2023, but its share of total revenue decreased from 19.7% to 15.1%[23] - Tai Er's revenue increased by 44.3% to RMB 4,469,217 thousand in 2023, compared to RMB 3,098,041 thousand in 2022[9] - Song Hotpot's revenue surged by 210.4% to RMB 805,206 thousand in 2023, up from RMB 259,402 thousand in 2022[9] - Lai Mei Li Grilled Fish's revenue grew by 272.3% to RMB 47,647 thousand in 2023, compared to RMB 12,799 thousand in 2022[9] - Revenue for 2023 increased to RMB 5,985,850 thousand, up 49.4% from RMB 4,005,722 thousand in 2022[79] - Revenue from restaurant operations increased to RMB 5,066,466 thousand in 2023, up from RMB 3,203,210 thousand in 2022, representing a significant growth[89] - Revenue from delivery services rose to RMB 901,219 thousand in 2023, compared to RMB 787,114 thousand in 2022[89] - Total revenue from customer contracts under IFRS 15 reached RMB 5,985,850 thousand in 2023, up from RMB 4,005,722 thousand in 2022[89] - Tai Er's revenue increased to 4,476,906 thousand RMB in 2023, up from 3,108,328 thousand RMB in 2022, representing a significant growth[94] - Song Hotpot's revenue surged to 806,512 thousand RMB in 2023, compared to 259,814 thousand RMB in 2022, indicating a strong performance[94] - Total revenue for the company reached 5,985,850 thousand RMB in 2023, up from 4,005,722 thousand RMB in 2022, showing overall growth[94] Profitability - Net profit for 2023 surged by 763.3% to RMB 480.0 million from RMB 55.6 million in 2022[6] - Annual profit surged by 763.3% from RMB 55.6 million in 2022 to RMB 480.0 million in 2023, reflecting strong operational performance[37] - Adjusted net profit increased to RMB 501.2 million in 2023, up from RMB 69.3 million in 2022, with an adjusted net profit margin of 8.4% compared to 1.7% in the previous year[43] - Net profit for 2023 surged to RMB 479,998 thousand, a significant increase from RMB 55,610 thousand in 2022[79] - Basic earnings per share (EPS) for 2023 rose to RMB 0.31, compared to RMB 0.03 in 2022[79] - Total comprehensive income for 2023 reached RMB 504,335 thousand, up from RMB 142,461 thousand in 2022[80] - Basic earnings per share increased to RMB 0.312 in 2023 from RMB 0.034 in 2022, representing an 817.6% increase[105] - Non-GAAP operating profit for Tai Er rose to 865,833 thousand RMB in 2023, from 444,893 thousand RMB in 2022, reflecting improved profitability[94] - Song Hotpot turned a profit of 98,749 thousand RMB in 2023, recovering from a loss of 5,064 thousand RMB in 2022[94] - Total non-GAAP operating profit for the company increased to 1,076,967 thousand RMB in 2023, up from 516,578 thousand RMB in 2022[94] Restaurant Expansion - The company opened 180 new restaurants in 2023, including 134 Tai Er restaurants and 35 Song Hotpot restaurants[6] - The number of restaurants increased from 556 in 2022 to 726 in 2023[5] - The company plans to open 80-100 new Tai Er restaurants and 35-40 new Song Hotpot restaurants in mainland China in 2024[13] - The company aims to open 15-20 new Tai Er restaurants outside mainland China in 2024[13] - The company expanded its restaurant network from 556 in 2022 to 726 in 2023, supporting revenue growth across brands[22] - The company is constructing a supply chain center in South China and a production facility for hotpot base and compound seasonings in Southwest China to support future expansion[14] - The company is expanding globally, currently operating "Tai Er" restaurants in Canada, Malaysia, Singapore, Thailand, and the US, and a "Lai Mei Li" grilled fish restaurant in Singapore[14] - The company plans to introduce franchise and partnership models for regional and international expansion, targeting areas like Xinjiang, Tibet, Taiwan, and Australia/New Zealand[14] Operational Metrics - Same-store sales growth for Tai Er, Song Hotpot, and Jiumaojiu were 18.3%, 10.6%, and 7.4% respectively[5] - The company's customer traffic per seat per day for Tai Er increased to 3.0 in 2023 from 2.6 in 2022[5] - The company's customer traffic per seat per day for Song Hotpot increased to 2.8 in 2023 from 2.5 in 2022[5] - The company's customer traffic per seat per day for Jiumaojiu increased to 2.9 in 2023 from 2.4 in 2022[5] - Tai Er's table turnover rate in mainland China increased to 4.1 in 2023 from 3.5 in 2022[9] - Song Hotpot's table turnover rate rose to 3.8 in 2023 from 3.6 in 2022[9] - Tai Er's same-store sales growth in mainland China was 18.3% in 2023, compared to a decline of 22.3% in 2022[11] - Lai Mei Li Grilled Fish's same-store sales growth was 42.3% in 2023[11] Costs and Expenses - Raw material and consumable costs increased by 48.0% from RMB 1,447.1 million in 2022 to RMB 2,142.2 million in 2023, maintaining a stable ratio of 35.8% to total revenue[25] - Employee costs increased by 36.2% from RMB 1,133.9 million in 2022 to RMB 1,544.1 million in 2023, primarily due to the expansion of the restaurant network[26] - Depreciation of right-of-use assets rose by 20.4% from RMB 403.0 million in 2022 to RMB 485.3 million in 2023, driven by the increase in the number of restaurants[27] - Other rental and related expenses surged by 66.8% from RMB 83.2 million in 2022 to RMB 138.8 million in 2023, mainly due to increased variable rental payments[28] - Depreciation and amortization of other assets grew by 23.8% from RMB 190.3 million in 2022 to RMB 235.6 million in 2023, attributed to restaurant network expansion[29] - Utility expenses increased by 47.3% from RMB 148.7 million in 2022 to RMB 219.0 million in 2023, reflecting the expansion of the restaurant network[30] - Travel and related expenses rose by 52.2% from RMB 25.5 million in 2022 to RMB 38.8 million in 2023, due to increased business trips for operational needs[31] - Advertising and promotion expenses increased by 52.3% from RMB 55.5 million in 2022 to RMB 84.5 million in 2023, driven by higher advertising spending[32] - Employee costs for 2023 were RMB 1,544.1 million, up from RMB 1,133.9 million in 2022, reflecting an increase in workforce and related expenses[66] - Total other expenses increased to RMB 438,588 thousand in 2023 from RMB 316,124 thousand in 2022, representing a 38.7% increase[100] - Depreciation and amortization expenses rose to RMB 711,561 thousand in 2023 from RMB 587,363 thousand in 2022, a 21.1% increase[100] - Tax expenses increased significantly to RMB 156,386 thousand in 2023 from RMB 38,721 thousand in 2022, a 303.8% rise[103] - Professional service fees increased to RMB 82,922 thousand in 2023 from RMB 66,599 thousand in 2022, a 24.5% rise[100] - New restaurant opening expenses rose to RMB 76,643 thousand in 2023 from RMB 44,922 thousand in 2022, a 70.6% increase[100] - Transportation and related expenses increased to RMB 156,122 thousand in 2023 from RMB 125,158 thousand in 2022, a 24.7% rise[100] - R&D expenses grew to RMB 3,956 thousand in 2023 from RMB 3,082 thousand in 2022, a 28.4% increase[100] Financial Position - The company's store-level operating profit increased to RMB 1,076.967 million in 2023 from RMB 516.578 million in 2022[2] - Store-level operating profit for the Tai Er brand reached RMB 865.8 million in 2023, with a profit margin of 19.3%, up from 14.3% in 2022[41] - Store-level operating profit for the Jiu Mao Jiu brand increased to RMB 110.8 million in 2023, with a profit margin of 17.6%, up from 12.9% in 2022[41] - Inventory increased by 11.9% to RMB 132.1 million in 2023 from RMB 118.1 million in 2022, driven by the expansion of the restaurant network[45] - Inventory turnover days decreased from 23.8 days in 2022 to 21.3 days in 2023, reflecting faster consumption of ingredients as restaurants recovered from the pandemic[45] - Right-of-use assets increased by 27.8% to RMB 2,007.9 million in 2023 from RMB 1,571.0 million in 2022, primarily due to the expansion of Tai Er and Song Hotpot restaurants[46] - Trade receivables increased by 82.5% to RMB 37.6 million in 2023 from RMB 20.6 million in 2022, mainly due to the expansion of the restaurant network[47] - Trade payables increased by 11.2% to RMB 209.3 million in 2023 from RMB 188.2 million in 2022, with turnover days decreasing from 41.5 days in 2022 to 33.9 days in 2023[48] - Total assets increased to RMB 6,520.9 million in 2023 from RMB 5,407.1 million in 2022, while total liabilities rose to RMB 3,163.9 million from RMB 2,207.9 million, resulting in a debt-to-asset ratio increase from 40.8% to 48.5%[51] - Cash and cash equivalents increased by 20.7% to RMB 1,326.9 million in 2023 from RMB 1,098.9 million in 2022, primarily due to cash inflows from restaurant operations[52] - Capital expenditures increased by 55.7% to RMB 576.2 million in 2023 from RMB 370.1 million in 2022, driven by new restaurant openings and supply chain construction[53] - Total revenue for 2023 increased to RMB 244,162 thousand from RMB 30,000 thousand in 2022, representing a significant growth[54] - Bank loans with floating interest rates amounted to RMB 184.2 million as of December 31, 2023, compared to none in 2022[54] - Lease liabilities increased by 26.3% to RMB 2,084.5 million in 2023, driven by the expansion of the Tai Er and Song Hotpot restaurant networks[55] - The company has no significant contingent liabilities, guarantees, or pending litigations that could materially affect its business or financial performance as of December 31, 2023[56] - Bank deposits pledged as collateral for a currency forward contract and bank loans amounted to RMB 10.7 million and RMB 220.8 million, respectively, as of December 31, 2023[57] - The company proposed a final dividend of HKD 0.15 per share for 2023, a significant increase from HKD 0.01 per share in 2022[61] - The company has fully utilized the proceeds from its global offering, with 77.4% allocated to expanding its restaurant network[68] - The net proceeds from the subscription will be allocated as follows: 55% (HKD 456.5 million) for investment in major raw material suppliers, 30% (HKD 249.0 million) for general working capital, and 15% (HKD 124.5 million) for investment in other companies in the catering industry[70] - As of March 10, 2024, 57.3% of the funds allocated for investment in major raw material suppliers have been utilized, with 42.7% remaining unused[70] - 100% of the funds allocated for general working capital have been utilized as of March 10, 2024[70] - 69.5% of the funds allocated for investment in other companies in the catering industry have been utilized, with 30.5% remaining unused as of March 10, 2024[70] - The total unutilized balance of the subscription proceeds is 28.1% (HKD 233.2 million) as of March 10, 2024[70] - All unvested restricted share units (RSUs) totaling 7,053,710 units were fully vested by December 31, 2023[71] - The weighted average market price per share for the RSUs vested in 2023 was HKD 13.90[73] - The share option plan, adopted on December 6, 2019, has a remaining term of approximately 5 years and 11 months as of December 31, 2023[74] - The number of shares available for further grant under the share option plan as of December 31, 2023, was 118,167,100 shares, representing 8.23% of the total issued shares on that date[77] - The number of shares subject to share options granted but not yet exercised as of December 31, 2023, was 14,071,200 shares, accounting for 0.98% of the total issued shares on that date[77] - The total number of shares that could be issued under the share option plan as of December 31, 2023, divided by the weighted average number of issued shares for the year ended December 31, 2023, was 0.97%[77] - The total number of shares granted but not yet exercised as of December 31, 2023, was 14,071,200 shares[76] - The total number of shares available for further grant under the share option plan as of January 1, 2023, was 122,555,400 shares[77] - The total number of shares granted but not yet exercised as of December 31, 2023, was 14,071,200 shares, representing 0.98% of the total issued shares on that date[77] - The total number of shares that could be issued under the share option plan as of December 31, 2023, divided by the weighted average number of issued shares for the year ended December 31, 2023, was 0.97%[77] - The total number of shares granted but not yet exercised as of December 31, 2023, was 14,071,200 shares, representing 0.98% of the total issued shares on that date[77] - The total number of shares available for further grant under the share option plan as of January 1, 2023, was 122,555,400 shares[77] - The total number of shares granted but not yet exercised as of December 31, 2023, was 14,071,200 shares, representing 0.98% of the total issued shares on that date[77] - Property, plant, and equipment increased to RMB 1,129,483 thousand in 2023 from RMB 736,623 thousand in 2022[81] - Cash and cash equivalents grew to RMB 1,326,902 thousand in 2023, up from RMB 1,098,872 thousand in 2022[82] - Trade and other receivables increased to RMB 643,844 thousand in 2023 from RMB 505,456 thousand in 2022[82] - Total assets rose to RMB 3,714,972 thousand in 2023, compared to RMB 2,821,841 thousand in 2022[81] - Total equity attributable to the company's shareholders increased to RMB 3,335,535 thousand in 2023 from RMB 3,174,282 thousand in 2022[84] - Non-current liabilities increased to RMB 1,761,287 thousand in 2023 from RMB 1,252,982 thousand in 2022[83] -

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨九毛九（ ） 9922.HK [2T0a2b3le年_T业it绩le]预告点评：开店加速，业绩承压， 坚持创新探索 报告要点 [2T0a2b3le财_S年um，m预a计ry收] 入约59.86亿元，同比+49.4%；预计归母净利润约4.50亿元，2022年仅 为0.49亿元。其中，2023H2，预计收入31.06亿元，同比+47.46%；预计归母净利润约2.28 亿元。预计2024-2025年归母净利润7.1和9.1亿元，对应PE分别为10.0和7.9X，给予“买 入”评级。 ...

港股公司报告 | 公司点评 九毛九（09922） 证券研究报告 2024年02月27日 投资评级 23年归母净利润不低于4.5亿元符合预期，预期24年持续稳健扩张 行业 非必需性消费/旅游及 消闲设施 6个月评级 买入（维持评级） 公司发布正面盈利预告： 当前价格 5.49港元 预期公司2023财年收入约为59.9亿元，同增49.4%；预期归母净利润 目标价格 港元 不低于4.5亿元，同增不低于812.8%，对应归母净利率约7.5%。 基本数据 单看 23H2，预计下半年实现收入 31.1 亿元，同增 47.7%；预计实现归 港股总股本(百万股) 1,436.57 母净利润不低于 2.3 亿元，同比扭亏，对应归母净利率约 7.5%；23H2 港股总市值(百万港元) 7,886.76 收入端虽略受影响但净利率环比23H1（7.7%）仍较为稳定。 每股净资产(港元) 2.59 资产负债率(%) 42.44 经营数据来看: 一 年内最高/最低(港元) 21.15/4.42 公司 2023 财年收入及业绩的预期增长乃主要由于(i)集团餐厅网络的扩 作者 张，在营餐厅总数由截至2022年12月31日的556间增加至截至 ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Insights - The company has released a positive earnings forecast, expecting 2023 revenue to be no less than 5.99 billion yuan, representing a year-on-year increase of 49.4%, and a net profit attributable to shareholders of no less than 450 million yuan, reflecting a year-on-year increase of 812.8% [2] - In the second half of 2023, the company significantly reduced losses, achieving revenue of 3.11 billion yuan, a year-on-year increase of 47.5%, and a net profit of 230 million yuan, indicating a substantial reduction in losses [3] - The company plans to continue expanding its main brand and is exploring a franchise model to unlock growth potential [4] Financial Performance Summary - Total revenue (in million yuan) is projected to grow from 4,006 in 2022 to 6,007 in 2023, with a year-on-year growth rate of 50% [2] - Net profit attributable to shareholders is expected to increase from 49 million yuan in 2022 to 454 million yuan in 2023, with a staggering year-on-year growth rate of 820.6% [2] - The latest diluted EPS is forecasted to be 0.31 yuan per share for 2023, with a P/E ratio of 15 [2] Store Expansion and Brand Strategy - As of the end of 2023, the company had a total of 726 stores, with a net increase of 170 stores year-on-year, indicating steady multi-brand national expansion [3] - The company anticipates opening 80-100 new stores for its main brand in 2024, along with a trial franchise model for certain brands and regions [4] Profitability Outlook - The net profit margin for the second half of 2023 was 7.4%, slightly down from the first half, primarily due to increased promotional discounts and a higher proportion of new stores [3] - The company has adjusted its net profit forecasts for 2023-2025 to 450 million, 590 million, and 710 million yuan respectively, with a compound annual growth rate (CAGR) of 25.4% [4]

股 票 研 究 [Table_industryInfo] 社会服务业 [ Table_Main[九I Tnaf 毛bol]e 九_Ti（tle] 9 922） [评Tab级le_：Inv est] 增持 当前价格（港元）： 5.09 门店网络持续扩张，经营效率优化 2024.02.23 海 ——九毛九2023 年业绩预告点评 [ 交Ta易bl数e_M据a rket] 外 刘越男(分析师) 宋小寒(研究助理) 52周内股价区间（港元） 4.50-20.45 当前股本（百万股） 1,437 公 021-38677706 010-83939087 当前市值（百万港元） 7,312 司 liuyuenan@gtjas.com songxiaohan026736@gtjas.co 证书编号 S0880516030003 mS0 880122070054 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 业绩预告基本符合预期，看好公司门店扩张潜力。 国 九毛九 恒生指数 香 9% 摘要： 港 -8% [T able维_S持um增m持ar评y] 级。业绩预告基本符合预期，下调公司2023-20 ...

证券研究报告 公 2024年02月23日 司 报 告 九毛九(09922) │ 行 业： 社会服务/酒店餐饮 港 投资评级： 买入（维持） 股 当前价格： 5.09港元 门店持续扩张，业绩表现稳健 - 公 目标价格： 7.36港元 司 事件： 点 基本数据 评 研 公司发布2023年业绩预告，2023年实现营收59.86亿元，同比增长49.4%； 总股本/流通股本(百万股) 1,436.57/1,436.57 究 实现归母净利润不低于 4.5 亿元，同比增长 812.8%。2023 年公司净新增 流通市值(百万港元) 7,312.13 170家门店，23年末门店数达到726家。 每股净资产(元) 2.60 ➢ 全年经营动态复苏，9月后压力增大 资产负债率(%) 42.44 从经营端看，公司全年复苏较为波折，开年相对较强势，7-8月表现较优， 一年内最高/最低(港元) 21.15/4.42 但是 9 月后受到消费力走弱影响，公司翻台率明显回落，对收入端造成一 定压力。全年看，公司盈利能力保持稳健，23 年归母净利率预计不低于 股价相对走势 7.5%，环比23H1的7.7%略有回落，预计与收入压力+下半年新开门店 ...

2024年2月23日 公司研究 23 年平稳收官，关注加盟业务进展 ——九毛九（9922.HK）2023 年业绩预告点评 要点 买入（维持） 当 前价：5.09港元 事件：公司发布2023年业绩预告，预计2023年收入约59.86亿元，同比增长 约49.4%；预计归母净利润不低于4.5亿元，同比增长不低于812.8%。其中， 公司预计23H2收入约31.06亿元，同比增长约47.5%；预计归母净利润不低于 作者 2.28亿元，同比扭亏为盈。 分析师：陈彦彤 执业证书编号：S0930518070002 门店扩张带动公司收入稳健增长，经营逐步恢复正常致利润率同比改善。23年 021-52523689 公司收入同比增长约49.4%，一方面得益于门店数量的扩张，在营餐厅总数从 chenyt@ebscn.com 22年底的556间增长至23年底的726间，其中23H2净增加105家，环比提 分析师：汪航宇 速；另一方面得益于随着防疫政策优化，门店营业天数同比增加、翻台率回升， 执业证书编号：S0930523070002 同店收入实现增长。23H2开店数环比提速，但收入同比增速环比放缓，我们认 021-52523174 ...

来源：公司年报、国金证券研究所 事件 2024 年 2 月 22 日，公司公告 23 年业绩预告，预计 23 年收入约为 59.9 亿元/+49.4%，归母净利不低于 4.5 亿元、同比增速不低于 812.8%。 点评 下半年行业需求存在压力，盈利能力韧性较强。2H23 预计公司收 入 31.1 亿元/+47.5%，归母净利不低于 2.3 亿元/同比扭亏。收入 端看，2H23 收入增速相较 1H23 的 51.6%有所放缓，推测主因：1） 餐饮行业压力加大，月度跟踪看 7~12 月太二月度同店销售较 19 年同期恢复度在 75%~90%间波动；2）客单价下降，下半年团购、 直播等促销活动增加，怂火锅客定价策略适当下调；3）下半年新 店开业更集中于 Q4 末，爬坡贡献收入较少等。2H23 对应归母净利 率不低于 7.5%，环比 1H23 的 7.7%降幅不大，单店收入存在压力 而盈利能力波动不大，体现公司 UE 高效、供应链管理能力强优势。 太二、山外面开放加盟，品牌拓展、分散风险，期待后续表现。2 月 4 日，公司公告将引进加盟及合作模式至太二酸菜鱼及山的山 外面酸汤火锅，其中太二从 2 月 3 日起开放 1 ...

智通财经APP获悉，2月4日，九毛九(09922)发布公告称，自2月3日起，将逐步开放旗下"太二酸菜鱼"和"山的山外面酸 汤火锅"的加盟与合作业务。太二将开放新疆、西藏、台湾等省份，国内机场高铁等交通枢纽，以及海外澳大利亚、新 西兰等地的加盟业务。山外面则将开放指定商场合作,并于2025年2月3日正式全部放开加盟。 资料显示，九毛九是一家以中式餐饮连锁经营为核心的餐饮集团，旗下创立并运营"九毛九西北菜""太二酸菜鱼""怂重 庆火锅厂""山的山外面酸汤火锅"*赖美丽酸汤烤鱼"五个不同细分领域中式餐饮品牌。截至2024年1月，九毛九集团旗 下各品牌合计运营超过730家餐厅。 将时间点拨回2020年，彼时正处餐饮寒冬，各餐饮品牌被迫实行收缩战略，九毛九也不例外。 2020年，九毛九关闭了客流量相对较少的九毛九餐厅，并且停止广东及海南省以外的九毛九餐厅的经营，门店数由 2019年的143家降至2020年的98家，集团亦将资源集中于新的核心品牌太二酸菜鱼。 在收缩战略下，九毛九收效明显。2021年，九毛九集团营收约41.8亿元，同比增加54.0%，净利润约3.4亿元，同比增 长169.70%。 进入2023年，餐饮行业 ...