Core Viewpoint - Goldman Sachs maintains a neutral rating on Jiumaojiu (09922) with a 12-month target price of HKD 3.3, based on an expected EV/EBITDA ratio of 8 times for 2025 [1] Sales Performance - Same-store sales decline has narrowed due to a lower base, but short-term pressures remain; Jiumaojiu's same-store sales declined by 18.6% year-on-year, while Taier and Song Hotpot saw declines of 21.2% and 24.2% respectively [2] - Taier's recovery is approximately 60% of pre-pandemic levels, while Jiumaojiu's recovery has decreased from 62% to 60% [2][7] Store Network - Taier closed 24 stores in Q1 2025, aligning with management's plan to close about 10% of stores in the first half of 2025; Song Hotpot and Jiumaojiu's store networks remained stable compared to Q4 2024 [2] Average Table Turnover Rate - Taier's average table turnover rate was 3.1 times in Q1 2025, slightly up from 3.0 times in Q4 2024; Song Hotpot's turnover rate was 2.6 times, down from 2.7 times [3][5] Average Selling Price (ASP) - Taier's ASP remained stable at 72 CNY in Q1 2025; Song Hotpot's ASP increased to 100 CNY from 99 CNY in 2024, while Jiumaojiu's ASP rose to 56 CNY from 54 CNY [3][6][8]
高盛：维持九毛九(09922)中性评级 目标价3.3港元