金吾财讯 | 交银国际发研报指，九毛九(09922)2024年4季度同店销售持续下滑。公司4季度整体表现呈逐月下降的趋势，而往年12月的表现好于11月。翻台率和闭店共同负作用于太二品牌表现；客单价有所回稳。翻台率方面，太二品牌之中国内地门店表现较弱。公司于4季度持续闭店，一/二/三线城市的闭店比例分布相若。公司于下半年逐渐退出激烈的价格战，加强产品创新和员工激励措施，引领太二内地市场的客单价回稳至66元人民币。该行提到，太二品牌正进行积极调整，预计3月底落地。公司正积极调整门店风格，加强菜单设计和菜品创新。该行续指，公司从原本清晰的开店目标调整为谨慎的动态调整策略，则反映对未来的谨慎态度，加上行业竞争仍未见缓和迹象，该行进一步下调财务预测以反映谨慎预期。维持中性评级，目标价由2.59港元下调至2.56港元。
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