智通财经APP获悉，高盛发布研报称，对九毛九(09922)评级为中性，12个月目标价为3.2港元，基于2025年企业价值/息税折旧摊销前利润(EV/EBITDA)8倍。公司将于3月31日举行业绩发布会。该行预计投资者在业绩会上将关注：1)年初至今同店销售额(SSS)复苏情况及春节后趋势;2)利润率展望及成本节约空间;3)新店开店标准、特许经营门店经济情况及更新;4)平均销售单价(ASP)趋势及门店管理策略;5)品牌产品升级与多元化进展;6)股东回报计划。
九毛九公布2024年下半年营收/净利润(非控股权益后)为30亿元/1600万元人民币，与此前盈利预警相符。与该行预期相比，净利润较市场普遍预期低3200万元，主要原因是减值损失高于预期(全年1120万元，与门店关闭及非门店经营费用/相关项目有关)。不过，餐厅盈利好于预期，毛利率环比改善，租金费用率低于预期。公司宣布派息0.02港元，中期及末期股息合计0.02港元，2025年派息率约92.5%。公司未设定具体开店目标，将根据市场情况调整计划，以确保新店能实现满意业绩。
主要风险：1)需求及同店销售额增速(SSSG)复苏强于/弱于预期;2)扩张速度快于/慢于预期;3)竞争及行业整合趋势;4)上行/下行利润率;5)食品安全。
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