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九毛九疫市盈轉虧 倍升潛力依然吸引?

九毛九(SEHK:9922)縱然上半年由盈轉虧,內需增長的故事更引人垂涎三尺。 –

九毛九(SEHK:9922)被譽為「海底撈 2.0」,年初上市至今股價已較招股價高超過一倍,但上市不久卻遇著新冠肺炎疫情擴散,旗下門店網絡曾受影響而停業,上半年業績更由盈轉虧。九毛九仍值得買入部署內需增長嗎?

疫市打擊沉重

新冠肺炎疫情為線下餐飲業帶來沉重打擊,大眾外出用餐意欲大減,防疫措施限制更令部分餐廳被逼停業,如九毛九在今年1月下旬就曾公布旗下所有餐廳的暫時停業安排。面對強烈逆風,九毛九在上半年的收入按年下跌逾20%至9.5億元(人民幣.下同),反映旗下餐廳在疫市客流量受挫的不利影響,邊際減少造成規模經營失效,集團的經營利潤更由去年同期的2.4億元大幅減少近97%至810萬元,期內股東應佔虧損約為8,600萬元,相對去年同期約9,300萬元溢利。

品牌實力穩健

雖然九毛九在疫市期間業績受挫,但疫市影響屬於行業因素,不會削弱集團旗下品牌的吸引力。疫情期間餐廳客流量減少造成翻座率下跌,但兩大核心品牌——「九毛九」及「太二」的顧客人均消費仍有所提升,反映餐牌吸引力,以及集團提價能力持續鞏固。雖然集團為應對疫情影響而閉關部分客流量較低的餐廳,但旗下核心增長品牌「太二」的門店數目仍較去年底增加約28%,或35間至161間,較去年同期則增加約77%,或70間。門店網絡擴張推動「太二」收入增長,上半年同比增幅近25%,反映新店仍可開拓客源。

聚焦太二品牌發展

事實上,主打老罎子酸菜魚的「太二」在疫前已是集團的核心增長品牌,其經營利潤水平更勝其他品牌,而且疫前餐廳網絡擴張成效顯著,如在2019年,「太二」的餐廳數量按年增加約94%至126間,同期收入增幅更超過130%,同店銷售增長率則為4.1%。九毛九指出,疫情雖然不利推行餐廳網絡擴張計劃,但就「太二」而言,集團預期仍會按照上市時公布的計劃推進。

結語:疫後增長可期

隨著中國內地疫情持續受控,截至今年5月10日,九毛九旗下所有餐廳已恢復營運,有望在下半年穩步復甦,集團在上半年持續為「太二」落實的擴張策略有望成為重要復甦動力。展望長線,內需持續擴張下,九毛九旗下品牌的增長前景依然明朗,有利支持股價。

編輯:Cyrus

延伸閱讀

本文所提供的信息僅供一般參考之用,並不構成任何個人化的投資勸誘或建議。作者Alvin Yu沒持有以上提及的股票。

The Motley Fool Hong Kong Limited(www.fool.hk) 2020

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