CICC Securities: Maintain "buy" rating for 09922.HK with a target price of HK$2.24.

According to the Wise Finance and Economics APP, Huachuang Securities released a research report stating that the core growth driver of 9Fi (09922.HK) comes from the accelerated layout of the "5.0 Fresh Mode" of Tai'er, entering the climb+expand store period. The firm has raised the company's net profit forecast for 2025/2026/2027 to 150/204/242 million yuan, corresponding to a PE ratio of 15.2/11.2/9.4x for 2025/2026/2027. Considering the company's brand strength and product research and development innovation capabilities, as well as the continuous improvement of same-store sales, referring to comparable companies, a 14x 2026 PE ratio is given with a target price of 2.24 Hong Kong dollars, maintaining a "buy" rating.