Huachuang Securities: Maintains "Recommended" Rating on Jiumaojiu (09922.HK), Target Price HK$1.25

Zhitong Finance APP has learned that Huachuang Securities has issued a research report stating that it maintains a "Recommended" rating on Jiumaojiu (09922.HK), forecasting net profit attributable to the parent company of RMB 144/205/248 million for 26/27/28, with the current market capitalization corresponding to P/E ratios of 7/5/4x, respectively. Considering the improvement in the company's same-store recovery and referencing comparable companies and a liquidity discount, it assigns a 7x P/E for 27, with a target price of HKD 1.25. Tai Er's same-store sales in mainland China have continued to grow, and the "Fresh" model is accelerating its rollout, which are the main highlights of the company's current operational recovery; during the National Day holiday, Tai Er further improved, and Jiumaojiu's new model performed well, providing positive signals for subsequent recovery.