Jinwu Financial News | According to Tianfeng Securities Research Report, as of the end of Q1, Jiumaojiu (09922) brands Taijiu/Jiumaojiu/Lai Mei/Shanwai had completely opened 6/4/-2/0/2 stores to 584/66/75/7/2, respectively. The goal of opening 24 stores is: to open 80-100 households in mainland Taier, 15-20 in the international market, and 35-40 in mainland China. Considering that stores are generally concentrated in Q2-Q4, there are generally few stores opened in Q1 due to the Spring Festival holiday, and the current opening schedule is in line with expectations.
The bank is optimistic about Taier's subsequent steady expansion, encouraging hotpot optimization and adjustments to further speed up store opening and improving profit margins, and is watching the progress of franchise store expansion. The company's 24/25/26 performance is expected to be 5.4/6.5/770 million yuan (in line with the previous forecast). The current stock price corresponding to the 24/25/26 price-earnings ratio PE is 12/10/8X, maintaining a “buy” rating.