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再做空我是狗
2019-04-17
$老虎证券(TIGR)$还有敢做空的?这是以为涨到头了?
再做空我是狗
2019-07-09
新城控股涉嫌证券违规被举报
$新城发展控股(01030)$
新城控股涉嫌证券违规被举报2019-07-08 08:53:31 来源: 北京青年报 昨天,上海的严义明律师、江苏的范凯洲律师两人向证监会举报控告新城控股集团股份有限公司、**及其他新城控股董事、监事、高级管理人员违法行为,提请证监会依法调查并追究其等法律责任。 3个交易日共有5起大宗交易 举报信称,7月4日,新城控股向上交所提交了《新城控股集团股份有限公司关于公司董事长变更的公告》。新城控股董事长兼实际控制人**因涉嫌刑事犯罪,被免去董事长职务,但仍担任第二届董事会董事职务。据公开消息,**系因涉嫌猥亵儿童罪已被普陀警方刑事拘留。7月4日,新城控股股价开盘即跌停。根据媒体报道,新城控股众多中小投资者遭受了严重损失。 举报信称,**作为新城控股董事长兼法定代表人,对自己行为及其法律后果应予知悉,在其前往公安机关接受调查之时,新城控股作为上市公司主体已知悉该重大事件。新城控股在**至公安机关接受调查前,即应立即通知新城控股有关人员及部门依法处理,新城控股至迟应在7月2日履行信披义务。但是,新城控股却在7月4日才向公众披露,应对受损投资者承担赔偿责任。 据媒体报道,7月1日至3日期间,新城控股共有5起大宗交易。值得注意的是,5笔交易卖方营业部都来自宁波。连续三天的5笔大宗交易,来自宁波的卖家们一共卖出187.6万股,成交额累计达7900万元,其中仅中国银河证券宁波柳汀街营业部一家就卖出155.6万股,成交额6500万元。 举报信怀疑新城控股有关董事、监事以及高级管理人员,至少在7月1日即**至公安机关接受调查之前后,即已知晓**被刑事立案调查的事实,并涉嫌与其他利害关系人串通、进行内幕交易。 提请证监会调查并告知公众结果 两位律师提请证监会
新城控股涉嫌证券违规被举报
再做空我是狗
2020-03-05
$老虎证券(TIGR)$
庄家表示,看谁先熬死
再做空我是狗
2019-07-05
$新城发展控股(01030)$ 坐等吃瓜
再做空我是狗
2019-04-11
$拼多多(PDD)$21.88做了手空,结果挂了这一个星期了,不上不下
再做空我是狗
2019-04-04
$如涵控股(RUHN)$以后再看网红直播,可以心里默念,这个是我旗下的艺人了
再做空我是狗
2019-07-08
$新城发展控股(01030)$
今天是做多的节奏?
再做空我是狗
2019-07-09
涉及内幕交易
$新城发展控股(01030)$
7月8日有律师实名举报,提及年7月1日~3日新城控股发生的5起大宗交易事实,举报人提请证监会对可能存在的内部交易进行调查。 对于内幕交易,新城控股回复称,公司在知悉**被采取强制措施时起,即根据相关规定对知悉人姓名、知悉时间及知悉内容等信息进行全面登记。经公司及内幕信息知情人自查,公司及内幕信息知情人均不存在内幕信息提前泄露及违规交易(包括集合竞价及大宗交易)的情况。 公司及内幕信息知情人未与在6月29日~7月4日开盘前和公司有正常业务交流的股东、贷款银行、债权人等,就相关内幕信息进行沟通与交流。5起大宗交易与公司及内幕信息知情人无关。公司方面表示已经按照交易所的要求提交内幕信息知情人名单,积极配合有关内幕交易核查。 交易数据显示,前述5起大宗交易中,中国银河证券4度出现在卖方席位上,5笔交易卖方营业部都来自宁波连续三天的5笔大宗交易。来自宁波的卖家共卖出187.6万股,成交额累计达7900万元,其中中国银河证券一家卖出155.6万股,成交额6500万元。
涉及内幕交易
再做空我是狗
2019-04-05
$如涵控股(RUHN)$今天杀做空的,明天又该杀做多的了
再做空我是狗
2019-04-05
$如涵控股(RUHN)$今天是做多还是做空
再做空我是狗
2019-04-17
$老虎证券(TIGR)$做空池里有10万了,元芳们,你怎么看
再做空我是狗
2018-11-29
$项由永恒医疗器材(RSLS)$ 为什么别的好几个软件上已经退市的股票,老虎这还挂着?
再做空我是狗
2020-01-02
看饿了怎么说[难过]
抱歉,原内容已删除
再做空我是狗
2019-12-13
$亿航智能(EH)$
还不跑等什么呢?这股马上9块左右
再做空我是狗
2019-07-09
$新城发展控股(01030)$
A股28了,还是港股坚挺,稳中有升
再做空我是狗
2019-04-25
$Moleculin Biotech, Inc.(MBRX)$ 明天或者周一回到0.9左右
再做空我是狗
2019-04-13
$拼多多(PDD)$纳闷你们为什么这么相信拼多多
再做空我是狗
2019-04-05
$如涵控股(RUHN)$国家以后对于网红、平台整治越来越严,这股没什么前途
再做空我是狗
2019-03-26
$第九城市(NCTY)$今天必然俯冲1.5
去老虎APP查看更多动态
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12:33","market":"us","language":"zh","title":"外媒:腾讯正推动斗鱼与虎牙的合并谈判","url":"https://stock-news.laohu8.com/highlight/detail?id=1167613763","media":"老虎资讯综合","summary":"腾讯正寻求成为合并后实体的最大股东。","content":"<p>据外媒援引知情人士,<a href=\"https://laohu8.com/S/00700\">腾讯控股</a>正在推动游戏流媒体平台<a href=\"https://laohu8.com/S/DOYU\">斗鱼</a>与<a href=\"https://laohu8.com/S/HUYA\">虎牙</a>的合并谈判,这笔交易将使腾讯得以在这个价值34亿美元的领域占据主导地位。</p><p>知情人士透露,腾讯拥有虎牙37%及斗鱼38%的股权,过去几个月一直在进行合并谈判,腾讯正寻求成为合并后实体的最大股东。<b>这笔交易将缔造一个拥有3亿多用户、总市值达100亿美元的网络巨头,巩固腾讯在中国游戏和社交媒体领域的领先地位</b>。</p><p>目前腾讯与斗鱼代表拒绝置评,虎牙发言人没有回复记者的置评请求。</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>外媒:腾讯正推动斗鱼与虎牙的合并谈判</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n外媒:腾讯正推动斗鱼与虎牙的合并谈判\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2020-08-05 12:33</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>据外媒援引知情人士,<a href=\"https://laohu8.com/S/00700\">腾讯控股</a>正在推动游戏流媒体平台<a href=\"https://laohu8.com/S/DOYU\">斗鱼</a>与<a href=\"https://laohu8.com/S/HUYA\">虎牙</a>的合并谈判,这笔交易将使腾讯得以在这个价值34亿美元的领域占据主导地位。</p><p>知情人士透露,腾讯拥有虎牙37%及斗鱼38%的股权,过去几个月一直在进行合并谈判,腾讯正寻求成为合并后实体的最大股东。<b>这笔交易将缔造一个拥有3亿多用户、总市值达100亿美元的网络巨头,巩固腾讯在中国游戏和社交媒体领域的领先地位</b>。</p><p>目前腾讯与斗鱼代表拒绝置评,虎牙发言人没有回复记者的置评请求。</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/6f597c33c1502e44a0c0434f1a6906ee","relate_stocks":{"00700":"腾讯控股","DOYU":"斗鱼","HUYA":"虎牙"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1167613763","content_text":"据外媒援引知情人士,腾讯控股正在推动游戏流媒体平台斗鱼与虎牙的合并谈判,这笔交易将使腾讯得以在这个价值34亿美元的领域占据主导地位。知情人士透露,腾讯拥有虎牙37%及斗鱼38%的股权,过去几个月一直在进行合并谈判,腾讯正寻求成为合并后实体的最大股东。这笔交易将缔造一个拥有3亿多用户、总市值达100亿美元的网络巨头,巩固腾讯在中国游戏和社交媒体领域的领先地位。目前腾讯与斗鱼代表拒绝置评,虎牙发言人没有回复记者的置评请求。","news_type":1},"isVote":1,"tweetType":1,"viewCount":2370,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":983403500,"gmtCreate":1583338591000,"gmtModify":1704349540291,"author":{"id":"3470884155402061","authorId":"3470884155402061","name":"再做空我是狗","avatar":"https://static.tigerbbs.com/c3c175a4f618fac730f8d8f5e302777e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3470884155402061","idStr":"3470884155402061"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>庄家表示,看谁先熬死","listText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>庄家表示,看谁先熬死","text":"$老虎证券(TIGR)$庄家表示,看谁先熬死","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":10,"repostSize":0,"link":"https://laohu8.com/post/983403500","isVote":1,"tweetType":1,"viewCount":5264,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3471416956036468","authorId":"3471416956036468","name":"爱美食更爱美金","avatar":"https://static.laohu8.com/802efcd0fbe9088304197f1be3f5c0ff","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3471416956036468","idStr":"3471416956036468"},"content":"你得确定这股有庄","text":"你得确定这股有庄","html":"你得确定这股有庄"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":918585539,"gmtCreate":1579028536521,"gmtModify":1704338719177,"author":{"id":"3470884155402061","authorId":"3470884155402061","name":"再做空我是狗","avatar":"https://static.tigerbbs.com/c3c175a4f618fac730f8d8f5e302777e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3470884155402061","idStr":"3470884155402061"},"themes":[],"htmlText":"去年380拿了10手,但是动了杠杆,330被强平了。。","listText":"去年380拿了10手,但是动了杠杆,330被强平了。。","text":"去年380拿了10手,但是动了杠杆,330被强平了。。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/918585539","isVote":1,"tweetType":1,"viewCount":2302,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":911024190,"gmtCreate":1577947613110,"gmtModify":1704336604272,"author":{"id":"3470884155402061","authorId":"3470884155402061","name":"再做空我是狗","avatar":"https://static.tigerbbs.com/c3c175a4f618fac730f8d8f5e302777e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3470884155402061","idStr":"3470884155402061"},"themes":[],"htmlText":"看饿了怎么说[难过] ","listText":"看饿了怎么说[难过] ","text":"看饿了怎么说[难过]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/911024190","repostId":"1178676687","repostType":2,"repost":{"id":"1178676687","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1577929673,"share":"https://www.laohu8.com/m/news/1178676687?lang=&edition=full","pubTime":"2020-01-02 09:47","market":"hk","language":"zh","title":"九毛九招股获追捧:孖展222亿,超购一百倍","url":"https://stock-news.laohu8.com/highlight/detail?id=1178676687","media":"老虎资讯综合","summary":"踏入新一年首个交易日,港股新股市场即展开招股热潮,多只新股更延长招股时间。据统计,截至今日共有22只新股招股,其中九毛九$(09922)$最受追捧,录得约222亿元孖展认购,超购倍数约100倍。头顶网","content":"<p>踏入新一年首个交易日,港股新股市场即展开招股热潮,多只新股更延长招股时间。据统计,截至今日共有22只新股招股,其中<a href=\"https://laohu8.com/S/09922\">九毛九</a><a href=\"https://laohu8.com/S/09922\">$(09922)$</a>最受追捧,录得约222亿元孖展认购,超购倍数约100倍。</p><p><b>头顶网红光圈,一文看懂九毛九投资逻辑</b></p><p>目前九毛九管理并经营五大自创品牌,包括九毛九、太二、2颗鸡蛋煎饼、怂冷锅串串和那未大叔是大厨,菜系涵盖西北菜、酸菜鱼、煎饼、冷锅串串、粤菜等。招股书的报告称,按2018年总收入计算,九毛九是国内所有西北菜餐厅中第二的品牌,而太二则是国内酸菜鱼餐厅中收入最多的品牌。</p><p><b>综合点评</b></p><p>1、餐饮市场空间广阔,行业集中度低,赛道众多,未来预期增速高;国内领先中式快时尚餐饮品牌,但竞争同样激烈;</p><p>2、高度标准化且易扩张的商业模式,品牌矩阵所处赛道优质,网红店打响知名度,容易实现复制;</p><p>3、收入增速较快,市值中等,估值合理,目前热度高。</p><p>建议:申购</p><p><b>01、招股整理</b></p><p>招股信息上市日:1.15</p><p>招股日期:12.30-1.7招股价:5.5-6.6入场费:6666.51港元融资额:18.3-22亿港元估值:40.5x-48.6x(2019预测)市值:73.3-88亿港元保荐人:招银国际基石:四名基石,合计认购约4.29亿港元,按中间价计算,约占发售股份21.26%</p><p>绿鞋:15%</p><p><img src=\"https://static.tigerbbs.com/50887797c5c6ca6b518cdd4aa969ea9e\" /></p><p>保荐人过往两年项目表现招银国际过去两年参与了12个项目(还保荐过<a href=\"https://laohu8.com/S/06862\">海底捞</a>),首日表现5涨3平4跌,表现还算可以。</p><p><img src=\"https://static.tigerbbs.com/d3a6c3600d61731f987a51d42597e5e7\" /></p><p><b>02、招股要点</b></p><p><b>多元经营,“九二”当头</b></p><p>九毛九,创始人管毅宏先生来自山西太原。最初以面馆起家,1995年在海南开设首第一家面馆;2003年进入广东餐饮市场,在广州开设第一家山西老面馆品牌餐厅,2005年,以九毛九品牌代替山西老面馆品牌。</p><p>九毛九曾于2016年向中国证监会递交A股上市申请。2018年,由于整体A股审查流程延长,并且上市时间表不确定,九毛九撤回A股上市申请。</p><p>九毛九目前经营5个自营的独特品牌,包括:1、以西北菜系为主的品牌“九毛九”。2、以老坛子酸菜鱼为主的品牌“太二”。3、 以煎饼为主的“2颗鸡蛋煎饼”。4、 主营四川冷锅串串的品牌“怂”。5、 精品粤菜品牌“那未大叔是大厨”。</p><p><img src=\"https://static.tigerbbs.com/b85c07722ae2f58675c17b7e0bff115b\" /></p><p>其中“九毛九”、“太二”是九毛九的主力品牌,占往绩记录期间总收入超过98%。</p><p><img src=\"https://static.tigerbbs.com/11065f97327560ec84bac25658a40674\" /></p><p>九毛九西北菜起家,现已形成九毛九、太二两大主要品牌。九毛九品牌主打西北菜,是公司的初始经营业务,体量最大,但近年来比重逐渐下降,从2016年的93.8%降至2019H1的55.2%。太二品牌收入增加明显,比重已升至43.5%,逐渐与九毛九品牌平分秋色。</p><p><b>太二:成瘾好品类+标准化+易复制</b></p><p><b>创始人的理念里,打造产品具备三个要素:</b></p><p>1、要好吃;</p><p>2、产品不能多,多了就做不好;</p><p>3、标准化程度要高。</p><p>大单品+产品矩阵。太二主打老坛子酸菜鱼,标准温度湿度腌制酸菜,主张酸菜比鱼好吃,菜单结构以短菜单为主,店内基本为23个SKU。主营酸菜鱼,只按大小分三种:1~2人份、3~4人份、土豪版,鱼的种类,大小,辣度都不可选择。除酸菜鱼之外,还有各种凉菜,小吃,小面可供选择。</p><p>短菜单,少SKU,2-4人轻社交属性提升翻座率。公司建立起高度标准化且易复制推广的业务模式,有限的店内SKU简化上游采购流程和物流体系,所有采购订单由专门采购团队集中采购,形成规模效应,成本端获益,同时降低食材价格波动带来的负面影响。</p><p>店内设有几项特殊规定,超过4人就餐不接待;只做堂食,不做外卖,不可打包;限制每桌用餐人数,弱化餐饮社交属性、降低用餐时间,提升翻座率。仅限堂食的规定提升顾客体验,酸菜鱼做好后<a href=\"https://laohu8.com/S/JE..UK\">即食</a>口感更佳,外卖订单影响堂食顾客体验,且无法当即食用会影响酸菜鱼口感。</p><p>大单品+短菜单为特色,围绕大单品形成产品矩阵,产品食材搭配丰富足以满足一餐需要。产品口味味觉记忆弱且具有一定成瘾性,口味存在差异性和难模仿性,容易形成高顾客粘性和高复购率。</p><p><img src=\"https://static.tigerbbs.com/c3ab95e57d0418e86b619cbc22356532\" /></p><p>这一模式的优势在于,客户就餐流程缩短提高翻台率、门店高度标准化易复制、简化了采购与物流流程降低成本,正是这些优势让太二具备了规模化的潜质。而形成规模效应正是餐饮企业实现内在价值的关键因素。</p><p>拥有规模化的餐饮品牌能在短时间内实现快速扩张,形成品牌效应,实现业绩增长。在招股书中,太二的数据有力地支撑了这个观点。从2016年收入6780万增至2018年收入5.4亿,而2019上半年5.38亿元,更是接近2018全年收入。</p><p><img src=\"https://static.tigerbbs.com/78b407c446c587dcdb55ec7303de8ed6\" /></p><p>从品牌的品类上看,除了传统西北面馆九毛九以外,其余的三个新品牌分别在鸡蛋煎饼、冷锅串串以及精品粤菜上发力,品类间存在明显差异,但在这些新设品牌中都无一体现出“网红”、“快餐”及“精品”的特点,具备较高的标准化。</p><p>截至最新日期,公司拥有并经营143间九毛九餐厅、121间太二餐厅、21间2颗鸡蛋煎饼餐厅、1间怂餐厅及1间那未大叔是大厨餐厅,以及于加盟模式下管理41间2颗鸡蛋煎饼餐厅,餐厅通常位于购物商场,且集中在广东地区。</p><p>公司预计自2019年至2021年新开设约370间自营餐厅,其中,约240间太二餐厅、约54间九毛九餐厅及约76间其他品牌餐厅。预计自2019年至2021年新开设约460间2颗鸡蛋煎饼加盟餐厅。</p><p><img src=\"https://static.tigerbbs.com/4d835c2dc4587da4d7c5dff5c6ca896e\" /><img src=\"https://static.tigerbbs.com/b582aba54d8bbcafba96b631f047458a\" /></p><p>于2018年,就收入而言,九毛九在中国所有中式快时尚餐饮中排名第3,于华南地区则排名第1。按2018年收入计算,“九毛九”在中国西北菜餐厅排名第2,“太二”在中国所有酸菜鱼餐厅中排名第1。</p><p><img src=\"https://static.tigerbbs.com/83da21ca124f806a54f9772e28d645b0\" /><img src=\"https://static.tigerbbs.com/652d5ddc4c768cdb22cf66d90434e6a0\" /></p><p><b>行业空间广阔,标准化成趋势</b></p><p>当前中式快时尚餐饮行业规模保持高速增长,已从2014年的743亿元增长至2018年的1815亿元,预计2024年将达到5502亿元。中式快时尚餐饮在中式餐饮中的比重也逐年上升,从2014年的2.7%增至2018年的4.2%。公司两大品牌涉及的餐饮品类西北菜和酸菜鱼市场也具备广阔空间。</p><p><img src=\"https://static.tigerbbs.com/b157ca4330eb0e702f096718bbbbec1d\" /><img src=\"https://static.tigerbbs.com/98745daf06e978aab6f3ebdf555ee4e2\" /></p><p><b>餐饮行业变化趋势及影响因素</b></p><p>1)2012年12月中央八项规定出台之后,餐饮业由两头大(高档、路边小店)的哑铃型结构转变为纺锤形结构(大众休闲餐厅为主),大众餐饮开始崛起,低端餐饮升级,高端餐饮开始下沉,大品牌开始发力建设小店。</p><p>2)需求端消费升级趋势显现,90后成为新消费引擎。美团点评数据显示,2018年线上餐饮“90后”消费者占比超过50%,20-35岁消费者贡献71%餐饮消费额,80/90后群体占全国总人口比例近1/3,是休闲餐饮的主要消费人群,消费频次高</p><p>3)供给端要求效率提升,餐企标准化程度提高,落地速度加快。随着原材料成本,人力成本和地租上涨,餐饮企业普遍面临成本上行压力,加之竞争加剧,因此更加要求餐饮企业改变旧有经营方式(员工数量多,店铺面积大,高耗能粗放式发展),规模化标准化发展,管理体系规范化,在有限的营业面积中提高人效和坪效,服务,环境,口碑等多维度全面发展。</p><p>4)对购物中心业态依赖程度上升,导致容易随着“网红”聚客能力双击(引流能力获得更低租金,翻台提升摊薄固定成本,盈利能力提升)。随着城市化程度提高,购物中心成为主流消费群体(年轻人为主)生活社交购物休闲的区域,商业体成为人流聚集的中心。购物中心中餐饮业态的占比从过去的20%左右逐年上升。</p><p><b>财务高速扩张,员工持股激励</b></p><p><b>财务增速快,机遇与风险并存</b></p><p>受益于太二品牌的迅速崛起,九毛九近年来的业绩增长突飞猛进,营业总收入从2016年的11.64亿元增至2018年的18.93亿元,复合增长率达到26.51%;公司净利润也在今年上半年首次突破1亿元,达到1.02亿元。</p><p>营收与净利同时增长,反映出九毛九的业绩增长源于公司经营驱动,具有一定的可持续性。其中净利率在今年上半年出现大幅提高,原因在于公司门店的扩张与自营比例的提高。目前公司核心收入来源于门店收入,其营收占比在今年上半年达到了90.3%,且其中超过99%均为自营门店。</p><p>公司成本费用率方面,原材料成本占比逐年上升,主要受门店增加和原材料价格波动影响。员工成本占比呈现下降趋势,主要因为主力增量餐厅太二店内服务标准化程度高,员工与用户触点少,用餐流程自助化水平高,因此所需店内服务人员相对少。</p><p><img src=\"https://static.tigerbbs.com/a99e9a6fa14b371f981e95a5be64dbaa\" /><img src=\"https://static.tigerbbs.com/85de73b85babb88688b6f5dbed550e55\" /></p><p>不过凡事有利有弊,高速扩张同样如此。高速扩张模式下的九毛九,随着门店大量开设,翻新建材、食品原材料采购以及员工招聘等因素让公司应付款项出现大幅增长,公司贸易及其他应付款从2016年的1.39亿元增至今年10月底的4.11亿元,这也是导致公司流动负债增长迅速的根本原因。</p><p>公司在今年上半年的流动比率和速动比率仅有0.51和0.45,与2018年年底数据持平,说明公司在近年或一直存在短期债务问题。</p><p><img src=\"https://static.tigerbbs.com/a3867855abf93f56ca1cc77a510516d7\" /></p><p><b>股权集中+员工激励</b></p><p>公司股权结构相对集中,本次公开发行前,创始人管毅宏先生持有61.4%公司股份,对公司拥有绝对控制权,负责制定公司整体发展战略及业务计划,监督公司管理及战略发展。</p><p><img src=\"https://static.tigerbbs.com/70ab1b77d45d4bad95fee4b69a981804\" /></p><p>平行组织结构,新孵化各品牌均有员工持股。公司设立5名品牌经理带领团队独立负责各子品牌并直接向执行董事汇报。公司向各品牌管理团队授予其所管理品牌若干比例股权,团队利益与品牌业绩直接挂钩。</p><p>截至最后可行日期,太二团队持有品牌15%股权,怂团队持有品牌20%股权,2颗鸡蛋煎饼团队持有品牌20%股权,那未大叔是大厨团队持有品牌25%股权。</p><p><b>估值合理,上市热度高</b></p><p>假设按照2019H1的同比增速推2019年全年经调整利润为1.62亿人民币,对应2019年PE为40.5x-48.6x,比全球餐饮巨头平均值较高,不过比海底捞便宜,但由于公司仍处于品牌建设和高速扩张阶段,估值较为合理。</p><p>国内外餐饮龙头估值(wind)</p><p><img src=\"https://static.tigerbbs.com/f4c8e4be1b3073b149c769b60806f7f7\" /></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>九毛九招股获追捧:孖展222亿,超购一百倍</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n九毛九招股获追捧:孖展222亿,超购一百倍\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2020-01-02 09:47</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>踏入新一年首个交易日,港股新股市场即展开招股热潮,多只新股更延长招股时间。据统计,截至今日共有22只新股招股,其中<a href=\"https://laohu8.com/S/09922\">九毛九</a><a href=\"https://laohu8.com/S/09922\">$(09922)$</a>最受追捧,录得约222亿元孖展认购,超购倍数约100倍。</p><p><b>头顶网红光圈,一文看懂九毛九投资逻辑</b></p><p>目前九毛九管理并经营五大自创品牌,包括九毛九、太二、2颗鸡蛋煎饼、怂冷锅串串和那未大叔是大厨,菜系涵盖西北菜、酸菜鱼、煎饼、冷锅串串、粤菜等。招股书的报告称,按2018年总收入计算,九毛九是国内所有西北菜餐厅中第二的品牌,而太二则是国内酸菜鱼餐厅中收入最多的品牌。</p><p><b>综合点评</b></p><p>1、餐饮市场空间广阔,行业集中度低,赛道众多,未来预期增速高;国内领先中式快时尚餐饮品牌,但竞争同样激烈;</p><p>2、高度标准化且易扩张的商业模式,品牌矩阵所处赛道优质,网红店打响知名度,容易实现复制;</p><p>3、收入增速较快,市值中等,估值合理,目前热度高。</p><p>建议:申购</p><p><b>01、招股整理</b></p><p>招股信息上市日:1.15</p><p>招股日期:12.30-1.7招股价:5.5-6.6入场费:6666.51港元融资额:18.3-22亿港元估值:40.5x-48.6x(2019预测)市值:73.3-88亿港元保荐人:招银国际基石:四名基石,合计认购约4.29亿港元,按中间价计算,约占发售股份21.26%</p><p>绿鞋:15%</p><p><img src=\"https://static.tigerbbs.com/50887797c5c6ca6b518cdd4aa969ea9e\" /></p><p>保荐人过往两年项目表现招银国际过去两年参与了12个项目(还保荐过<a href=\"https://laohu8.com/S/06862\">海底捞</a>),首日表现5涨3平4跌,表现还算可以。</p><p><img src=\"https://static.tigerbbs.com/d3a6c3600d61731f987a51d42597e5e7\" /></p><p><b>02、招股要点</b></p><p><b>多元经营,“九二”当头</b></p><p>九毛九,创始人管毅宏先生来自山西太原。最初以面馆起家,1995年在海南开设首第一家面馆;2003年进入广东餐饮市场,在广州开设第一家山西老面馆品牌餐厅,2005年,以九毛九品牌代替山西老面馆品牌。</p><p>九毛九曾于2016年向中国证监会递交A股上市申请。2018年,由于整体A股审查流程延长,并且上市时间表不确定,九毛九撤回A股上市申请。</p><p>九毛九目前经营5个自营的独特品牌,包括:1、以西北菜系为主的品牌“九毛九”。2、以老坛子酸菜鱼为主的品牌“太二”。3、 以煎饼为主的“2颗鸡蛋煎饼”。4、 主营四川冷锅串串的品牌“怂”。5、 精品粤菜品牌“那未大叔是大厨”。</p><p><img src=\"https://static.tigerbbs.com/b85c07722ae2f58675c17b7e0bff115b\" /></p><p>其中“九毛九”、“太二”是九毛九的主力品牌,占往绩记录期间总收入超过98%。</p><p><img src=\"https://static.tigerbbs.com/11065f97327560ec84bac25658a40674\" /></p><p>九毛九西北菜起家,现已形成九毛九、太二两大主要品牌。九毛九品牌主打西北菜,是公司的初始经营业务,体量最大,但近年来比重逐渐下降,从2016年的93.8%降至2019H1的55.2%。太二品牌收入增加明显,比重已升至43.5%,逐渐与九毛九品牌平分秋色。</p><p><b>太二:成瘾好品类+标准化+易复制</b></p><p><b>创始人的理念里,打造产品具备三个要素:</b></p><p>1、要好吃;</p><p>2、产品不能多,多了就做不好;</p><p>3、标准化程度要高。</p><p>大单品+产品矩阵。太二主打老坛子酸菜鱼,标准温度湿度腌制酸菜,主张酸菜比鱼好吃,菜单结构以短菜单为主,店内基本为23个SKU。主营酸菜鱼,只按大小分三种:1~2人份、3~4人份、土豪版,鱼的种类,大小,辣度都不可选择。除酸菜鱼之外,还有各种凉菜,小吃,小面可供选择。</p><p>短菜单,少SKU,2-4人轻社交属性提升翻座率。公司建立起高度标准化且易复制推广的业务模式,有限的店内SKU简化上游采购流程和物流体系,所有采购订单由专门采购团队集中采购,形成规模效应,成本端获益,同时降低食材价格波动带来的负面影响。</p><p>店内设有几项特殊规定,超过4人就餐不接待;只做堂食,不做外卖,不可打包;限制每桌用餐人数,弱化餐饮社交属性、降低用餐时间,提升翻座率。仅限堂食的规定提升顾客体验,酸菜鱼做好后<a href=\"https://laohu8.com/S/JE..UK\">即食</a>口感更佳,外卖订单影响堂食顾客体验,且无法当即食用会影响酸菜鱼口感。</p><p>大单品+短菜单为特色,围绕大单品形成产品矩阵,产品食材搭配丰富足以满足一餐需要。产品口味味觉记忆弱且具有一定成瘾性,口味存在差异性和难模仿性,容易形成高顾客粘性和高复购率。</p><p><img src=\"https://static.tigerbbs.com/c3ab95e57d0418e86b619cbc22356532\" /></p><p>这一模式的优势在于,客户就餐流程缩短提高翻台率、门店高度标准化易复制、简化了采购与物流流程降低成本,正是这些优势让太二具备了规模化的潜质。而形成规模效应正是餐饮企业实现内在价值的关键因素。</p><p>拥有规模化的餐饮品牌能在短时间内实现快速扩张,形成品牌效应,实现业绩增长。在招股书中,太二的数据有力地支撑了这个观点。从2016年收入6780万增至2018年收入5.4亿,而2019上半年5.38亿元,更是接近2018全年收入。</p><p><img src=\"https://static.tigerbbs.com/78b407c446c587dcdb55ec7303de8ed6\" /></p><p>从品牌的品类上看,除了传统西北面馆九毛九以外,其余的三个新品牌分别在鸡蛋煎饼、冷锅串串以及精品粤菜上发力,品类间存在明显差异,但在这些新设品牌中都无一体现出“网红”、“快餐”及“精品”的特点,具备较高的标准化。</p><p>截至最新日期,公司拥有并经营143间九毛九餐厅、121间太二餐厅、21间2颗鸡蛋煎饼餐厅、1间怂餐厅及1间那未大叔是大厨餐厅,以及于加盟模式下管理41间2颗鸡蛋煎饼餐厅,餐厅通常位于购物商场,且集中在广东地区。</p><p>公司预计自2019年至2021年新开设约370间自营餐厅,其中,约240间太二餐厅、约54间九毛九餐厅及约76间其他品牌餐厅。预计自2019年至2021年新开设约460间2颗鸡蛋煎饼加盟餐厅。</p><p><img src=\"https://static.tigerbbs.com/4d835c2dc4587da4d7c5dff5c6ca896e\" /><img src=\"https://static.tigerbbs.com/b582aba54d8bbcafba96b631f047458a\" /></p><p>于2018年,就收入而言,九毛九在中国所有中式快时尚餐饮中排名第3,于华南地区则排名第1。按2018年收入计算,“九毛九”在中国西北菜餐厅排名第2,“太二”在中国所有酸菜鱼餐厅中排名第1。</p><p><img src=\"https://static.tigerbbs.com/83da21ca124f806a54f9772e28d645b0\" /><img src=\"https://static.tigerbbs.com/652d5ddc4c768cdb22cf66d90434e6a0\" /></p><p><b>行业空间广阔,标准化成趋势</b></p><p>当前中式快时尚餐饮行业规模保持高速增长,已从2014年的743亿元增长至2018年的1815亿元,预计2024年将达到5502亿元。中式快时尚餐饮在中式餐饮中的比重也逐年上升,从2014年的2.7%增至2018年的4.2%。公司两大品牌涉及的餐饮品类西北菜和酸菜鱼市场也具备广阔空间。</p><p><img src=\"https://static.tigerbbs.com/b157ca4330eb0e702f096718bbbbec1d\" /><img src=\"https://static.tigerbbs.com/98745daf06e978aab6f3ebdf555ee4e2\" /></p><p><b>餐饮行业变化趋势及影响因素</b></p><p>1)2012年12月中央八项规定出台之后,餐饮业由两头大(高档、路边小店)的哑铃型结构转变为纺锤形结构(大众休闲餐厅为主),大众餐饮开始崛起,低端餐饮升级,高端餐饮开始下沉,大品牌开始发力建设小店。</p><p>2)需求端消费升级趋势显现,90后成为新消费引擎。美团点评数据显示,2018年线上餐饮“90后”消费者占比超过50%,20-35岁消费者贡献71%餐饮消费额,80/90后群体占全国总人口比例近1/3,是休闲餐饮的主要消费人群,消费频次高</p><p>3)供给端要求效率提升,餐企标准化程度提高,落地速度加快。随着原材料成本,人力成本和地租上涨,餐饮企业普遍面临成本上行压力,加之竞争加剧,因此更加要求餐饮企业改变旧有经营方式(员工数量多,店铺面积大,高耗能粗放式发展),规模化标准化发展,管理体系规范化,在有限的营业面积中提高人效和坪效,服务,环境,口碑等多维度全面发展。</p><p>4)对购物中心业态依赖程度上升,导致容易随着“网红”聚客能力双击(引流能力获得更低租金,翻台提升摊薄固定成本,盈利能力提升)。随着城市化程度提高,购物中心成为主流消费群体(年轻人为主)生活社交购物休闲的区域,商业体成为人流聚集的中心。购物中心中餐饮业态的占比从过去的20%左右逐年上升。</p><p><b>财务高速扩张,员工持股激励</b></p><p><b>财务增速快,机遇与风险并存</b></p><p>受益于太二品牌的迅速崛起,九毛九近年来的业绩增长突飞猛进,营业总收入从2016年的11.64亿元增至2018年的18.93亿元,复合增长率达到26.51%;公司净利润也在今年上半年首次突破1亿元,达到1.02亿元。</p><p>营收与净利同时增长,反映出九毛九的业绩增长源于公司经营驱动,具有一定的可持续性。其中净利率在今年上半年出现大幅提高,原因在于公司门店的扩张与自营比例的提高。目前公司核心收入来源于门店收入,其营收占比在今年上半年达到了90.3%,且其中超过99%均为自营门店。</p><p>公司成本费用率方面,原材料成本占比逐年上升,主要受门店增加和原材料价格波动影响。员工成本占比呈现下降趋势,主要因为主力增量餐厅太二店内服务标准化程度高,员工与用户触点少,用餐流程自助化水平高,因此所需店内服务人员相对少。</p><p><img src=\"https://static.tigerbbs.com/a99e9a6fa14b371f981e95a5be64dbaa\" /><img src=\"https://static.tigerbbs.com/85de73b85babb88688b6f5dbed550e55\" /></p><p>不过凡事有利有弊,高速扩张同样如此。高速扩张模式下的九毛九,随着门店大量开设,翻新建材、食品原材料采购以及员工招聘等因素让公司应付款项出现大幅增长,公司贸易及其他应付款从2016年的1.39亿元增至今年10月底的4.11亿元,这也是导致公司流动负债增长迅速的根本原因。</p><p>公司在今年上半年的流动比率和速动比率仅有0.51和0.45,与2018年年底数据持平,说明公司在近年或一直存在短期债务问题。</p><p><img src=\"https://static.tigerbbs.com/a3867855abf93f56ca1cc77a510516d7\" /></p><p><b>股权集中+员工激励</b></p><p>公司股权结构相对集中,本次公开发行前,创始人管毅宏先生持有61.4%公司股份,对公司拥有绝对控制权,负责制定公司整体发展战略及业务计划,监督公司管理及战略发展。</p><p><img src=\"https://static.tigerbbs.com/70ab1b77d45d4bad95fee4b69a981804\" /></p><p>平行组织结构,新孵化各品牌均有员工持股。公司设立5名品牌经理带领团队独立负责各子品牌并直接向执行董事汇报。公司向各品牌管理团队授予其所管理品牌若干比例股权,团队利益与品牌业绩直接挂钩。</p><p>截至最后可行日期,太二团队持有品牌15%股权,怂团队持有品牌20%股权,2颗鸡蛋煎饼团队持有品牌20%股权,那未大叔是大厨团队持有品牌25%股权。</p><p><b>估值合理,上市热度高</b></p><p>假设按照2019H1的同比增速推2019年全年经调整利润为1.62亿人民币,对应2019年PE为40.5x-48.6x,比全球餐饮巨头平均值较高,不过比海底捞便宜,但由于公司仍处于品牌建设和高速扩张阶段,估值较为合理。</p><p>国内外餐饮龙头估值(wind)</p><p><img src=\"https://static.tigerbbs.com/f4c8e4be1b3073b149c769b60806f7f7\" /></p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/032eb7ab3cc5b06b05d9912d77cdbcb8","relate_stocks":{"09922":"九毛九"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1178676687","content_text":"踏入新一年首个交易日,港股新股市场即展开招股热潮,多只新股更延长招股时间。据统计,截至今日共有22只新股招股,其中九毛九$(09922)$最受追捧,录得约222亿元孖展认购,超购倍数约100倍。头顶网红光圈,一文看懂九毛九投资逻辑目前九毛九管理并经营五大自创品牌,包括九毛九、太二、2颗鸡蛋煎饼、怂冷锅串串和那未大叔是大厨,菜系涵盖西北菜、酸菜鱼、煎饼、冷锅串串、粤菜等。招股书的报告称,按2018年总收入计算,九毛九是国内所有西北菜餐厅中第二的品牌,而太二则是国内酸菜鱼餐厅中收入最多的品牌。综合点评1、餐饮市场空间广阔,行业集中度低,赛道众多,未来预期增速高;国内领先中式快时尚餐饮品牌,但竞争同样激烈;2、高度标准化且易扩张的商业模式,品牌矩阵所处赛道优质,网红店打响知名度,容易实现复制;3、收入增速较快,市值中等,估值合理,目前热度高。建议:申购01、招股整理招股信息上市日:1.15招股日期:12.30-1.7招股价:5.5-6.6入场费:6666.51港元融资额:18.3-22亿港元估值:40.5x-48.6x(2019预测)市值:73.3-88亿港元保荐人:招银国际基石:四名基石,合计认购约4.29亿港元,按中间价计算,约占发售股份21.26%绿鞋:15%保荐人过往两年项目表现招银国际过去两年参与了12个项目(还保荐过海底捞),首日表现5涨3平4跌,表现还算可以。02、招股要点多元经营,“九二”当头九毛九,创始人管毅宏先生来自山西太原。最初以面馆起家,1995年在海南开设首第一家面馆;2003年进入广东餐饮市场,在广州开设第一家山西老面馆品牌餐厅,2005年,以九毛九品牌代替山西老面馆品牌。九毛九曾于2016年向中国证监会递交A股上市申请。2018年,由于整体A股审查流程延长,并且上市时间表不确定,九毛九撤回A股上市申请。九毛九目前经营5个自营的独特品牌,包括:1、以西北菜系为主的品牌“九毛九”。2、以老坛子酸菜鱼为主的品牌“太二”。3、 以煎饼为主的“2颗鸡蛋煎饼”。4、 主营四川冷锅串串的品牌“怂”。5、 精品粤菜品牌“那未大叔是大厨”。其中“九毛九”、“太二”是九毛九的主力品牌,占往绩记录期间总收入超过98%。九毛九西北菜起家,现已形成九毛九、太二两大主要品牌。九毛九品牌主打西北菜,是公司的初始经营业务,体量最大,但近年来比重逐渐下降,从2016年的93.8%降至2019H1的55.2%。太二品牌收入增加明显,比重已升至43.5%,逐渐与九毛九品牌平分秋色。太二:成瘾好品类+标准化+易复制创始人的理念里,打造产品具备三个要素:1、要好吃;2、产品不能多,多了就做不好;3、标准化程度要高。大单品+产品矩阵。太二主打老坛子酸菜鱼,标准温度湿度腌制酸菜,主张酸菜比鱼好吃,菜单结构以短菜单为主,店内基本为23个SKU。主营酸菜鱼,只按大小分三种:1~2人份、3~4人份、土豪版,鱼的种类,大小,辣度都不可选择。除酸菜鱼之外,还有各种凉菜,小吃,小面可供选择。短菜单,少SKU,2-4人轻社交属性提升翻座率。公司建立起高度标准化且易复制推广的业务模式,有限的店内SKU简化上游采购流程和物流体系,所有采购订单由专门采购团队集中采购,形成规模效应,成本端获益,同时降低食材价格波动带来的负面影响。店内设有几项特殊规定,超过4人就餐不接待;只做堂食,不做外卖,不可打包;限制每桌用餐人数,弱化餐饮社交属性、降低用餐时间,提升翻座率。仅限堂食的规定提升顾客体验,酸菜鱼做好后即食口感更佳,外卖订单影响堂食顾客体验,且无法当即食用会影响酸菜鱼口感。大单品+短菜单为特色,围绕大单品形成产品矩阵,产品食材搭配丰富足以满足一餐需要。产品口味味觉记忆弱且具有一定成瘾性,口味存在差异性和难模仿性,容易形成高顾客粘性和高复购率。这一模式的优势在于,客户就餐流程缩短提高翻台率、门店高度标准化易复制、简化了采购与物流流程降低成本,正是这些优势让太二具备了规模化的潜质。而形成规模效应正是餐饮企业实现内在价值的关键因素。拥有规模化的餐饮品牌能在短时间内实现快速扩张,形成品牌效应,实现业绩增长。在招股书中,太二的数据有力地支撑了这个观点。从2016年收入6780万增至2018年收入5.4亿,而2019上半年5.38亿元,更是接近2018全年收入。从品牌的品类上看,除了传统西北面馆九毛九以外,其余的三个新品牌分别在鸡蛋煎饼、冷锅串串以及精品粤菜上发力,品类间存在明显差异,但在这些新设品牌中都无一体现出“网红”、“快餐”及“精品”的特点,具备较高的标准化。截至最新日期,公司拥有并经营143间九毛九餐厅、121间太二餐厅、21间2颗鸡蛋煎饼餐厅、1间怂餐厅及1间那未大叔是大厨餐厅,以及于加盟模式下管理41间2颗鸡蛋煎饼餐厅,餐厅通常位于购物商场,且集中在广东地区。公司预计自2019年至2021年新开设约370间自营餐厅,其中,约240间太二餐厅、约54间九毛九餐厅及约76间其他品牌餐厅。预计自2019年至2021年新开设约460间2颗鸡蛋煎饼加盟餐厅。于2018年,就收入而言,九毛九在中国所有中式快时尚餐饮中排名第3,于华南地区则排名第1。按2018年收入计算,“九毛九”在中国西北菜餐厅排名第2,“太二”在中国所有酸菜鱼餐厅中排名第1。行业空间广阔,标准化成趋势当前中式快时尚餐饮行业规模保持高速增长,已从2014年的743亿元增长至2018年的1815亿元,预计2024年将达到5502亿元。中式快时尚餐饮在中式餐饮中的比重也逐年上升,从2014年的2.7%增至2018年的4.2%。公司两大品牌涉及的餐饮品类西北菜和酸菜鱼市场也具备广阔空间。餐饮行业变化趋势及影响因素1)2012年12月中央八项规定出台之后,餐饮业由两头大(高档、路边小店)的哑铃型结构转变为纺锤形结构(大众休闲餐厅为主),大众餐饮开始崛起,低端餐饮升级,高端餐饮开始下沉,大品牌开始发力建设小店。2)需求端消费升级趋势显现,90后成为新消费引擎。美团点评数据显示,2018年线上餐饮“90后”消费者占比超过50%,20-35岁消费者贡献71%餐饮消费额,80/90后群体占全国总人口比例近1/3,是休闲餐饮的主要消费人群,消费频次高3)供给端要求效率提升,餐企标准化程度提高,落地速度加快。随着原材料成本,人力成本和地租上涨,餐饮企业普遍面临成本上行压力,加之竞争加剧,因此更加要求餐饮企业改变旧有经营方式(员工数量多,店铺面积大,高耗能粗放式发展),规模化标准化发展,管理体系规范化,在有限的营业面积中提高人效和坪效,服务,环境,口碑等多维度全面发展。4)对购物中心业态依赖程度上升,导致容易随着“网红”聚客能力双击(引流能力获得更低租金,翻台提升摊薄固定成本,盈利能力提升)。随着城市化程度提高,购物中心成为主流消费群体(年轻人为主)生活社交购物休闲的区域,商业体成为人流聚集的中心。购物中心中餐饮业态的占比从过去的20%左右逐年上升。财务高速扩张,员工持股激励财务增速快,机遇与风险并存受益于太二品牌的迅速崛起,九毛九近年来的业绩增长突飞猛进,营业总收入从2016年的11.64亿元增至2018年的18.93亿元,复合增长率达到26.51%;公司净利润也在今年上半年首次突破1亿元,达到1.02亿元。营收与净利同时增长,反映出九毛九的业绩增长源于公司经营驱动,具有一定的可持续性。其中净利率在今年上半年出现大幅提高,原因在于公司门店的扩张与自营比例的提高。目前公司核心收入来源于门店收入,其营收占比在今年上半年达到了90.3%,且其中超过99%均为自营门店。公司成本费用率方面,原材料成本占比逐年上升,主要受门店增加和原材料价格波动影响。员工成本占比呈现下降趋势,主要因为主力增量餐厅太二店内服务标准化程度高,员工与用户触点少,用餐流程自助化水平高,因此所需店内服务人员相对少。不过凡事有利有弊,高速扩张同样如此。高速扩张模式下的九毛九,随着门店大量开设,翻新建材、食品原材料采购以及员工招聘等因素让公司应付款项出现大幅增长,公司贸易及其他应付款从2016年的1.39亿元增至今年10月底的4.11亿元,这也是导致公司流动负债增长迅速的根本原因。公司在今年上半年的流动比率和速动比率仅有0.51和0.45,与2018年年底数据持平,说明公司在近年或一直存在短期债务问题。股权集中+员工激励公司股权结构相对集中,本次公开发行前,创始人管毅宏先生持有61.4%公司股份,对公司拥有绝对控制权,负责制定公司整体发展战略及业务计划,监督公司管理及战略发展。平行组织结构,新孵化各品牌均有员工持股。公司设立5名品牌经理带领团队独立负责各子品牌并直接向执行董事汇报。公司向各品牌管理团队授予其所管理品牌若干比例股权,团队利益与品牌业绩直接挂钩。截至最后可行日期,太二团队持有品牌15%股权,怂团队持有品牌20%股权,2颗鸡蛋煎饼团队持有品牌20%股权,那未大叔是大厨团队持有品牌25%股权。估值合理,上市热度高假设按照2019H1的同比增速推2019年全年经调整利润为1.62亿人民币,对应2019年PE为40.5x-48.6x,比全球餐饮巨头平均值较高,不过比海底捞便宜,但由于公司仍处于品牌建设和高速扩张阶段,估值较为合理。国内外餐饮龙头估值(wind)","news_type":1},"isVote":1,"tweetType":1,"viewCount":3188,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":913830836,"gmtCreate":1577433225025,"gmtModify":1704335776369,"author":{"id":"3470884155402061","authorId":"3470884155402061","name":"再做空我是狗","avatar":"https://static.tigerbbs.com/c3c175a4f618fac730f8d8f5e302777e","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3470884155402061","idStr":"3470884155402061"},"themes":[],"htmlText":"<a 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