Dongwu Securities released a research report saying that maintaining the “buy” rating of Jiumaojiu (09922.HK), it is expected that the operating pace for the full year 2024 will be high before and after (corresponding to the high and back of the 23-year base), and the net profit forecast for 2024-26 will be 6.2/7.5/860 million yuan (profit CAGR of 18% for 2024-26). The current valuation is at a historically low level, and the company will place more emphasis on shareholder returns in the future. The company believes that the recent transaction price does not reflect its intrinsic value, and plans to publicly repurchase shares in the market at a maximum amount of HK$100 million (about 1.5% of the latest market value) in due course. The company's large-scale repurchases are ahead of schedule, which shows that the company values shareholder returns and long-term business confidence.
东吴证券：九毛九(09922.HK)股份回购彰显信心 维持“买入”评级
Dongwu Securities: Jiumaojiu (09922.HK) share repurchase shows confidence to maintain “buy” rating
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