Summary of Conference Call Company and Industry - The conference call primarily discusses the performance and outlook of a hospitality and catering company, focusing on its banquet and hotel operations. Key Points and Arguments Performance Overview - The company reported a year-on-year revenue increase for 2023, driven by the opening of new stores and a strong performance in October, which was noted to be better than the previous year [3][4][6]. - The banquet business constitutes approximately 52% of the total revenue after excluding food business, which generates around 300 million [4]. - Wedding-related events, including engagement and return banquets, account for about 40% of total banquet revenue, potentially rising to 50% when all related events are considered [5]. Seasonal Trends - October is identified as a peak season for the company, with strong customer turnout during the National Day holiday [2]. - The company anticipates a busy December due to year-end celebrations and the upcoming Spring Festival [1]. New Store Openings and Financial Impact - The company opened several new stores in 2023, which positively impacted overall revenue despite some initial losses from new locations [30]. - The new stores are expected to contribute positively to the financials in 2024, with a focus on minimizing losses compared to 2023 [30][31]. Profitability and Revenue Projections - The company aims for an overall profit margin of 11% to 13% across its operations, with expectations to reach pre-pandemic levels of profitability by 2024 [38][39]. - The banquet booking system has shown a 50% increase in bookings for the first half of 2025 compared to the same period in 2024, indicating a strong recovery in the banquet segment [34]. Challenges and Market Conditions - The hospitality industry is facing challenges due to rising costs, including labor and rent, which are impacting profit margins [39]. - Despite a tough market environment, the company has maintained a competitive edge, with its banquet and private dining services performing well compared to industry averages [37]. Future Outlook - The company plans to open 5 to 6 new locations in 2025, focusing on strategic placements in key markets [24]. - There is a strong emphasis on maintaining a balance between new store openings and profitability, with a cautious approach to expansion [30][32]. Digital Transformation - The company has upgraded its banquet management system, allowing for real-time updates on bookings and revenue projections, enhancing operational efficiency [20]. Food Business Performance - The food business has turned profitable as of September 2023, with expectations to maintain this trend into 2024 [41]. Other Important Information - The company has implemented a takeaway service for New Year's Eve dinners, reflecting a shift in consumer preferences towards convenience [17]. - The management expressed confidence in the resilience of their banquet and catering services, citing strong demand despite broader market challenges [37]. This summary encapsulates the key insights from the conference call, highlighting the company's performance, strategic initiatives, and market outlook.

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Viewpoints - The company, a leading brand in banquet dining, is experiencing rapid growth through multi-business expansion, leveraging its heritage as a time-honored brand [2][5]. - The banquet market is steadily growing, with increasing demand for one-stop wedding services, indicating a resilient consumer base despite fluctuations in marriage registration numbers [3][69]. - The company is well-positioned in the banquet market, focusing on restaurant operations and maintaining high operational efficiency, which supports its expansion strategy [4][5]. Summary by Sections Company Overview - Founded in 1925, the company is recognized as a "Chinese Time-Honored Brand" and operates large banquet restaurants, with a presence in Anhui, Jiangsu, and Beijing [2][41]. - As of mid-2024, the company operates 118 direct stores, including 54 for dining and 7 for its hotel brand [2][41]. Industry Analysis - The banquet market is projected to grow steadily, with the wedding market size reaching 803.7 billion yuan in 2019, accounting for 46% of the wedding services market [3][76]. - The trend towards localized full-service hotels is increasing, with domestic brands capturing a larger market share, indicating a shift in consumer preferences [3]. Core Advantages - The company focuses on banquet dining, with a professional team dedicated to large-scale events, contributing significantly to its revenue [4]. - High operational efficiency is evident, with large stores achieving substantial revenue and profit margins, and a standardized management approach facilitating expansion [4]. - The company plans to increase its direct stores to 132 by the end of 2024, with a significant increase in store area [4]. Financial Analysis - The company forecasts a net profit of 1.5 billion yuan in 2024, with a projected increase to 4.3 billion yuan by 2026, reflecting strong growth potential [5]. - The report highlights the company's ability to release performance elasticity as new stores ramp up operations [5]. Profit Forecast and Investment Recommendations - The company is expected to benefit from its established brand and efficient operations, leading to a favorable investment outlook [5].

Investment Rating - The report assigns a "Buy" rating to Tongqinglou (605108 SH) with a target price of 27 41 RMB [2] Core Views - Tongqinglou is a century-old brand established in 1925 and has formed a three-wheel drive business layout of catering + hotel + food As of H1 2024 the company has 118 directly operated stores and is a regional leader in banquets in Anhui and Jiangsu [2] - The company operates in a low-frequency but essential consumption sector with strong resilience Its net profit margin has been less volatile compared to other catering enterprises since 2019 and it has maintained a relatively leading position [3] - Tongqinglou has established a comprehensive management system from front-end supply chain to back-end kitchen and store services ensuring high-quality products and services through standardized operations [3] - The company is expected to achieve net profits of 150 million 300 million and 420 million RMB in 2024 2025 and 2026 respectively The banquet sector has high barriers to entry and the company has a strong position in the regional banquet market [4] Business Overview - Tongqinglou was founded in 1925 and is recognized as a "China Time-Honored Brand" by the Ministry of Commerce The company has a three-wheel drive business model consisting of catering hotels and food [52] - As of H1 2024 the company has 118 directly operated stores including 44 Tongqinglou restaurants 10 wedding venues 7 Fuma hotels and 57 new brand stores The company is a regional leader in banquets in Anhui and Jiangsu [53] - In 2023 the company's catering hotel and food businesses accounted for 86% 6% and 8% of total revenue respectively [53] Industry Analysis - The banquet industry is characterized by low-frequency but essential consumption with strong demand for weddings baby celebrations and birthday banquets The industry has high barriers to entry due to heavy investment scarce high-quality properties and complex management [61] - The wedding banquet market in China is vast with a market size of 642 billion RMB in 2023 accounting for 50% of the total wedding consumption in China [64] - The number of marriage registrations in China has been declining but the average spending per wedding has been increasing supporting the growth of the banquet market [65] Competitive Advantages - Tongqinglou has a strong presence in economically developed regions such as Anhui and Jiangsu where the consumption capacity is relatively high The company's "good taste affordable and prestigious" business philosophy has helped it build a broad customer base [88] - The company has established a comprehensive supply chain and standardized service processes ensuring high-quality products and services Its digitalization efforts have also improved operational efficiency [90][93] - Tongqinglou has a one-stop banquet service capability with over 200 banquet halls and a mature wedding and banquet management system The company has also developed three major brands under its wedding banquet business [96][99] Growth Potential - The Fuma hotel model which combines catering banquets and hotel services has shown strong growth potential The company plans to open 10 Fuma hotels by the end of 2024 and expects significant performance elasticity as these hotels mature [101][104] - The company's food business has been growing rapidly with products such as mooncakes and frozen foods achieving significant sales growth The company has also expanded its online and offline sales channels [112][113] - The Fuma International brand is expected to open up opportunities for franchising and nationwide expansion The company aims to develop 50-100 franchised stores in the next 3-5 years [117][118] Financial Performance - Tongqinglou's revenue has been growing steadily reaching 2 4 billion RMB in 2023 a 44% year-on-year increase However the company's net profit has been affected by the ramp-up period of new stores and increased financial expenses [121][128] - The company's banquet business requires advance bookings and the growth in deposits and contract liabilities indicates strong future revenue potential [124] - Despite short-term profitability pressures due to new store openings the company's operating cash flow remains stable and future performance elasticity is expected as new stores mature [128]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company experienced a slight decline in revenue for Q3 2024, with a total revenue of 594 million yuan, down 1.23% year-on-year, and a significant drop in net profit attributable to shareholders, which was 2.45 million yuan, down 95.74% year-on-year [4][5]. - The company is in a phase of rapid expansion, with plans to open 10 new hotels by the end of 2024, and expects to enter a performance release period as these new establishments mature [5][6]. - The projected net profits for 2024, 2025, and 2026 are 180 million yuan, 300 million yuan, and 400 million yuan respectively, with corresponding price-to-earnings ratios of 29, 18, and 13 [6][7]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 1.865 billion yuan, an increase of 10.81% year-on-year, while net profit attributable to shareholders was 83.4 million yuan, down 58.92% year-on-year [4][5]. - The company opened 7 new large-scale stores in the first three quarters, contributing an additional 357 million yuan in revenue, although same-store sales decreased by 13.42% compared to 2023 due to high base effects from banquet demand [5][6]. Future Outlook - The company anticipates that the rapid expansion phase will conclude, leading to a gradual release of performance as new hotels and restaurant divisions mature [5][6]. - The strategic focus on integrating restaurant, hotel, and food businesses is expected to drive long-term growth, aligning with consumer preferences for value-oriented dining and accommodation experiences [6][7].

证券代码：605108 证券简称：同庆楼 公告编号：2024-033 同庆楼餐饮股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 三、参加人员 副董事长王寿凤女士，副总经理、董事会秘书兼财务总监范仪琴女士，副总 经理张悦女士、韦小五女士、尹慧娟女士，独立董事张晓健先生（如遇特殊情况， 参会人员可能进行调整）。 四、投资者参加方式 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议问题征集：投资者可于 2024 年 11 月 11 日（星期一）前访问网址 https://eseb.cn/1j4VL84qYTe 或使用微信扫描下方小程序码进行会前提问，公 司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行 回答。 一、说明会类型 同庆楼餐饮股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日在 上海证券交易所网站（www.sse.com.cn）披露了《2024 年第三季度报告》。为 便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2024 ...

[Table_MainInfo] 公司研究/旅游服务业 证券研究报告 同庆楼（605108）公司季报点评 2024 年 10 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 29 日收盘价（元） ] | 20.60 | | 52 周股价波动（元） | 15.32-34.65 | | 总股本 / 流通 A 股（百万股） | 260/260 | | 总市值 / 流通市值（百万元） | 5356/5356 | | 相关研究 | | | [Table_ReportInfo] 《老字号守正创新，多业态联动赋能》 | | | 2024.08.22 | | 市场表现 [Table_QuoteInfo] -45.29% -33.29% -21.29% -9.29% 2.71% 14.71% 2023/10 2024/1 2024/4 2024/7 同庆 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected PE ratio of 43/18/13 for 2024-2026 [1][3] Core Views - The company's revenue for Q1-Q3 2024 reached 1,865 million yuan, a year-on-year increase of 10.81%, while net profit attributable to the parent company decreased by 58.92% to 83 million yuan [1] - The decline in net profit is attributed to increased expenses from new store openings, higher capital expenditures, and a high base effect from last year's one-time gains [1] - The company's Fumao Hotel business is expanding rapidly, with 10 hotels expected to open by the end of 2024, which is anticipated to drive future profit growth [1] Financial Performance Summary - Revenue for 2024 is projected to be 2,607 million yuan, with a growth rate of 9% compared to 2023 [2] - Net profit for 2024 is expected to be 124 million yuan, a decrease of 59% from 2023, but is forecasted to rebound to 301 million yuan in 2025 [2] - The company's gross margin for Q1-Q3 2024 was 20.23%, down 4.70 percentage points year-on-year [1] Business Operations - Same-store sales for the company's catering business decreased by 13.42% year-on-year in Q1-Q3 2024, mainly due to a high base effect from 2023 [1] - Newly opened stores contributed 357 million yuan in revenue during the same period, with further growth expected as these stores mature [1] - The company opened 7 large-scale stores in 2024, with a total construction area of 223,200 square meters, leading to initial losses of nearly 30 million yuan [1] Future Outlook - The company's Fumao Hotel business is expected to reach a mature operating stage by 2025, contributing to profit growth [1] - Revenue growth is projected to accelerate to 26% in 2025 and 24% in 2026, driven by the expansion of both catering and hotel businesses [2] - The company's net profit margin is expected to recover to 9.1% in 2025 and 10.3% in 2026, up from 4.8% in 2024 [5]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 利润低预期主要系餐饮宴会需求疲弱+资本开支周期影响，预计年内 10 家富茂开业 计划不变，随着 25 年新店爬坡，预计盈利能力将逐步提升。 投资要点： | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|--------|-------------------------------------------------------------------------------------------------------------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 1,670 | 2,401 | 2,658 | 3,279 | 3,929 | | (+/-)% | 3.9% | 43.8% | 10.7% | 23.4% | 19.9% | | 净利 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [1][8][10] Core Views - The company experienced a revenue decline of 1.23% in Q3 2024, with a net profit of 0.02 billion yuan, down 95.74% year-on-year. For the first three quarters of 2024, revenue was 18.65 billion yuan, an increase of 10.81%, while net profit decreased by 58.92% to 0.83 billion yuan [3][5] - The overall performance is under pressure due to several factors: a decline in same-store sales, the impact of rapid expansion, and increased financial costs. Same-store revenue fell by 13.42% compared to 2023, with a significant drop in Q3 [3][4] - The company plans to accelerate its direct store expansion, aiming to add 260,000 square meters of new store area in 2024, more than doubling the actual area opened in 2023. However, the new stores are currently in a loss-making phase [4][5] Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 5.9 billion yuan, a decrease of 1.23%, and a net profit of 0.02 billion yuan, down 95.74%. For the first three quarters, revenue was 18.65 billion yuan, up 10.81%, while net profit was 0.83 billion yuan, down 58.92% [3][5] - The company’s financial expenses increased significantly, with Q3 financial costs rising by nearly 20 million yuan year-on-year due to increased capital expenditures and long-term borrowings [5][11] Expansion Strategy - The company is in a rapid expansion phase, with plans to open 260,000 square meters of new stores in 2024. By the end of Q3 2024, 220,000 square meters had already been opened, contributing 3.57 billion yuan in revenue, but incurring losses of approximately 30 million yuan during the ramp-up period [4][5] - The company’s liquidity assets accounted for 87% of total assets, indicating a significant asset-heavy nature, which increases performance volatility in the current demand environment [4][5] Market Outlook - The company is a leader in the fine dining banquet segment, but its expansion strategy is currently constrained by a decline in demand and changing consumer preferences. There are signs of potential demand recovery, particularly in wedding bookings, which could positively impact future performance [5][8] - The forecast for 2024-2026 indicates a projected revenue of 25.91 billion yuan, 32.42 billion yuan, and 38.89 billion yuan, respectively, with net profits expected to be 1.38 billion yuan, 2.80 billion yuan, and 3.84 billion yuan [8][9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [4]. Core Insights - The company demonstrated resilience in same-store operations while accelerating the cultivation of new stores to build momentum [4]. - In Q3 2024, the company reported revenue of 5.94 billion yuan, a year-on-year decrease of 1.23%, and a net profit of 2.45 million yuan, down 95.74% year-on-year [4]. - The company is expanding its business model by integrating dining, banquet, and hotel services, with a focus on the "Fumao" hotel brand, which has a unique competitive advantage [4]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a revenue of 18.65 billion yuan, a year-on-year increase of 10.81%, but a net profit of 830 million yuan, down 58.92% year-on-year [4]. - The gross profit margin for Q1-Q3 2024 was 20.23%, a decrease of 4.7 percentage points year-on-year, while the gross profit margin for Q3 2024 was 17.37%, down 7.91 percentage points year-on-year [4]. - The company plans to open 10 "Fumao" hotels by the end of 2024, aiming for significant growth in operational scale and performance by 2025 [4]. Future Projections - The company expects net profits of 1.48 billion yuan, 2.85 billion yuan, and 4.09 billion yuan for 2024, 2025, and 2026 respectively, reflecting adjustments due to new store ramp-up and initial investment impacts [4]. - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 38, 20, and 14 respectively, with a target valuation of 24 times PE for 2025, indicating a potential upside of 22% [4].