Investment Rating - The report maintains an "Overweight" rating for Tongqinglou (605108) [4] Core Views - Tongqinglou is in a strategic investment phase, with performance under pressure, but attention should be paid to the potential performance release in 2025 [1][4] - The company's revenue for the first three quarters of 2024 reached 1.87 billion yuan, a year-on-year increase of 10.8%, while net profit attributable to the parent company was 80 million yuan, a year-on-year decrease of 58.9% [2][6] - In Q3 2024, the company's revenue was 590 million yuan, a year-on-year decrease of 1.2%, and net profit attributable to the parent company was 2.449 million yuan, a year-on-year decrease of 95.7% [2][6] - The decline in Q3 revenue is attributed to the off-season, high base effect from the previous year, and the impact of the "No Spring Year" phenomenon [6] - The company opened 7 new large-scale stores in the first three quarters, with a total construction area of 223,000 square meters, leading to a loss of approximately 30 million yuan due to the ramp-up period [6] - The company's financial expenses increased by nearly 20 million yuan due to new bank loans during the strategic development phase [6] - The report forecasts revenue for 2024-2026 to be 2.55 billion yuan, 2.98 billion yuan, and 3.62 billion yuan, with year-on-year growth rates of 6.3%, 16.9%, and 21.4%, respectively [6] - Net profit attributable to the parent company is expected to be 130 million yuan, 310 million yuan, and 450 million yuan for 2024-2026, with year-on-year growth rates of -57.1%, 137.0%, and 44.8%, respectively [6] Financial Data and Valuation - The company's total revenue for 2022 was 1.67 billion yuan, increasing to 2.40 billion yuan in 2023, and is expected to reach 2.55 billion yuan in 2024, 2.98 billion yuan in 2025, and 3.62 billion yuan in 2026 [7] - EBITDA for 2022 was 286 million yuan, increasing to 623 million yuan in 2023, and is expected to reach 818 million yuan in 2024, 1.08 billion yuan in 2025, and 1.13 billion yuan in 2026 [7] - The company's EPS is expected to be 0.50 yuan in 2024, 1.19 yuan in 2025, and 1.72 yuan in 2026 [7] - The P/E ratio is forecasted to be 40.1 in 2024, 16.9 in 2025, and 11.7 in 2026 [7] - The P/B ratio is expected to be 2.3 in 2024, 2.1 in 2025, and 1.9 in 2026 [7] Industry and Market Position - Tongqinglou operates in the social services/hotel and catering industry [4] - The company's current stock price is 20.16 yuan, with a market capitalization of 5.24 billion yuan [4] - The company's total share capital is 260 million shares, with a circulating A-share market value of 5.24 billion yuan [4] - The company's net asset per share is 8.53 yuan, and the asset-liability ratio is 55.32% [4]

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the next 6-12 months [2][8]. Core Views - The company's revenue for the first three quarters of 2024 reached 1.87 billion RMB, an increase of 10.8% year-on-year, while the net profit attributable to the parent company was 83.4 million RMB, a decrease of 58.9% [1]. - The opening of seven new stores has led to increased startup costs and higher financial expenses, putting short-term pressure on performance [1]. - Despite a decline in Q3 performance, comparable store revenue remains stable compared to 2019, indicating resilience in mature store operations [1]. - The company is in a phase of extensive development, with high capital expenditures and new bank loans contributing to increased financial costs [1]. - The company anticipates nonlinear growth in performance as new stores mature and the banquet business begins to release its potential [2]. Summary by Sections Financial Performance - Q1-3 2024 revenue: 1.87 billion RMB, +10.8% YoY; net profit: 83.4 million RMB, -58.9% YoY; Q3 revenue: 590 million RMB, -1.2% YoY; net profit: 245 thousand RMB, -95.7% YoY [1]. - The company plans to open 4-6 new stores in the second half of 2024, with expectations of continued short-term performance disruption [1]. Future Projections - Expected net profits for 2024E-2026E are 150 million RMB, 307 million RMB, and 421 million RMB, respectively, with corresponding P/E ratios of 35, 17, and 12 [2]. - The company is projected to achieve significant growth as new stores reach maturity and the banquet division's performance improves [2]. Market Sentiment - The report indicates a strong market sentiment towards the company, with a consistent "Buy" rating across multiple reports [7][8].

Financial Performance - The company's operating revenue for the first three quarters of 2024 reached RMB 1.865 billion, an increase of 10.81% compared to the same period last year[4] - The net profit attributable to shareholders of the listed company was RMB 83.40 million, a decrease of 58.92% year-on-year[2] - The net profit after deducting non-recurring gains and losses for the current period was RMB 147,044.68, reflecting a decrease of 99.73% compared to the same period last year[2] - The company reported a basic earnings per share of RMB 0.01, down 95.45% from the previous year[4] - Net profit attributable to shareholders decreased by 58.92% year-to-date, primarily due to significant startup costs and increased bank loans[10] - Basic earnings per share decreased by 58.97% year-to-date[10] - The net profit for Q3 2024 is CNY 83,396,171.69, a decrease from CNY 203,031,508.07 in Q3 2023, representing a decline of approximately 58.9%[19] - Basic earnings per share for Q3 2024 is CNY 0.32, down from CNY 0.78 in Q3 2023, representing a decline of about 59.0%[19] Assets and Liabilities - The total assets at the end of the reporting period amounted to RMB 4.964 billion, representing a year-on-year increase of 24.61%[4] - Total assets increased to ¥4,964,145,917.13 in Q3 2024, compared to ¥3,983,661,127.63 in Q3 2023, representing a growth of 24.7%[16] - Total liabilities rose to ¥2,746,132,132.08 in Q3 2024, up from ¥1,742,853,508.94 in Q3 2023, indicating a significant increase in financial obligations[16] - Non-current liabilities totaled ¥1,534,972,176.49 in Q3 2024, compared to ¥856,302,116.41 in Q3 2023, reflecting a growth of 79%[16] - Current liabilities amounted to ¥1,211,159,955.59 in Q3 2024, an increase from ¥886,551,392.53 in Q3 2023, marking a rise of 36.6%[16] - The company reported a significant increase in short-term borrowings, which reached ¥322,696,559.48 in Q3 2024, compared to ¥110,815,955.16 in Q3 2023, indicating a rise of 191.5%[16] Cash Flow - The company experienced a decrease in cash generated from operating activities by 26.36% year-on-year, totaling RMB 368.07 million[2] - Net cash flow from operating activities decreased by 26.36% year-to-date, driven by rising financial expenses[10] - The net cash flow from operating activities for the first three quarters of 2024 is CNY 368,066,288.54, down from CNY 499,803,563.37 in 2023, reflecting a decrease of approximately 26.4%[20] - Cash flow from investing activities shows a net outflow of CNY -896,196,361.93 for the first three quarters of 2024, compared to CNY -798,327,317.22 in the same period of 2023[21] - Cash flow from financing activities for the first three quarters of 2024 is CNY 472,709,299.43, significantly higher than CNY 81,302,861.70 in 2023, indicating an increase of approximately 481.5%[21] Business Expansion - The company opened 7 new large-scale stores with a total area of 223,200 square meters, leading to an estimated loss of approximately RMB 30 million due to initial operating costs[5] - The company plans to open 10 new "Fumao" hotels by the end of 2024, aiming to enhance market share and brand influence[6] - The company’s new business model "Fumao" focuses on dining, with over 80% of revenue coming from food services, which has garnered significant market attention[5] - Revenue increased by 10.81% year-to-date, attributed to the opening of 7 new large-scale stores[9] Shareholder Information - The top shareholder, Ma'anshan Putian Investment Development Co., Ltd., holds 37.55% of shares[11] - The company has not reported any significant changes in shareholder relationships or actions during the reporting period[12] Current Assets - Total current assets as of September 30, 2024, amounted to RMB 623.60 million, up from RMB 501.67 million at the end of 2023[14] - Accounts receivable increased to RMB 73.41 million from RMB 33.86 million year-over-year[14] - Inventory increased to RMB 125.49 million from RMB 114.74 million year-over-year[14] - Other receivables rose to RMB 78.78 million from RMB 65.39 million year-over-year[14] Financial Reporting - The company has not adopted new accounting standards for the current reporting period, maintaining consistency in financial reporting[22] - The company has not reported any net profit from the merged entity prior to the merger, indicating no contribution to earnings from that segment[20]

华福证券 同庆楼（605108.SH） 门店扩张引领多元发展，业务爬坡静待花开 事件：公司发布 2024 年中报，上半年实现营业收入 12.71 亿元，同比 +17.50%，实现归母净利润为 0.81 亿元，同比-44.40%，实现扣非归母净利 润为 0.76 亿元，同比-27.96%。其中公司 2024 单二季度营收为 5.8 亿元， 同比+7.04%；单季度归母净利润为 0.15 亿元，同比-79.47%；单季度扣非 归母净利润 0.11 亿元，同比-74.54%。 门店扩张稳步推进，多元发展静待花开。 2024H1 公司餐饮及住宿服务实现营业收入 11.29 亿元，毛利率为 23.77%； 食品销售业务实现营业收入 1.42 亿元，毛利率为 34.19%。期内公司新开 5 家门店，门店建筑面积高达 21.55 万平方米，其中：三家规模较大的富茂 酒店（高新富茂门店面积 6.5 万平方米、肥西富茂门店面积 8.6 万平方米、 安庆富茂门店面积 3.1 万平方米）、一家大型餐饮门店（无锡宝能店门店 面积 2.2 万平方米）、一家婚礼会馆门店（常州常青里门店面积 1.02 万平 方米），上述五家门店本年度计划 ...

上 市 公 司 社会服务 证 券 研 究 报 告 2024 年 09 月 01 日 同庆楼 (605108) ——门店扩张加速，前期培育影响利润短期承压 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 16.99 | | 一年内最高/最低（元） | 34.65/16.23 | | 市净率 | 1.9 | | 息率（分红 / 股价） | 2.41 | | 流通 A 股市值（百万元） | 4,417 | | 上证指数 / 深证成指 | 2,842.21/8,348.48 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | | | | 每股净资产（元） | 8.93 | | 资产负债率 ...

Investment Rating - The report maintains a "Buy" rating for Tongqinglou (605108 SH) with a target PE of 14X 11X 9X for 2024-2026 [1][5] Core Views - Tongqinglou achieved revenue of 12 71 billion yuan in H1 2024 up 17 5% YoY but net profit declined 27 96% YoY to 756 427 million yuan [1][4] - The company's three-pronged strategy (catering hotel food) is taking shape with new store expansions and product innovations expected to drive long-term growth [1][5] - In H1 2024 Tongqinglou opened 5 new stores including 3 large Fuma hotels 1 large catering store and 1 wedding venue bringing the total to 118 directly operated stores [4] - The company plans to open 4-6 new stores in H2 2024 and complete 10 Fuma hotels by year-end [4] Financial Performance - In Q2 2024 revenue grew 7 04% YoY to 580 million yuan but net profit dropped 79 47% YoY to 15 million yuan [4] - Gross profit margin and net profit margin in H1 2024 were 21 56% and 6 37% respectively down 3 17pct and 7 09pct YoY [4] - The company's overall expense ratio increased by 1 01pct YoY to 13 31% in H1 2024 [4] Business Development - The food business saw strong growth with new products like zongzi and shaomai driving a 119 54% YoY increase in sales during the Dragon Boat Festival [5] - The company has opened 80 fresh meat bun stores with 60 more planned [5] - The hotel business leveraging Tongqinglou's catering and banquet expertise is expected to mature in 2025 contributing to future performance [5] Future Outlook - Tongqinglou is expected to achieve net profits of 315 401 and 495 million yuan in 2024-2026 respectively [1][5] - The company's focus on affordable high-quality dining and social consumption aligns with current consumer trends [5]

Investment Rating - The report maintains an "Accumulate" rating for the company [1][2]. Core Views - The company reported a revenue of RMB 1.271 billion for H1 2024, representing a year-on-year growth of 17.5%. However, the net profit attributable to shareholders decreased by 44.4% to RMB 80.9476 million, primarily due to high base effects from the previous year and significant upfront costs associated with new store openings [2]. - The company is focusing on a three-pronged business development strategy involving restaurant, hotel, and food services, which is expected to create multiple growth trajectories [2]. - The company opened 5 new stores in H1 2024, with plans for an additional 4-6 stores in the second half of the year, indicating ongoing expansion despite current losses from new store operations [2]. Summary by Sections Financial Performance - H1 2024 revenue: RMB 1.271 billion, up 17.5% YoY - H1 2024 net profit: RMB 80.9476 million, down 44.4% YoY - H1 2024 net profit excluding non-recurring items: RMB 75.6427 million, down 27.96% YoY [2][3]. Business Strategy - The company operates 118 stores, including 54 restaurants, 7 hotels, and 57 new brand outlets. The strategy emphasizes leveraging the cultural heritage of its restaurant brand while expanding its hotel and food service offerings [2]. - The hotel segment is expected to see 10 new openings by the end of 2024, with a focus on achieving operational maturity by 2025 [2]. Future Projections - EPS forecasts for 2024-2026 are RMB 1.18, RMB 1.49, and RMB 1.84, respectively, with corresponding P/E ratios of 13.7, 10.8, and 8.8 [3][4]. - Revenue projections for 2024-2026 are RMB 2.861 billion, RMB 3.333 billion, and RMB 3.815 billion, with growth rates of 19.1%, 16.5%, and 14.5% respectively [3][4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.20 CNY over the next six months [1][11]. Core Insights - The company reported a revenue of 1.27 billion CNY for the first half of 2024, representing a year-on-year increase of 17.5%. However, the net profit attributable to shareholders decreased by 44.4% to 81 million CNY, primarily due to increased expenses related to new store openings [1][2]. - The company is in a phase of significant investment in new stores, which has pressured profitability. The gross margin for the first half of 2024 was 21.6%, down 3.1 percentage points year-on-year, while the net profit margin decreased by 3.8 percentage points to 6.0% [1][2]. - The company plans to open 4-6 new stores in the second half of 2024, with a goal of having 10 new hotels operational by the end of 2024 [2][11]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 1.27 billion CNY, with a year-on-year growth of 17.5%. The net profit attributable to shareholders was 81 million CNY, down 44.4% year-on-year [1][2]. - The second quarter of 2024 saw a revenue of 580 million CNY, a 7.0% increase year-on-year, but the net profit dropped by 79.5% to 20 million CNY [1][2]. - The company forecasts net profits of 190 million CNY, 290 million CNY, and 380 million CNY for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.71 CNY, 1.11 CNY, and 1.45 CNY [2][3]. Business Segmentation - The company's restaurant and accommodation services generated 1.13 billion CNY in revenue, while food sales contributed 140 million CNY, with gross margins of 16.2% and 64.4% respectively [2][11]. - The company opened five new stores in the first half of 2024, including three large hotels and a large restaurant, with plans for further expansion [2][11]. - The food business is expected to grow significantly, with projected revenue increases of 80%, 50%, and 40% for 2024, 2025, and 2026 respectively [8][11].

同庆楼（605108.SH）2024 年中报点评 门店扩张导致利润短期承压，关注下半年扩店节奏 2024 年 09 月 01 日 [盈利预测与财务指标 Table_Forcast] ➢ 同庆楼发布 2024 年中报。2024H1，公司营业收入 12.71 亿元/同比 +17.47%，归母净利润 0.81 亿元/同比-44.52%，扣非归母净利润 0.76 亿元/同 比-27.62%，毛利率 21.56%/同比-3.21pcts，净利率 6.37%/同比-7.12pcts。 2024Q2，公司营业收入 5.80 亿元/同比+7.04%，归母净利润 0.15 亿元/同比79.47%，扣非归母净利润 0.11 亿元/同比-74.54%，毛利率 17.87%/同比6.65pcts，净利率 2.59%/同比-10.93pcts。24H1 公司归母净利润同比下滑明 显，主要是三大因素所致：1）23 年公司无锡门店拆迁补偿及处置收益 5,048.00 万元（未扣税）使 23H1 利润基数较高；2）24H1 新开门店规模较大，门店内的 各业态陆续开业投入大量的开办费用，以及资产折旧摊销等费用支出，而新店的 营业收入处在爬坡期 ...

股 票 研 究 公 司 更 新 报 告 投资要点： 证 券 研 究 报 告 国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股票研究 /[Table_Date] 2024.08.31 ——同庆楼 2024Q2 年业绩点评 [table_Authors]刘越男(分析师) 021-38677706 liuyuenan@gtjas.com 登记编号S0880516030003 | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------| | | | | | | | 庄子童 ( 分析师 ) | | | | | | 021-38032683 | | | | | | zhuangzitong026312@gtjas.com | | | | | | S0880524070002 | | | | | 本报告导读： 公司仍处于加速开店期，利润下滑主要系新店爬坡、新业务亏损及财务费用影响。 同店营收同比持平，仍处于加速开 ...