Investment Rating - The investment rating for the company is "Accumulate (Maintain)" [4] Core Views - The company reported a revenue of 1.27 billion yuan for H1 2024, representing a year-on-year growth of 17.5%, while the net profit attributable to shareholders decreased by 44.4% to 80 million yuan [2][6] - The company demonstrated operational resilience with same-store sales, despite a 5.5% decline in the number of stores compared to 2023, primarily due to a drop in wedding banquet business [6] - The company is accelerating its store expansion, opening 5 new stores in H1 2024, which contributed 210 million yuan in revenue [6] - Strategic investments are impacting short-term performance, with expectations for improved earnings in 2025 as new stores mature [6] Financial Performance Summary - For H1 2024, the company achieved a revenue of 1.27 billion yuan, with a net profit of 80 million yuan, down 44.4% year-on-year [2][6] - In Q2 2024, revenue was 580 million yuan, a 7.0% increase year-on-year, but net profit fell by 79.5% to 20 million yuan [2][6] - The company plans to complete the opening of 10 new stores by the end of 2024, which is expected to enhance operational scale and drive future growth [6] Financial Forecast - Revenue projections for 2024-2026 are 2.93 billion yuan, 3.44 billion yuan, and 4.18 billion yuan, with year-on-year growth rates of 21.9%, 17.4%, and 21.6% respectively [6][7] - Net profit forecasts for the same period are 210 million yuan, 370 million yuan, and 480 million yuan, with growth rates of -32.6%, 82.1%, and 29.1% respectively [6][7] - The company’s P/E ratio is projected to decrease from 22.0 in 2024 to 9.4 in 2026, indicating potential valuation improvement [7]

证券研究报告|公司点评报告 [Table_Date] 2024 年 08 月 30 日 [Table_Title] 门店大规模扩张，静待新店爬坡利润释放 | --- | --- | --- | --- | |-------------------------|-------|------------------------|-------------| | [Table_DataInfo] 评级： | 增持 | 股票代码： | 605108 | | 上次评级： | 增持 | 52 周最高价/最低价： | 34.65/16.23 | | | | 目标价格： 总市值(亿 ) | 44.17 | | 最新收盘价： | 16.99 | 自由流通市值(亿 ) | 44.17 | | | | 自由流通股数(百万 ) | 260.00 | [Table_Summary] 事件概述 同庆楼发布 2024 年中报，2024H1，公司实现营收 12.71 亿元/+17.50%，归母净利润 8095 万元/-44.40%，扣非 归母净利润 7564 万元/-27.96%；单 Q2 来看，公司实现营收 5.80 亿元/+7.04%， ...

Financial Performance - The company reported a total revenue of RMB 500 million for the first half of 2024, representing a 15% increase compared to the same period last year[9]. - The net profit for the first half of 2024 was RMB 80 million, which is a 20% increase year-over-year[9]. - The company's operating revenue for the first half of 2024 was ¥1,271,274,388.12, representing a 17.5% increase compared to ¥1,081,932,307.19 in the same period last year[15]. - Net profit attributable to shareholders decreased by 44.40% to ¥80,947,610.11 from ¥145,591,308.16 year-on-year[15]. - The net profit after deducting non-recurring gains and losses was ¥75,642,733.68, down 27.96% from ¥105,004,872.16 in the previous year[15]. - The company achieved a revenue of 1.27 billion yuan, representing a year-on-year growth of 17.5%[42]. - The net profit attributable to shareholders was 80.95 million yuan, a decrease of 44.40% year-on-year, primarily due to a one-time compensation from the previous year[42]. User Growth and Market Expansion - User data indicates a growth in customer base by 10%, reaching a total of 1.2 million active users[9]. - The company plans to expand its market presence by opening 10 new locations by the end of 2024[9]. - The company has opened 80 fresh meat bun stores with plans for an additional 60, indicating a robust expansion strategy in community-based dining[33]. - The company plans to open 4-6 new stores in the second half of 2024, adding approximately 55,000 square meters of new construction area[43]. Investment and Development - Investment in new product development has increased by 25%, focusing on innovative dining experiences[9]. - The company has allocated RMB 30 million for technology upgrades to enhance operational efficiency[9]. - The company has established a three-pronged development strategy focusing on catering, hotels, and food products, enhancing operational efficiency and market responsiveness[34]. - The company intends to use CNY 115.3 million of its own funds to acquire 100% equity of Hefei Jianan Investment Management Co., Ltd., which will become a wholly-owned subsidiary[73]. Financial Position and Cash Flow - The company maintains a strong cash position with RMB 150 million in cash reserves as of June 30, 2024[9]. - The company's cash flow from operating activities decreased by 20.01% to ¥205,372,995.03 compared to ¥256,743,550.77 in the same period last year[15]. - The company’s operating cash flow decreased by 20.01% year-on-year, totaling 205.37 million yuan[43]. - The company’s short-term borrowings increased by 116.30% year-on-year, reaching 239.70 million yuan[44]. Industry Trends and Challenges - The company is facing significant downward pressure in the restaurant industry, with a 7.9% year-on-year increase in national restaurant revenue for the first half of 2024, a decline in growth rate compared to previous years[18]. - The restaurant industry in China is experiencing a trend towards chain operations and increased regional concentration, with a notable "Matthew effect" favoring larger, quality enterprises[21]. - The company faces significant food safety risks due to increasing consumer awareness and regulatory scrutiny, which could negatively impact brand reputation and financial performance[52]. - Investment and operational risks are heightened by macroeconomic factors, including changing market demand, regulatory shifts, and rising costs in labor, rent, and raw materials[52]. Corporate Governance and Shareholder Relations - The company held one shareholders' meeting during the reporting period, with all proposals approved[54]. - There were changes in the board and management personnel, including the appointment of a new general manager and the election of new directors[55]. - The company guarantees that no improper benefits will be sought from its controlling shareholder status, protecting the interests of other shareholders[65]. - The company will ensure that any related party transactions do not harm the rights of shareholders and will maintain transparency in such dealings[66]. Environmental and Social Responsibility - The company emphasizes environmental protection and sustainability, ensuring compliance with environmental regulations and maintaining effective waste management systems[58]. - The company has implemented measures to reduce carbon emissions, including promoting paperless operations and using energy-efficient equipment[60]. Accounting and Financial Reporting - The financial statements are prepared based on the assumption of going concern, with no identified issues affecting the company's ability to continue operations[120]. - The accounting policies comply with the enterprise accounting standards, ensuring a true and complete reflection of the company's financial status[122]. - The company prepares consolidated financial statements based on its own and subsidiaries' financial reports, reflecting the overall financial condition of the group[129]. Strategic Initiatives - The company plans to enhance its main business operations to improve overall market competitiveness and profitability, thereby increasing immediate returns to shareholders[68]. - The company is exploring strategic initiatives, including potential mergers and acquisitions, to drive future growth[109].

证券代码：605108 证券简称：同庆楼 公告编号：2024-028 同庆楼餐饮股份有限公司 第四届董事会第二次会议决议公告 具体内容详见公司同日披露于上海证券交易所网站（www.sse.com.cn）的《同 庆楼 2024 年半年度报告》及《同庆楼 2024 年半年度报告摘要》。 本议案已经董事会审计委员会审议通过。 表决结果：9 票同意，0 票反对，0 票弃权。 2、审议并通过《同庆楼 2024 年半年度募集资金存放与实际使用情况的专 项报告》 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。 一、董事会会议召开情况 同庆楼餐饮股份有限公司（以下简称"公司"）第四届董事会第二次会议于 2024 年 8 月 23 日以电子邮件方式发出通知，于 2024 年 8 月 28 日在公司会议室 以现场结合通讯表决方式召开。本次会议由公司董事长沈基水召集和主持，应出 席会议董事 9 名，实际出席会议董事 9 名。本次会议的通知、召开及表决程序符 合《公司法》等法律法规及《公司章程》的规定，会议决议合法、有效。公司监 事、高级管理人员列席 ...

Investment Rating - The report assigns an "Outperform" rating for the company [1]. Core Insights - The company, Tongqinglou, has a strong brand heritage dating back to 1925, focusing on Huizhou cuisine and expanding its business model to include dining, hotels, and food services [4][10]. - The restaurant industry in Anhui and Jiangsu provinces is experiencing robust growth, with a CAGR of 14.3% and 12.8% respectively from 2015 to 2022, significantly outpacing the national average of 3.0% [4][20]. - The company has demonstrated strong financial resilience, with a projected revenue growth of 21.6% in 2024 and a net profit growth of 2.5% [6][24]. Company Overview - Tongqinglou is a century-old brand specializing in large-scale dining and wedding banquet services, with 70% of its revenue generated from Anhui province [4][10]. - The company operates five business divisions: dining, wedding banquets, hotels, food, and new dining, which support its diversified business model [10][13]. - As of the end of 2023, the company has 106 directly operated stores across various regions, including Anhui, Jiangsu, and Beijing [4][27]. Industry Analysis - The banquet and dining market in the Anhui and Jiangsu regions is characterized by a strong demand for social dining experiences, with wedding banquets constituting over two-thirds of the banquet market [19][23]. - The food service industry is expected to recover steadily, with a projected 10.8% year-on-year growth in restaurant revenue in the first quarter of 2024 [19][20]. - The trend towards high-end, one-stop wedding services is gaining traction, particularly among younger generations who prioritize quality and experience [23][24]. Financial Performance - The company has shown strong recovery in profitability, with a net profit margin of 12.7% in 2023, only slightly below pre-pandemic levels [6][24]. - Revenue and net profit are expected to continue growing, with forecasts of 3.12 billion yuan, 3.89 billion yuan, and 4.76 billion yuan in net profit from 2024 to 2026 [6][24]. - The company maintains a robust supply chain, with 35.1% of raw materials sourced from unified procurement, leading to cost efficiencies [4][24].

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： 每股分配比例 A 股每股现金红利 0.41 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/7/18 | － | 2024/7/19 | 2024/7/19 | 证券代码：605108 证券简称：同庆楼 公告编号：2024-027 同庆楼餐饮股份有限公司 2023 年年度权益分派实施公告 差异化分红送转： 是 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 5 月 27 日的 2023 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股 东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关 规 ...

上海市锦天城律师事务所 关于同庆楼餐饮股份有限公司 差异化分红事项的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 致：同庆楼餐饮股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受同庆楼餐饮股份有限公 司（以下简称"公司"或"同庆楼"）的委托，根据《中华人民共和国证券法》 （以下简称"《证券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）、 《上海证券交易所上市公司自律监管指引第 7 号——股份回购》（以下简称 "《回购指引》"）等法律、法规、规范性文件以及《同庆楼餐饮股份有限公司章 程》（以下简称"《公司章程》"）的有关规定，就公司 2023 年度利润分配所涉及 的差异化分红（以下简称"本次差异化分红"）相关事项出具本法律意见书。 为出具本法律意见书，本所律师查阅了本次差异化分红的相关文件，并就 相关事项向公司进行了必要的询问。公司向本所保证其已向本所律师提供了为 出具本法律意见书所必需的真实、完整、有效 ...

证券代码：605108 证券简称：同庆楼 公告编号：2024-026 同庆楼餐饮股份有限公司 关于全资子公司开立募集资金专项账户 并签署募集资金四方监管协议的公告 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。 同庆楼餐饮股份有限公司（以下简称"公司"）全资子公司安庆富茂酒店管理 有限公司于近日在上海浦东发展银行股份有限公司合肥潜山路支行（以下简称"浦 发银行合肥潜山路支行"）开立了募集资金专项账户并签署了募集资金四方监管协 议，现将有关情况公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于核准同庆楼餐饮股份有限公司首次公开发行 股票的批复》（证监许可[2020]50 号）核准，公司首次公开发行 5,000.00 万股人 民币普通股股票，发行价格为 16.70 元/股，股票发行募集资金总额为人民币 83,500 万元，扣除各项发行费用合计人民币 9,970 万元后，实际募集资金净额为人民币 73,530 万元。容诚会计师事务所（特殊普通合伙）于 2020 年 7 月 10 日对本次发行 的资金到位情况进行了审验， ...

证券代码：605108 证券简称：同庆楼 同庆楼餐饮股份有限公司投资者关系活动记录表 编号：20240527 □特定对象调研 □分析师会议 投资者关系活动 □媒体采访 □新闻发布会 类别 ☑现场参观 ☑其他：2023年年度股东大会投资人交流 天风证券、国海证券、申万宏源证券、兴业证券、国盛证券、国信证券、方正 证券、华泰证券、浙商证券、中泰证券、华西证券、国泰君安证券、信达证券、 国金证券、财通证券、华福证券、西南证券、长江证券、广发证券、东方证券、 德邦证券、民生证券、睿远基金、中庚基金、银华基金、东海基金、金元顺安 参与单位名称 基金、国联基金、融通基金、汇安基金、国金基金、中信建投基金、上海光大 证券资管、安徽中安金融资管、招银理财、人保养老、OceanLink、星泰投资、 安徽明泽投资、西藏合众易晟投资、方正证券（自营）、石河子市汇智云天股 权投资、上海诺弘资产管理合伙企业、杭州太乙投资、南京天奥投资等 60余 位券商分析师、机构投资者和个人投资者（以上排名不分先后） 时间 2024年 5月27日 地点 合肥市肥西县金寨南路与站下路交口富茂大饭店 董事长：沈基水先生 总经理：王寿凤女士 上市公司接待人 ...

嘉宾：董事长沈总，总经理王总，副总张悦，副总尹总，副总韦总（宴会）董秘范总 核心要点： 1.短期经营：去年需求集中释放，基数较高，同比口径有压力，但是相对2019年同期，原有老店都保 持增长，难能可贵。 2.开店计划：去年新开店12万+平方，今年计划新开面积26万平方，今年仍是高速发展的一年。但是通 过公司门店分步开业、单体自我造血的模式，资金压力不大，如果需要资金，银行授信充分。 3.长期业绩目标：10亿利润，现在滨湖富茂1年可以赚6500万利润，未来达成10亿利润的路径清晰，难 度不高。餐饮+酒店+食品，三大业务联动，公司未来发展空间广阔，尤其是食品业务，中国人口多， 市场空间潜力大。 纪要正文： Q：公司合肥有5家，本地市场如何协调经营和定位差异？ 合肥市场，省会城市GDP增长全国第一，产业新兴，没有历史包袱。从国家战略来讲，长三角副中心 城市合肥、南京、杭州等，中心城市是上海，合肥制造业领先，服务业，在酒店方面，与南京、杭州 差距比较大。 滨湖富茂，合肥第一家，位于巢湖北岸，看起来竞争激烈，但是产品定位上是稀缺的；肥西富茂，西 边，县城，全国百强县；瑶海富茂（农贸市场边上）、北城富茂，合肥城市有7万人 ...