同庆楼(605108)：短期资本开支导致利润端承压 关注新店业绩释放

Core Insights - The company reported a revenue of 2.524 billion yuan for 2024, a year-on-year increase of 5.14%, but the net profit attributable to shareholders dropped to 100 million yuan, a decrease of 67.09% [1] - In Q1 2025, the company achieved a revenue of 692 million yuan, a slight increase of 0.17%, while the net profit attributable to shareholders was 52 million yuan, down 21.36% [1] - The decline in net profit for 2024 was primarily due to the absence of a one-time compensation of 50.48 million yuan from a store demolition in Wuxi in 2023, along with significant expenses from opening new stores and increased financial costs [1] Business Expansion - The company is expanding its hotel business, opening four new hotels in 2024 and preparing three more, enhancing its brand influence in key cities like Shanghai and Hangzhou [2] - The food business has shown consistent high growth since its inception in 2021, with revenues increasing from 94 million yuan in 2021 to 311 million yuan in 2024 [2] Profit Forecast - The company is projected to achieve revenues of 3.12 billion yuan, 3.81 billion yuan, and 4.58 billion yuan from 2025 to 2027, representing year-on-year growth rates of 23.7%, 22.1%, and 20.1% respectively [2] - The net profit attributable to shareholders is expected to rise significantly, reaching 230 million yuan, 330 million yuan, and 440 million yuan over the same period, with corresponding year-on-year growth rates of 131.3%, 42.6%, and 34.2% [2]