同庆楼：老字号守正创新，多业态联动赋能

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].