同庆楼：同店彰显经营韧性，加速扩张拖累短期业绩

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]