同庆楼：2024中报点评：费投加大致利润承压，期待新店爬坡进展

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].