全聚德：节假日催化餐饮需求，Q3盈利表现平稳

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market [4]. Core Insights - The company reported stable earnings performance in Q3 2024, with total revenue of 1.084 billion yuan for the first three quarters, a slight decrease of 0.52% year-on-year, and a net profit of 70.45 million yuan, down 1.80% year-on-year [4]. - The holiday season has driven demand for dining, with the company actively enhancing its holiday operations to capitalize on increased consumer travel and dining experiences [4]. - The company is expanding its food segment and diversifying its product offerings, including the launch of a new community convenience store and partnerships with major retail chains [4]. - The company has improved its cost control measures, resulting in stable profit margins despite slight declines in gross profit margins [4]. Financial Summary - For Q1-Q3 2024, the company achieved a gross margin of 20.06%, with a net profit margin of 6.50%, reflecting a minor decrease compared to the previous year [4]. - The projected revenue for 2024 is estimated at 1.579 billion yuan, with a year-on-year growth rate of 10.2% [5]. - The forecasted net profit for 2024 is 71 million yuan, with an expected increase of 17.7% year-on-year [5].