同庆楼：新店亏损影响业绩，期待爬坡后弹性

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in the next 6-12 months [2][8]. Core Views - The company's revenue for the first three quarters of 2024 reached 1.87 billion RMB, an increase of 10.8% year-on-year, while the net profit attributable to the parent company was 83.4 million RMB, a decrease of 58.9% [1]. - The opening of seven new stores has led to increased startup costs and higher financial expenses, putting short-term pressure on performance [1]. - Despite a decline in Q3 performance, comparable store revenue remains stable compared to 2019, indicating resilience in mature store operations [1]. - The company is in a phase of extensive development, with high capital expenditures and new bank loans contributing to increased financial costs [1]. - The company anticipates nonlinear growth in performance as new stores mature and the banquet business begins to release its potential [2]. Summary by Sections Financial Performance - Q1-3 2024 revenue: 1.87 billion RMB, +10.8% YoY; net profit: 83.4 million RMB, -58.9% YoY; Q3 revenue: 590 million RMB, -1.2% YoY; net profit: 245 thousand RMB, -95.7% YoY [1]. - The company plans to open 4-6 new stores in the second half of 2024, with expectations of continued short-term performance disruption [1]. Future Projections - Expected net profits for 2024E-2026E are 150 million RMB, 307 million RMB, and 421 million RMB, respectively, with corresponding P/E ratios of 35, 17, and 12 [2]. - The company is projected to achieve significant growth as new stores reach maturity and the banquet division's performance improves [2]. Market Sentiment - The report indicates a strong market sentiment towards the company, with a consistent "Buy" rating across multiple reports [7][8].