TongQingLou Catering (605108) 申万宏源·2025-01-20 01:07Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company is expected to maintain revenue resilience while accelerating new store openings, laying a foundation for growth [1] - The company anticipates a decline in net profit for 2024 due to various factors, including the impact of high base effects from 2023 and a decrease in wedding banquet demand [8] - The company is focusing on a multi-business model centered around dining, hotels, and food, with the full opening of "Fumao" hotels in 2025 expected to drive performance [8] Financial Data and Profit Forecast - Total revenue for 2023 is projected at 2,401 million, with a year-on-year growth rate of 43.8% [7] - The company expects a net profit of 6,405.64 million to 9,252.59 million for 2024, representing a year-on-year decline of 78.93% to 69.56% [8] - The company plans to open 8 new stores in 2024, which will initially incur losses as they ramp up operations [8] - The projected net profit for 2025 is 219 million, with an expected increase to 357 million by 2026 [7][8] - The company’s gross profit margin is expected to fluctuate, with estimates of 19.6% for 2024 and 26.3% for 2026 [7] Market Data - As of January 17, 2025, the closing price of the stock is 23.38 yuan, with a market capitalization of 6,079 million [2] - The stock has a price-to-earnings ratio (PE) of 82 for 2024, decreasing to 28 for 2025 and 17 for 2026 [7][8] - The company’s dividend yield is 1.75% based on the most recent dividend announcement [2]