同庆楼（605108）：坚定战略逆势拓店，新店加速爬坡释放业绩增量

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has shown resilience in revenue generation and is accelerating new store openings to drive growth [7] - The company’s revenue for 2024 was 2.525 billion yuan, a year-on-year increase of 5.14%, while the net profit attributable to the parent company was 100 million yuan, a decrease of 67.09% [7] - The company is expanding its restaurant, hotel, and food businesses despite macroeconomic challenges, demonstrating strong operational resilience [7] - The company plans to distribute a cash dividend of 0.12 yuan per share, totaling 31.08 million yuan, reflecting a commitment to shareholder returns [7] Financial Summary - Total revenue projections for 2025 are estimated at 3.098 billion yuan, with a year-on-year growth rate of 22.7% [6] - The gross profit margin for 2024 was 19.16%, a decrease of 7.46 percentage points year-on-year, while the net profit margin was 3.96%, down 8.70 percentage points [7] - The company expects net profit attributable to the parent company to reach 229 million yuan in 2025, with a projected PE ratio of 24 [6][7]