同庆楼（605108）：Q3消费环境扰动业绩转亏，夯实内功静待门店扩张收获周期

Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company faced short-term performance pressure, reporting a loss in Q3 due to a challenging consumption environment and new store ramp-up costs. Q3 revenue was 566 million yuan, down 4.77%, with a net loss of 41.8 million yuan compared to a profit of 2.44 million yuan in the same period last year [1][10] - The company is expected to benefit from the traditional wedding banquet peak season in Q4, with improved performance anticipated due to the National Day and Mid-Autumn Festival holidays. However, the demand trend for next year remains to be observed [3][20] Summary by Sections Financial Performance - In Q3, the company reported a revenue of 566 million yuan, a decrease of 4.77%, and a net loss of 41.8 million yuan, compared to a profit of 2.44 million yuan in the same period last year. For the first three quarters, total revenue was 1.896 billion yuan, an increase of 1.66%, but net profit decreased by 63.79% to 30.2 million yuan [1][10] - The company opened 3 new Fu Mao hotels and 2 new Tongqinglou locations in the first three quarters, contributing to revenue growth, but these new stores incurred significant losses during their ramp-up period, totaling approximately 60 million yuan in losses for the first three quarters [2][17] Cost and Cash Flow Management - Financial expenses increased by 30% year-on-year, reaching 62.65 million yuan in the first three quarters. Capital expenditures have slowed down, with approximately 690 million yuan spent, a decrease of about 24% year-on-year. Despite profit pressure, the company generated a net cash flow from operating activities of 506 million yuan, up 37.41% [3][18] Future Outlook - The company is positioned as a leader in the formal dining banquet sector, with market share expected to increase amid industry consolidation. The performance in Q3 is seen as a bottoming out, with potential recovery in Q4 and beyond, contingent on demand recovery and effective management adjustments [20][21]