TongQingLou Catering (SH:605108) Shenwan Hongyuan Securities·2025-11-03 08:42Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's performance has been under pressure due to external environmental factors, but its multi-business layout is solidifying its growth foundation [1][7] - The company is transitioning from traditional mass catering to a diversified model that includes "catering + banquets + hotels + food supply chain" [7] - Despite a decline in revenue and profit in Q3 2025, the company is actively expanding its business and integrating its services [7] Financial Data and Earnings Forecast - Total revenue for 2025 is estimated at 2,647 million yuan, with a year-on-year growth rate of 4.8% [6] - The net profit attributable to the parent company for 2025 is projected to be 100 million yuan, showing a slight increase of 0.1% year-on-year [6] - The company’s gross margin for Q1-Q3 2025 was 17.59%, down 2.63 percentage points year-on-year [7] - The company plans to invest in new projects, including a hotel and commercial complex in Wuxi, with a total investment of 1 billion yuan [7] Business Strategy and Development - The company is focusing on an integrated strategy of "catering + accommodation," with plans to establish a hotel management company to enhance its service offerings [7] - New business developments include the preparation of maternity care centers, which aim to create a comprehensive service model for family consumption [7] - The company is expected to see a turning point in its performance as it continues to expand its business ecosystem and enhance operational synergies [7]