TongQingLou Catering (605108) 长江证券·2024-05-15 11:02Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Insights - In 2023, the company achieved a revenue of 2.401 billion yuan, representing a year-on-year growth of 43.76%, and a net profit attributable to shareholders of 304 million yuan, which is a significant increase of 224.91% compared to the previous year [2][5]. - For the first quarter of 2024, the company reported a revenue of 691 million yuan, a year-on-year increase of 28.01%, while the net profit attributable to shareholders decreased by 8.84% to 66 million yuan [2][5]. - The company's three-pronged strategy, which includes restaurant, hotel, and food businesses, is beginning to take shape, contributing to its growth [8]. Summary by Sections Financial Performance - In 2023, the company opened 8 new stores, including 6 restaurant locations and 2 hotel locations, and renovated 9 old restaurant stores to enhance customer experience [5][6]. - The food business saw a revenue of 167 million yuan in 2023, growing by 78.28%, with significant sales increases in various product categories [6][7]. - The net profit margin improved to 12.66% in 2023, up by 7.06 percentage points year-on-year, despite a slight increase in operating expense ratio [7][8]. Future Outlook - The company expects net profits attributable to shareholders to reach 386 million yuan, 488 million yuan, and 586 million yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 18X, 14X, and 12X [8][10]. - The ongoing expansion of new stores and product innovation in the food business are anticipated to drive long-term growth [8][10].