Summary of Conference Call Company and Industry - The conference call involved **Tongqinglou**, a restaurant chain, and discussed its position within the **restaurant industry** in China, particularly in the context of domestic consumption and economic recovery post-COVID-19. Key Points and Arguments 1. **Market Positioning**: Tongqinglou is positioned as a typical representative of the restaurant industry benefiting from domestic consumption trends, particularly in the context of the recent Central Economic Work Conference encouraging internal demand [1][2]. 2. **Competitive Advantage**: The company has a competitive edge over traditional dining establishments due to its unique business model and the ability to attract higher average spending through banquet services compared to standard dining options [2]. 3. **Post-Pandemic Recovery**: Following the lifting of pandemic restrictions, the company is experiencing accelerated store openings and growth in both performance and service capabilities, indicating a strong recovery trajectory [2][4]. 4. **Banquet Market Trends**: The banquet market, particularly for weddings, is showing signs of fluctuation, with a noted decrease in bookings this year compared to last year, but expectations for growth in the upcoming year due to pent-up demand [3][6]. 5. **Supply and Demand Dynamics**: There is an increase in overall market demand for banquet services, while supply has not kept pace, leading to a favorable environment for Tongqinglou's growth [4][5]. 6. **Regional Performance**: The company has seen growth in specific regions like Hefei and Nanjing, where population growth supports demand for wedding and banquet services, despite a national decline in marriage rates [5][6]. 7. **Operational Efficiency**: The company has implemented strategies to manage labor costs effectively, including the use of technology to enhance operational efficiency and reduce reliance on traditional labor [32][34]. 8. **Future Expansion Plans**: Tongqinglou plans to open 4-5 new locations in the upcoming year, focusing on regions with strong market potential [39]. 9. **Financial Outlook**: The company anticipates an increase in gross margins for the next year, driven by improved wedding bookings and overall banquet service demand [40][41]. 10. **Revenue Composition**: Banquet services are expected to contribute significantly to overall revenue, with estimates suggesting they could account for 40-50% of total income from individual locations [41][44]. Other Important but Overlooked Content 1. **Market Challenges**: The restaurant industry faces challenges such as rising labor costs and competition from other dining establishments, which could impact profitability [32][34]. 2. **Consumer Behavior**: There is a noted shift in consumer preferences towards more elaborate and themed wedding experiences, which Tongqinglou is adapting to by offering unique banquet services [37]. 3. **Investment in Infrastructure**: The company is investing in new properties and renovations to enhance customer experience and operational capacity, which may lead to higher initial costs but is expected to yield long-term benefits [14][19][20]. This summary encapsulates the key insights from the conference call, highlighting the strategic positioning of Tongqinglou within the restaurant industry and its outlook for growth amidst evolving market dynamics.

Investment Rating - The report maintains an "Outperform" rating for the company [6] Core Views - The company is a regional leader in large-scale banquet and daily dining services, with a strong presence in Anhui and Jiangsu provinces [6] - The company has successfully navigated industry challenges, including the "anti-corruption" campaign in 2013, by upgrading its business model to a one-stop banquet service [6] - In 2023, the company achieved record-high performance due to a rebound in wedding banquet demand, but faced a decline in 2024 due to weakened rural customs and rapid expansion [6] - The company's revenue increased by 11% YoY in the first three quarters of 2024, while net profit attributable to shareholders decreased by 59% [6] - Wedding banquet demand is expected to rebound in 2025, driven by a 7.3% YoY increase in marriage registrations in Hefei and favorable rural customs [7] - The company plans to balance its investment pace, with capital expenditure expected to decline in 2025, which could support profit release from existing stores [7] Business Review - The company has a strong foothold in Hefei, benefiting from the city's growing high-tech industry and increasing consumer spending [12] - The company has iterated its store models multiple times, transitioning to a one-stop banquet service in 2014 and launching high-end wedding brands like Rose Manor and Palace in 2017-2019 [13] - The company went public in July 2020 and has since focused on investing in the Fuma Hotel model, which has higher operational barriers and enhances banquet competitiveness [13] - Banquet and private dining rooms each contribute nearly half of the company's revenue, with banquets, especially wedding banquets, contributing more to profits [15] - The company's revenue structure is estimated to be 47% banquets, 43% private dining rooms, and 10% food products [15] Future Outlook - If demand recovers, the company's store expansion is expected to enter a harvest period [8] - Existing stores have shown stable performance, with revenue in the first three quarters of 2024 close to 2019 levels despite industry challenges [8] - New stores are the core driver of profit elasticity, with 19 traditional stores opened between 2020-2024, covering 160,000 square meters [8] - The Fuma Hotel model is expected to contribute approximately RMB 280 million in profit at maturity, with 10 hotels expected to be operational by the end of 2024 [8] - The company's financial expenses increased to RMB 48 million in the first three quarters of 2024, but are expected to be more controllable with a balanced expansion pace [8] Investment Recommendation - The company is a regional leader in the large-scale dining industry, actively expanding its store models [9] - Under a neutral scenario, the company's net profit attributable to shareholders is forecasted to be RMB 138 million, RMB 280 million, and RMB 384 million for 2024-2026, with dynamic P/E ratios of 48x, 23x, and 17x, respectively [9] - In an optimistic scenario, if the operating environment improves significantly, net profit could reach RMB 344 million and RMB 481 million in 2025-2026, with dynamic P/E ratios of 19x and 14x [9] - The company's valuation is currently at a relatively low level, with potential support from pro-consumption and fertility-friendly policies [9] Fuma Hotel Model - The Fuma Hotel model is divided into three brands: Fuma Grand Hotel, Fuma Garden, and Fuma International, each targeting different market segments [33] - The Fuma Hotel model focuses on large-scale banquet services, with over 70% of revenue coming from dining [34] - By the end of 2024, the company expects to have 10 Fuma Hotels in operation, with a total area exceeding 400,000 square meters [38] - The Fuma Hotel model is expected to contribute approximately RMB 280 million in profit at maturity, based on the performance of the flagship Binhu Fuma Hotel [38]

跟这个我们正常年度的十月份的总体的这个经营的状况应该是差不多的我们在今年的十二月份对于相对于这个预定来说对宴会的预定来说不是很好然后但是现在目前在积极的去抓一些年会 目前其实看年会定了一些但也不是最大的一个状态因为毕竟到现在年会它可能相对要到12月份一般年会因为今年的这个2025年的春节是在原月28号和29号春节吧年会一般用常规我们过去的经验来说一般是在原月份的上旬还是比较多的追踪度还是比较高的 还有一个就是12月份的大庆所以现在目前这段时间正在我们的各个门店里面也在接着去进行插团一些年会 还在谈谈当中就是各方面的信息其实还不是特别的就是也有陆陆续续有一部分就是签这个协议去办这个战略的免费有一部分已经签约但是目前还在进行当中还是一个开始的一个刚持续的一个状态 明白 比如说十月你刚才提到十月表现是非常不错的那其实可以理解为就同比去年还是有所提升的然后十一月的话不是不是 我们的十月 这个今年的十月如果我们分两块一块是铜电一块是锚电不想讲错一块是铜电一块是锌电铜电来说跟去年相比较我估计是没有去年那样的高峰跟去年可能还低一点就是铜电这块但是我们的这个铜电在十月份应该跟2013 跟那个2019年这种正常年份应该还是完全 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Viewpoints - The company, a leading brand in banquet dining, is experiencing rapid growth through multi-business expansion, leveraging its heritage as a time-honored brand [2][5]. - The banquet market is steadily growing, with increasing demand for one-stop wedding services, indicating a resilient consumer base despite fluctuations in marriage registration numbers [3][69]. - The company is well-positioned in the banquet market, focusing on restaurant operations and maintaining high operational efficiency, which supports its expansion strategy [4][5]. Summary by Sections Company Overview - Founded in 1925, the company is recognized as a "Chinese Time-Honored Brand" and operates large banquet restaurants, with a presence in Anhui, Jiangsu, and Beijing [2][41]. - As of mid-2024, the company operates 118 direct stores, including 54 for dining and 7 for its hotel brand [2][41]. Industry Analysis - The banquet market is projected to grow steadily, with the wedding market size reaching 803.7 billion yuan in 2019, accounting for 46% of the wedding services market [3][76]. - The trend towards localized full-service hotels is increasing, with domestic brands capturing a larger market share, indicating a shift in consumer preferences [3]. Core Advantages - The company focuses on banquet dining, with a professional team dedicated to large-scale events, contributing significantly to its revenue [4]. - High operational efficiency is evident, with large stores achieving substantial revenue and profit margins, and a standardized management approach facilitating expansion [4]. - The company plans to increase its direct stores to 132 by the end of 2024, with a significant increase in store area [4]. Financial Analysis - The company forecasts a net profit of 1.5 billion yuan in 2024, with a projected increase to 4.3 billion yuan by 2026, reflecting strong growth potential [5]. - The report highlights the company's ability to release performance elasticity as new stores ramp up operations [5]. Profit Forecast and Investment Recommendations - The company is expected to benefit from its established brand and efficient operations, leading to a favorable investment outlook [5].

Investment Rating - The report assigns a "Buy" rating to Tongqinglou (605108 SH) with a target price of 27 41 RMB [2] Core Views - Tongqinglou is a century-old brand established in 1925 and has formed a three-wheel drive business layout of catering + hotel + food As of H1 2024 the company has 118 directly operated stores and is a regional leader in banquets in Anhui and Jiangsu [2] - The company operates in a low-frequency but essential consumption sector with strong resilience Its net profit margin has been less volatile compared to other catering enterprises since 2019 and it has maintained a relatively leading position [3] - Tongqinglou has established a comprehensive management system from front-end supply chain to back-end kitchen and store services ensuring high-quality products and services through standardized operations [3] - The company is expected to achieve net profits of 150 million 300 million and 420 million RMB in 2024 2025 and 2026 respectively The banquet sector has high barriers to entry and the company has a strong position in the regional banquet market [4] Business Overview - Tongqinglou was founded in 1925 and is recognized as a "China Time-Honored Brand" by the Ministry of Commerce The company has a three-wheel drive business model consisting of catering hotels and food [52] - As of H1 2024 the company has 118 directly operated stores including 44 Tongqinglou restaurants 10 wedding venues 7 Fuma hotels and 57 new brand stores The company is a regional leader in banquets in Anhui and Jiangsu [53] - In 2023 the company's catering hotel and food businesses accounted for 86% 6% and 8% of total revenue respectively [53] Industry Analysis - The banquet industry is characterized by low-frequency but essential consumption with strong demand for weddings baby celebrations and birthday banquets The industry has high barriers to entry due to heavy investment scarce high-quality properties and complex management [61] - The wedding banquet market in China is vast with a market size of 642 billion RMB in 2023 accounting for 50% of the total wedding consumption in China [64] - The number of marriage registrations in China has been declining but the average spending per wedding has been increasing supporting the growth of the banquet market [65] Competitive Advantages - Tongqinglou has a strong presence in economically developed regions such as Anhui and Jiangsu where the consumption capacity is relatively high The company's "good taste affordable and prestigious" business philosophy has helped it build a broad customer base [88] - The company has established a comprehensive supply chain and standardized service processes ensuring high-quality products and services Its digitalization efforts have also improved operational efficiency [90][93] - Tongqinglou has a one-stop banquet service capability with over 200 banquet halls and a mature wedding and banquet management system The company has also developed three major brands under its wedding banquet business [96][99] Growth Potential - The Fuma hotel model which combines catering banquets and hotel services has shown strong growth potential The company plans to open 10 Fuma hotels by the end of 2024 and expects significant performance elasticity as these hotels mature [101][104] - The company's food business has been growing rapidly with products such as mooncakes and frozen foods achieving significant sales growth The company has also expanded its online and offline sales channels [112][113] - The Fuma International brand is expected to open up opportunities for franchising and nationwide expansion The company aims to develop 50-100 franchised stores in the next 3-5 years [117][118] Financial Performance - Tongqinglou's revenue has been growing steadily reaching 2 4 billion RMB in 2023 a 44% year-on-year increase However the company's net profit has been affected by the ramp-up period of new stores and increased financial expenses [121][128] - The company's banquet business requires advance bookings and the growth in deposits and contract liabilities indicates strong future revenue potential [124] - Despite short-term profitability pressures due to new store openings the company's operating cash flow remains stable and future performance elasticity is expected as new stores mature [128]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨同庆楼（605108.SH） [Table_Title] 2024Q3 业绩点评：扩张期费用先行，期待业绩 逐步释放 | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 报告要点 | | | [Table_Summary] 单三季度：营业收入 5.94 亿元，同比 -1.23% ；归母净利润 245 万，同比 -95.74% ；扣非后归母 | | | 净利润 15 万，同比 -99.73% 。展望后市，高速扩张期逐步收尾，业绩释放可期。 2024 年底公 司计划完成 10 家富茂酒店主体业态开业， 2025 年新富茂酒店陆续到达成熟期，再叠加酒楼事 | | | 业部及婚礼宴会事业部协力 ...

证券代码：605108 证券简称：同庆楼 公告编号：2024-033 同庆楼餐饮股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 三、参加人员 副董事长王寿凤女士，副总经理、董事会秘书兼财务总监范仪琴女士，副总 经理张悦女士、韦小五女士、尹慧娟女士，独立董事张晓健先生（如遇特殊情况， 参会人员可能进行调整）。 四、投资者参加方式 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议问题征集：投资者可于 2024 年 11 月 11 日（星期一）前访问网址 https://eseb.cn/1j4VL84qYTe 或使用微信扫描下方小程序码进行会前提问，公 司将通过本次业绩说明会，在信息披露允许范围内就投资者普遍关注的问题进行 回答。 一、说明会类型 同庆楼餐饮股份有限公司（以下简称"公司"）已于 2024 年 10 月 26 日在 上海证券交易所网站（www.sse.com.cn）披露了《2024 年第三季度报告》。为 便于广大投资者更加全面深入地了解公司经营业绩、发展战略等情况，公司定于 2024 ...

[Table_MainInfo] 公司研究/旅游服务业 证券研究报告 同庆楼（605108）公司季报点评 2024 年 10 月 30 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 29 日收盘价（元） ] | 20.60 | | 52 周股价波动（元） | 15.32-34.65 | | 总股本 / 流通 A 股（百万股） | 260/260 | | 总市值 / 流通市值（百万元） | 5356/5356 | | 相关研究 | | | [Table_ReportInfo] 《老字号守正创新，多业态联动赋能》 | | | 2024.08.22 | | 市场表现 [Table_QuoteInfo] -45.29% -33.29% -21.29% -9.29% 2.71% 14.71% 2023/10 2024/1 2024/4 2024/7 同庆 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an expected PE ratio of 43/18/13 for 2024-2026 [1][3] Core Views - The company's revenue for Q1-Q3 2024 reached 1,865 million yuan, a year-on-year increase of 10.81%, while net profit attributable to the parent company decreased by 58.92% to 83 million yuan [1] - The decline in net profit is attributed to increased expenses from new store openings, higher capital expenditures, and a high base effect from last year's one-time gains [1] - The company's Fumao Hotel business is expanding rapidly, with 10 hotels expected to open by the end of 2024, which is anticipated to drive future profit growth [1] Financial Performance Summary - Revenue for 2024 is projected to be 2,607 million yuan, with a growth rate of 9% compared to 2023 [2] - Net profit for 2024 is expected to be 124 million yuan, a decrease of 59% from 2023, but is forecasted to rebound to 301 million yuan in 2025 [2] - The company's gross margin for Q1-Q3 2024 was 20.23%, down 4.70 percentage points year-on-year [1] Business Operations - Same-store sales for the company's catering business decreased by 13.42% year-on-year in Q1-Q3 2024, mainly due to a high base effect from 2023 [1] - Newly opened stores contributed 357 million yuan in revenue during the same period, with further growth expected as these stores mature [1] - The company opened 7 large-scale stores in 2024, with a total construction area of 223,200 square meters, leading to initial losses of nearly 30 million yuan [1] Future Outlook - The company's Fumao Hotel business is expected to reach a mature operating stage by 2025, contributing to profit growth [1] - Revenue growth is projected to accelerate to 26% in 2025 and 24% in 2026, driven by the expansion of both catering and hotel businesses [2] - The company's net profit margin is expected to recover to 9.1% in 2025 and 10.3% in 2026, up from 4.8% in 2024 [5]

股 票 研 究 公 司 更 新 报 告 证 券 研 究 报 告 本报告导读： 利润低预期主要系餐饮宴会需求疲弱+资本开支周期影响，预计年内 10 家富茂开业 计划不变，随着 25 年新店爬坡，预计盈利能力将逐步提升。 投资要点： | --- | --- | --- | --- | --- | --- | |--------------------------------------|--------|--------|--------|-------------------------------------------------------------------------------------------------------------|-------| | [Table_Finance] 财务摘要（百万元） | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入 | 1,670 | 2,401 | 2,658 | 3,279 | 3,929 | | (+/-)% | 3.9% | 43.8% | 10.7% | 23.4% | 19.9% | | 净利 ...