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社会服务 证 券 研 究 报 告 2024 年 10 月 28 日 同庆楼 (605108) ——同店经营韧性强，加速培育新门店积蓄动能 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 21.45 | | 一年内最高 / 最低（元） | 34.65/15.32 | | 市净率 | 2.5 | | 息率（分红/股价） | 1.91 | | 流通 A 股市值（百万元） | 5,577 | | 上证指数/深证成指 | 3,322.20/10,685.89 | | --- | --- | |-------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | | | | 每股净资产（元） | 8.53 | | 资产负债率 % | 55.32 | | 总股本 /流通 A 股（百万） | 2 ...

Investment Rating - The report maintains an "Overweight" rating for Tongqinglou (605108) [4] Core Views - Tongqinglou is in a strategic investment phase, with performance under pressure, but attention should be paid to the potential performance release in 2025 [1][4] - The company's revenue for the first three quarters of 2024 reached 1.87 billion yuan, a year-on-year increase of 10.8%, while net profit attributable to the parent company was 80 million yuan, a year-on-year decrease of 58.9% [2][6] - In Q3 2024, the company's revenue was 590 million yuan, a year-on-year decrease of 1.2%, and net profit attributable to the parent company was 2.449 million yuan, a year-on-year decrease of 95.7% [2][6] - The decline in Q3 revenue is attributed to the off-season, high base effect from the previous year, and the impact of the "No Spring Year" phenomenon [6] - The company opened 7 new large-scale stores in the first three quarters, with a total construction area of 223,000 square meters, leading to a loss of approximately 30 million yuan due to the ramp-up period [6] - The company's financial expenses increased by nearly 20 million yuan due to new bank loans during the strategic development phase [6] - The report forecasts revenue for 2024-2026 to be 2.55 billion yuan, 2.98 billion yuan, and 3.62 billion yuan, with year-on-year growth rates of 6.3%, 16.9%, and 21.4%, respectively [6] - Net profit attributable to the parent company is expected to be 130 million yuan, 310 million yuan, and 450 million yuan for 2024-2026, with year-on-year growth rates of -57.1%, 137.0%, and 44.8%, respectively [6] Financial Data and Valuation - The company's total revenue for 2022 was 1.67 billion yuan, increasing to 2.40 billion yuan in 2023, and is expected to reach 2.55 billion yuan in 2024, 2.98 billion yuan in 2025, and 3.62 billion yuan in 2026 [7] - EBITDA for 2022 was 286 million yuan, increasing to 623 million yuan in 2023, and is expected to reach 818 million yuan in 2024, 1.08 billion yuan in 2025, and 1.13 billion yuan in 2026 [7] - The company's EPS is expected to be 0.50 yuan in 2024, 1.19 yuan in 2025, and 1.72 yuan in 2026 [7] - The P/E ratio is forecasted to be 40.1 in 2024, 16.9 in 2025, and 11.7 in 2026 [7] - The P/B ratio is expected to be 2.3 in 2024, 2.1 in 2025, and 1.9 in 2026 [7] Industry and Market Position - Tongqinglou operates in the social services/hotel and catering industry [4] - The company's current stock price is 20.16 yuan, with a market capitalization of 5.24 billion yuan [4] - The company's total share capital is 260 million shares, with a circulating A-share market value of 5.24 billion yuan [4] - The company's net asset per share is 8.53 yuan, and the asset-liability ratio is 55.32% [4]

来源：公司年报、国金证券研究所 事件 24 年 10 月 25 日公司披露 24 年三季报，Q1-3 实现营收 18.7 亿元 /+10.8%，归母净利 8340 万元/-58.9%，扣非归母净利 7579 万元 /-52.5%；3Q24 实现营收 5.9 亿元/-1.2%，归母净利 245 万元 /-95.7%，扣非归母净利 14.7 万元/-99.7%。 点评 7 家新店开业导致开办费用明显增加，新增贷款导致财务费用上 升，业绩短期承压。Q3 为公司传统淡季，叠加今年婚宴市场受"无 春年"说法影响需求下降较多，收入端有所承压，但根据公司公 告，可比门店较 19 年同期收入仍达到基本持平，体现成熟店经营 韧性。Q3 业绩端下滑幅度明显高于收入端，主因：1）新开店较多 （前三季度累计新开 7 家、建筑总面积 22.32 万平方米，其中单 Q3 新开 2 家），新店开业产生大量开办费用，叠加新店业务仍在爬 坡期，而折旧摊销等费用偏刚性，导致前三季度新店累计亏损 3000 万左右 ， 3Q24 公 司 毛 利 率 17.4%/-7.9pct 、 财 务 费 用 率 7.8%/+2.9pct，管理费用率 5.2pc ...

同庆楼餐饮股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 证券代码：605108 证券简称：同庆楼 同庆楼餐饮股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------------------------------|------------|--------------------------------------|---------------------------------------|------ ...

华福证券 同庆楼（605108.SH） 门店扩张引领多元发展，业务爬坡静待花开 事件：公司发布 2024 年中报，上半年实现营业收入 12.71 亿元，同比 +17.50%，实现归母净利润为 0.81 亿元，同比-44.40%，实现扣非归母净利 润为 0.76 亿元，同比-27.96%。其中公司 2024 单二季度营收为 5.8 亿元， 同比+7.04%；单季度归母净利润为 0.15 亿元，同比-79.47%；单季度扣非 归母净利润 0.11 亿元，同比-74.54%。 门店扩张稳步推进，多元发展静待花开。 2024H1 公司餐饮及住宿服务实现营业收入 11.29 亿元，毛利率为 23.77%； 食品销售业务实现营业收入 1.42 亿元，毛利率为 34.19%。期内公司新开 5 家门店，门店建筑面积高达 21.55 万平方米，其中：三家规模较大的富茂 酒店（高新富茂门店面积 6.5 万平方米、肥西富茂门店面积 8.6 万平方米、 安庆富茂门店面积 3.1 万平方米）、一家大型餐饮门店（无锡宝能店门店 面积 2.2 万平方米）、一家婚礼会馆门店（常州常青里门店面积 1.02 万平 方米），上述五家门店本年度计划 ...

上 市 公 司 社会服务 证 券 研 究 报 告 2024 年 09 月 01 日 同庆楼 (605108) ——门店扩张加速，前期培育影响利润短期承压 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 16.99 | | 一年内最高/最低（元） | 34.65/16.23 | | 市净率 | 1.9 | | 息率（分红 / 股价） | 2.41 | | 流通 A 股市值（百万元） | 4,417 | | 上证指数 / 深证成指 | 2,842.21/8,348.48 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|------------------------| | | | | | | | 基础数据 : 2024 | 年 06 月 30 日 | | | | | 每股净资产（元） | 8.93 | | 资产负债率 ...

Investment Rating - The report maintains a "Buy" rating for Tongqinglou (605108 SH) with a target PE of 14X 11X 9X for 2024-2026 [1][5] Core Views - Tongqinglou achieved revenue of 12 71 billion yuan in H1 2024 up 17 5% YoY but net profit declined 27 96% YoY to 756 427 million yuan [1][4] - The company's three-pronged strategy (catering hotel food) is taking shape with new store expansions and product innovations expected to drive long-term growth [1][5] - In H1 2024 Tongqinglou opened 5 new stores including 3 large Fuma hotels 1 large catering store and 1 wedding venue bringing the total to 118 directly operated stores [4] - The company plans to open 4-6 new stores in H2 2024 and complete 10 Fuma hotels by year-end [4] Financial Performance - In Q2 2024 revenue grew 7 04% YoY to 580 million yuan but net profit dropped 79 47% YoY to 15 million yuan [4] - Gross profit margin and net profit margin in H1 2024 were 21 56% and 6 37% respectively down 3 17pct and 7 09pct YoY [4] - The company's overall expense ratio increased by 1 01pct YoY to 13 31% in H1 2024 [4] Business Development - The food business saw strong growth with new products like zongzi and shaomai driving a 119 54% YoY increase in sales during the Dragon Boat Festival [5] - The company has opened 80 fresh meat bun stores with 60 more planned [5] - The hotel business leveraging Tongqinglou's catering and banquet expertise is expected to mature in 2025 contributing to future performance [5] Future Outlook - Tongqinglou is expected to achieve net profits of 315 401 and 495 million yuan in 2024-2026 respectively [1][5] - The company's focus on affordable high-quality dining and social consumption aligns with current consumer trends [5]

社会服务 | 证券研究报告 — 调整盈利预测 2024 年 9 月 3 日 605108.SH 增持 原评级：增持 市场价格:人民币 16.20 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (51%) (41%) (30%) (20%) (9%) 1% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Sep-24 同庆楼 上证综指 至今 个月 个月 个月 绝对 (46.8) (12.4) (34.0) (52.2) 相对上证综指 (41.7) (9.1) (25.1) (41.9) | --- | --- | --- | |------------------------------------------------------------------------|------------|----------| | | | | | | | | | 发行股数 ( 百万 ) | | 260.00 | | 流通股 ( 百万 ) | | 260.00 | | 总市值 ( 人民币 百万 ) | | 4,212.00 | ...

[ T able_StockInfo] 2024 年 08 月 29 日 证券研究报告•2024 中报点评 买入 （维持） 当前价：17.36 元 同 庆 楼（605108）社会服务 目标价：22.20 元（6 个月） 费投加大致利润承压，期待新店爬坡进展 [Table_Summary 事件：公司发布] 2024年中报，实现营收 12.7亿元，同比+17.5%；归母净利润 0.81 亿元，同比-44.4%；扣非净利润 0.76亿元，同比-28.0%。2024Q2单季度， 实现营收 5.80亿元，同比+7.0%；归母净利润 0.2亿元，同比-79.5%；扣非净 利润 0.11亿元，同比-74.5%。二季度业绩低于市场预期，费用投放较大致使利 润承压，扣非净利润同比增速较高主要系去年同期公司无锡门店拆迁补偿及处 置收益 5048 万元。 爬坡期费用投入较多，盈利能力承压。1、24H1公司毛利率为21.6%，同比-3.1pp； 扣非净利率为 6.0%，同比-3.8pp。毛利率和扣非净利率下降较多主要系新开门 店规模较大，门店内的各业态陆续开业投入大量的开办费用以及资产折旧摊销 等费用支出，而新店的营业收入处在爬坡期 ...