研報掘金丨國信證券:維持同慶樓“優於大市”評級,為A股稀缺餐飲成長標的
國信證券日前研報指出,同慶樓(605108.SH)系大型餐飲區域龍頭民企,積極迭代門店經營模型向外擴張,近兩年行業需求與投資節奏變化加大業績波動。展望後續,中性假設經營環境改善,新店在今年基準上爬坡,維持2024-2026年歸母淨利潤預測為1.38/2.80/3.84億元,動態PE 為48/23/17x;樂觀條件下若經營環境顯著改善,新模式與異地門店驗證順利,新店利潤釋放節奏貼近存量店平均水平,估算2025-2026年淨利潤可達3.44/4.81億元,當前股價對應動態PE 為19/14x。作為A股稀缺餐飲成長標的,公司上市以來當年平均估值在20-35x 區間範圍,目前估值處於相對低位,更積極的促消費與生育友好政策有望對情緒形成支撐,維持“優於大市”評級。
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app!

Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.