On December 11, Geelonghui reported that Guosen's recent Research Reports indicated that Tongqinglou Catering Corporation (605108.SH) is a leading large-scale private enterprise in the dining sector, actively iterating its store operation model to expand outward. In the past two years, changes in industry demand and investment pace have increased performance volatility. Looking ahead, under a neutral assumption of improved operating conditions, new stores are expected to ramp up this year, maintaining the forecast for 2024-2026 net income attributed to the parent company at 0.138/0.28/0.384 billion yuan, with dynamic PE at 48/23/17x. Under optimistic conditions, if the operating environment significantly improves, the validation of new models and locations goes smoothly, and the profit release pace of new stores aligns with the average level of existing stores, it is estimated that net income for 2025-2026 could reach 0.344/0.481 billion yuan, with the current stock price corresponding to dynamic PE at 19/14x. As a scarce growth symbol in the A-share dining market, the company's average valuation range since its listing has been 20-35x, and the current valuation is relatively low. More proactive consumption and pro-natalist policies are expected to support sentiment, maintaining an "outperform the market" rating.