华福证券 广州酒家（603043.SH） 省外扩张初见成效，加大投入利润端短期承压 事件：公司发布 2024 年中报，上半年实现营业收入 19.12 亿元，同比+10.29%； 实现归母净利润为 0.58 亿元，同比-26.98%；实现扣非归母净利润为 0.50 亿元， 同比-30.99%。其中公司 2024 单二季度营收为 9.00 亿元，同比+10.57%；单季 度归母净亏损为 0.12 亿元，同比盈转亏；单季度扣非归母净亏损 0.16 亿元， 同比盈转亏。公司收入端稳步增长，各项业务投入加大致使利润端短期承压。 餐饮业务成长显著，淡季月饼业务发展稳健，备战三季度月饼旺季。 公司 2024H1 食品制造业务/餐饮服务业务/其他商品销售业务收入分别为 11.42/7.22/0.28 亿元，同比分别为+8.23%/+14.62%/-9.13%，毛利率分别为 29.17%/18.74%/29.28%；食品制造业务中月饼系列产品/速冻食品/其他产品收 入分别为 0.32/5.40/5.70 亿元，同比分别为+7.14%/-0.51%/+18.12%。上半年公 司持续餐饮拓店，截止 2024H1，公司拥有直营门店 ...

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company achieved a revenue of 1.912 billion yuan in H1 2024, representing a year-on-year increase of 10.29%, while the net profit attributable to shareholders was 58.45 million yuan, down 26.98% year-on-year [3][4]. - In Q2 2024, the company reported a revenue of 900 million yuan, up 10.57% year-on-year, but a net loss of 12.33 million yuan, marking a shift from profit to loss [3][4]. - The company is focusing on a strategy of "strong brand in catering, large scale in food," aiming to build a comprehensive industry structure of "large catering, large food, large brand" [5]. Revenue Analysis - In H1 2024, the catering business revenue grew rapidly due to new store openings, while the food business expanded quickly in markets outside the province [4]. - The food business generated 1.142 billion yuan in revenue, up 8.23% year-on-year, with overseas revenue of 31.58 million yuan, growing 29.01% [4]. - The catering business revenue reached 722 million yuan, a year-on-year increase of 14.62%, driven by the addition of new stores [4]. Profitability Analysis - The overall gross margin for H1 2024 was 25.86%, down 3.22 percentage points year-on-year, with food gross margin at 29.17% [4]. - In Q2 2024, the gross margin decreased by 3.93 percentage points year-on-year, with various expense ratios remaining stable or slightly declining [4]. Future Earnings Forecast - The company expects net profits attributable to shareholders to be 550 million yuan, 660 million yuan, and 790 million yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 15, 12, and 10 times at the current stock price [5].

食品饮料/休闲食品 广州酒家（603043.SH） 2024 年 09 月 03 日 2024H1 餐饮业务增长较快，利润端短期承压 ——公司信息更新报告 投资评级：增持（维持） 张宇光（分析师） 张思敏（联系人） zhangyuguang@kysec.cn 证书编号：S0790520030003 zhangsimin@kysec.cn 证书编号：S0790123070080 2024H1 公司利润端承压，维持"增持"评级 公司 2024H1 收入 19.1 亿元，同比增加 10.3%；归母净利润 0.58 亿元，同比下降 27.0%；2024Q2 单季收入 9.0 亿元，同比增 10.6%；归母净利润-0.12 亿元，2023 年同期为 0.11 亿元。考虑到终端需求压力增大、竞争加剧，公司短期利润端承 压，我们下调 2024-2026 年归母净利为 5.7、6.5、7.4（前值为 6.6、7.9、9.0）亿 元，EPS 为 1.00、1.14、1.30 元，当前股价对应 PE 为 14.4、12.5、11.0 倍。未 来食品、餐饮业务双轮驱动下公司业绩有望稳健增长，维持"增持"评级。 餐饮业务增长较快，公 ...

[ T able_StockInfo] 2024 年 08 月 30 日 证券研究报告•2024 中报点评 买入 （维持） 当前价：14.53 元 广州酒家（603043）食品饮料 目标价：——元（6 个月） 双主业协同发展，期待旺季来临 [Table_Summary 事件：公司发布] 2024年中报，实现营收 19.1亿元，同比+10.3%；归母净利润 0.6亿元，同比-27.0%。Q2单季度实现营收 9.0亿元，同比+10.6%；归母净利 润-0.1亿元，同比-214.1%。公司 Q2单季度归母净利润较一季度出现下滑，拖 累上半年整体业绩表现。 收入稳健增长，费用投放加大致利润承压。分产品看，24H1公司食品业务营收 为 11.4 亿元，同比+8.2%，毛利率为 29.2%；餐饮业务营收为 7.2 亿元，同比 +14.6%，毛利率为 18.7%。上半年"食品+餐饮"双主业收入继续实现增长， 但净利润同比下降；一方面由于公司为促进销售而投入的市场渠道等费用增加， 另一方面新开业餐饮门店支出装修费、开办费等因素亦影响利润指标。 产品结构变化降低毛利率，费用控制有效。24H1 公司毛利率为 25.9%，同比 - ...

Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company reported a revenue of 1.912 billion yuan for H1 2024, a year-on-year increase of 10.27%, while the net profit attributable to shareholders decreased by 27.50% to 58 million yuan [1] - The decline in net profit is attributed to increased costs in the restaurant service and food manufacturing segments, despite a strong revenue growth in both segments [1] - The company is expanding its food business channels and restaurant locations, with significant growth in the East and North China markets [1] - The report highlights the potential for revenue growth from frozen products and prepared dishes, as well as ongoing supply chain optimization [2] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 25.89%, down 3.23 percentage points year-on-year, and a net margin of 3.03%, down 1.58 percentage points [1] - The company’s sales expense ratio was 10.72%, management expense ratio was 9.68%, and R&D expense ratio was 1.99% for H1 2024, indicating stable expense management [2] - The forecast for net profit attributable to shareholders is projected to be 574 million yuan in 2024, with a growth rate of 4.2% [3] Revenue and Profit Forecast - The company’s revenue is expected to grow from 4.901 billion yuan in 2023 to 6.676 billion yuan in 2026, with corresponding growth rates of 19.2%, 9.4%, 13.9%, and 9.3% [3] - The projected net profit for 2024 is 574 million yuan, with an expected increase to 840 million yuan by 2026 [3] - The report anticipates a PE ratio of 15x for 2024, decreasing to 10x by 2026, indicating a potentially attractive valuation [2][3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [4]. Core Views - The company has shown significant improvement in its restaurant business, although profits are under short-term pressure due to various factors [1]. - The company achieved a revenue of 1.91 billion yuan in the first half of 2024, representing a year-on-year increase of 10.3%, while the net profit attributable to shareholders decreased by 27% to 60 million yuan [1]. - The report highlights the successful expansion of the company's restaurant business outside its home province, with notable growth in various product lines and channels [1]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenues of 1.91 billion yuan, with a net profit of 60 million yuan, down 27% year-on-year [1]. - The second quarter of 2024 saw revenues of 900 million yuan, also reflecting a 10.6% increase year-on-year, but the net profit turned negative at -10 million yuan [1]. - The gross margin for the first half of 2024 was 25.86%, down 3.22 percentage points year-on-year, primarily due to the increased proportion of lower-margin restaurant services [1]. Business Segments - The company’s mooncake series, frozen products, and other commercial and restaurant services generated revenues of 32 million, 540 million, 570 million, and 722 million yuan respectively in the first half of 2024, with growth rates of 7.14%, -0.51%, 18.12%, and 14.62% [1]. - The company expanded its direct sales and dealer channels, achieving revenues of 341 million and 801 million yuan, with year-on-year growth of 2.96% and 10.64% respectively [1]. Market Expansion - The company has successfully expanded its market presence outside Guangdong province, with revenue from Guangdong province increasing by 5.38%, while revenue from outside Guangdong increased by 16.09% [1]. - The company has opened new self-operated restaurants and acquired authorized restaurant outlets, contributing to the growth in restaurant revenue [1]. Profitability Forecast - The report adjusts the net profit forecasts for 2024-2026 to 551 million, 629 million, and 699 million yuan, reflecting downward revisions of 15%, 17%, and 18% respectively [1]. - The estimated earnings per share (EPS) for 2024-2026 are projected to be 0.97, 1.11, and 1.23 yuan, with corresponding price-to-earnings (P/E) ratios of 15x, 13x, and 12x [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 1.91 billion yuan for H1 2024, a year-on-year increase of 10.3%, while the net profit attributable to shareholders was 60 million yuan, a decrease of 27.0% year-on-year [2][6] - The company is facing increased competition in the food and beverage market, which has put pressure on its performance [6] - Despite the challenges, the company is expected to maintain steady growth, with projected revenues of 5.03 billion yuan, 5.58 billion yuan, and 6.21 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 2.6%, 11.0%, and 11.3% [6][7] Financial Performance Summary - For H1 2024, the company achieved a revenue of 1.91 billion yuan, with a net profit of 60 million yuan, and a non-recurring net profit of 50 million yuan, both showing declines compared to the previous year [2][6] - In Q2 2024, the company reported a revenue of 900 million yuan, a year-on-year increase of 10.6%, but a net profit of -10 million yuan, indicating a loss [6] - The company's gross margin for H1 2024 was 25.9%, down 3.2 percentage points year-on-year, with specific margins for mooncakes, frozen products, other products, and catering services at 43.7%, 29.3%, 28.2%, and 18.7% respectively [6] Business Segment Analysis - The company’s revenue from mooncakes, frozen products, other products, and catering for H1 2024 was 30 million yuan, 540 million yuan, 570 million yuan, and 720 million yuan respectively, with year-on-year growth rates of 7.1%, -0.5%, 18.1%, and 14.6% [6] - The frozen business showed a recovery in Q2 2024 with a year-on-year growth of 4.2%, while the catering business continued to perform well [6] Market Expansion - The company is expanding its market presence outside its home region, with significant sales growth in East and North China, and nearly 30% growth in overseas business [6] - The company has over 220 chain stores, enhancing its sales footprint in the Guangdong-Hong Kong-Macao Greater Bay Area [6]

Investment Rating - The investment rating for Guangzhou Restaurant (603043.SH) is "Accumulate" (maintained) [1][2]. Core Views - The company reported a revenue of 1.912 billion yuan in 1H24, representing a year-on-year increase of 10.29%, while the net profit attributable to shareholders decreased by 26.98% to 58.45 million yuan [1]. - The food manufacturing segment generated revenue of 1.14 billion yuan in 1H24, with a gross margin of 29.0%, down by 2.2 percentage points [1]. - The restaurant service segment saw revenue of 750 million yuan in 1H24, up 14.6%, but the gross margin fell to 18.8%, down by 4.7 percentage points [1]. - The overall gross margin for 1H24 was 25.2%, down 3.4 percentage points, indicating increased pressure on profitability [1]. - The company is optimistic about the improvement in profitability as new restaurant locations ramp up customer traffic [1]. Summary by Sections Financial Performance - 1H24 revenue: 1.912 billion yuan (+10.29% YoY) - 1H24 net profit: 58.45 million yuan (-26.98% YoY) - 1H24 gross margin: 25.2% (-3.4 percentage points) [1][3]. Business Segments - Food Manufacturing: Revenue of 1.14 billion yuan (+8.2% YoY), gross margin of 29.0% (-2.2 percentage points) - Restaurant Services: Revenue of 750 million yuan (+14.6% YoY), gross margin of 18.8% (-4.7 percentage points) [1]. Future Projections - Expected net profit for 2024E-2026E: 500 million yuan, 610 million yuan, and 700 million yuan respectively, with corresponding PE ratios of 17, 14, and 12 [1][3].

第一章 总则 广州酒家集团股份有限公司董事会 薪酬与考核委员会工作细则 （2024年8月28日，经第四届董事会二十七次会议审议通过） 第三条 薪酬与考核委员会成员应当受本工作制度的约 束。 - 1 - 第二章 人员组成 第一条 为建立和完善广州酒家集团股份有限公司（以 下简称"公司"）董事及高级管理人员（以下简称"高管人 员"）的业绩考核与评价体系，制订科学、有效的薪酬管理 制度，根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《上市公司治理准则》《上海证券交易所股票上 市规则》《上海证券交易所上市公司自律监管指引第 1 号— —规范运作》《广州酒家集团股份有限公司章程》（以下简 称"《公司章程》"）的有关规定，公司董事会设立董事会 薪酬与考核委员会（以下简称"薪酬与考核委员会"），并 制定本工作细则。 第四条 薪酬与考核委员会成员由三名董事组成，其中 独立董事应过半数。 第二条 薪酬与考核委员会是董事会按照股东大会决议 设立的专门工作机构，主要负责公司董事及高管人员的薪酬 方案的制定及执行；负责公司董事及高管人员的考评方案的 制定及执行。薪酬与考核委员会对董事会负责。 第五条 薪酬与考核委员会委员 ...

Financial Performance - The company's operating revenue for the first half of 2024 reached ¥1,911,886,272.34, representing a 10.29% increase compared to ¥1,733,524,214.49 in the same period last year[15]. - The net profit attributable to shareholders of the listed company was ¥58,453,371.18, a decrease of 26.98% from ¥80,049,081.44 in the previous year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥50,440,090.38, down 30.99% from ¥73,085,838.18 year-on-year[15]. - The net cash flow from operating activities was ¥82,452,725.29, a decline of 25.31% compared to ¥110,390,655.41 in the same period last year[15]. - The net assets attributable to shareholders at the end of the reporting period were ¥3,442,585,611.86, a decrease of 5.87% from ¥3,657,142,227.08 at the end of the previous year[15]. - Total assets at the end of the reporting period amounted to ¥6,304,170,646.73, down 3.90% from ¥6,559,860,152.05 at the end of the previous year[15]. - Basic earnings per share for the first half of 2024 decreased to 0.1028 CNY, down 26.99% from 0.1408 CNY in the same period last year[17]. - The weighted average return on equity dropped to 1.59%, a decrease of 0.79 percentage points compared to 2.38% in the previous year[17]. Investment and Expansion - The company increased its investment in market channels and new restaurant openings, impacting profit margins due to higher renovation and startup costs[17]. - The company is focusing on enhancing new products, channels, and markets to stabilize its market position amid increasing competition[17]. - The company operates 49 direct-operated restaurants, including 27 "Guangzhou Restaurant" and 21 "Tao Tao Ju" locations[22]. - The company has established four major food production bases in Guangdong and Hunan provinces, enhancing its production capacity and efficiency[22]. - The company has expanded its chain stores to over 220, enhancing its sales layout in the Guangdong-Hong Kong-Macao Greater Bay Area[26]. - The overseas business grew nearly 30% year-on-year, indicating successful market expansion efforts[26]. - The company launched new product lines, including health-oriented pre-prepared dishes and a variety of preserved meats, contributing to a nearly 10% increase in sales of rice dumplings[26]. Market Trends and Consumer Behavior - The retail sales of consumer goods in Guangdong province grew by 0.6% year-on-year, indicating a need for further consumer demand stimulation[21]. - The demand for frozen food continues to rise, driven by urbanization and improved cold chain logistics, presenting growth opportunities for the company[21]. - The company is adapting to changing consumer preferences, emphasizing brand quality and cost-effectiveness in its product offerings[21]. - The competitive landscape is intensifying, with smaller brands being phased out, while larger brands are innovating to maintain market share[21]. Financial Management and Cost Control - Operating costs increased by 15.30% to ¥1,417,403,952.81 from ¥1,229,330,354.94 year-on-year[30]. - The company has implemented a centralized procurement strategy to ensure quality control and cost management of raw materials[23]. - The company is facing risks from rising raw material prices, which can significantly impact product costs; it is addressing this by implementing centralized procurement and strengthening cost control measures[38]. - The company has reported a significant reduction in receivables, with notes receivable decreasing by 96.20% to ¥493,986.02 from ¥13,000,000.00[32]. Research and Development - The company added 27 new patent authorizations, including 9 invention patents, 6 utility model patents, and 12 design patents during the reporting period[27]. - The company is committed to innovation in product development, leveraging its R&D center to enhance productivity and product quality[22]. - Research and development expenses increased to ¥37,932,034.72 in the first half of 2024, up from ¥33,362,141.05 in the first half of 2023, marking a growth of 13.0%[70]. Environmental and Social Responsibility - The company has implemented a comprehensive food safety management system, achieving compliance with international standards such as ISO9001, ISO22000, HACCP, and FSSC2200, and has passed audits by the FDA and CNAS[37]. - The company is actively promoting the use of biodegradable materials in takeaway packaging to reduce resource consumption[51]. - The company has established an emergency response plan for environmental incidents, which has been filed with the local environmental authority[47]. - The company has initiated a rooftop photovoltaic project at its Xiangtan base to utilize renewable energy, reducing reliance on traditional energy sources[51]. Corporate Governance and Compliance - The company has established a comprehensive corporate governance structure, including a board of directors and various departments to enhance operational efficiency[88]. - The financial statements for the first half of 2024 were approved by the board of directors on August 28, 2024[88]. - The company confirms its ability to continue as a going concern for at least 12 months from the end of the reporting period[90]. - The company has established materiality thresholds for significant projects and subsidiaries, with specific financial metrics outlined[96]. Shareholder Information - The total number of ordinary shareholders reached 22,973 by the end of the reporting period[59]. - The largest shareholder, Guangzhou Urban Construction Investment Group Co., Ltd., holds 288,453,276 shares, representing 50.72% of the total shares[60]. - The company has not proposed any profit distribution or capital reserve transfer plans for the current period[42]. - The company has established a compensation system linked to the execution of measures to offset dilution of immediate returns[55].