证券研究报告|食品饮料 [Table_StockName] ——广州酒家（603043）点评报告 [Table_ReportDate] 2024 年 04 月 01 日 3 月 29 日，公司发布 2023 年年报。报告显示，2023 年公司实现营业收 入 49.01 亿元（YoY+19.17%），实现归母净利润 5.50 亿元（YoY+5.21%）， 实现扣非归母净利润 5.06 亿元（YoY+5.62%）。其中，Q4 单季实现营业 收入 10.25 亿元，实现归母净利润 0.59 亿元，实现扣非归母净利润 0.32 亿元。此外，公司拟向全体股东每 10 股派发现金红利 4.80 元（含 税）。 [Table_Chart] 个股相对沪深 300 指数表现 [Table_ReportList] 相关研究 月饼销售平稳增长，餐饮业务持续修复 餐饮业务表现亮眼，期待 Q3 月饼旺季 Q1 业绩超预期，餐饮业务表现尤其亮眼 投资要点: 证 券 研 究 报 告 公司点评报告 公司研究 下滑 1.06pct 至 11.90%。由于公司营收增长主要来源于低毛利率的餐 饮业务，利润端表现不及预期，仍有较大改善空间。 盈利预 ...

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 21.57 yuan, compared to the current price of 17.46 yuan [1]. Core Insights - The company achieved an operating revenue of 4.9 billion yuan in 2023, representing a year-on-year growth of 19.17%, and a net profit attributable to shareholders of 550 million yuan, up 5.21% year-on-year [1][9]. - The restaurant business showed significant recovery, with a revenue increase of 65.55% year-on-year, driven by the recovery of offline customer traffic post-pandemic [9]. - The company has expanded its restaurant network, adding 14 new locations, including 4 under the "Guangzhou Restaurant" brand and 10 under "Tao Tao Ju" [9]. - The company’s mooncake and frozen food segments also saw stable growth, with revenues of 1.669 billion yuan and 1.061 billion yuan respectively, reflecting increases of 9.88% and 0.33% year-on-year [9]. Financial Summary - Total revenue projections for the next few years are as follows: 5.578 billion yuan in 2024E, 6.329 billion yuan in 2025E, and 7.167 billion yuan in 2026E, with corresponding growth rates of 13.8%, 13.5%, and 13.2% [2]. - The net profit attributable to shareholders is expected to reach 613 million yuan in 2024E, 688 million yuan in 2025E, and 780 million yuan in 2026E, with growth rates of 11.4%, 12.1%, and 13.4% respectively [2]. - The company’s earnings per share (EPS) are projected to be 1.08 yuan in 2024E, 1.21 yuan in 2025E, and 1.37 yuan in 2026E, with price-to-earnings (P/E) ratios of 17, 15, and 13 respectively [2][9].

股 票 研 究 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------|----------------------------------------------------------------|--------------------------------------|------------------------------------------------------------------|----------------------------|------------|----------------------|----------------------------------|-------------------------------------------------|-------------------|-----------------| | [Table_MainInfo] \n | [Table_Title] \n 广州酒家 (603043 ...

Investment Rating - The report maintains an "Outperform" rating for the company [20][21]. Core Views - The company is experiencing strong growth in its food and restaurant segments, particularly in mooncake sales and restaurant recovery, which are expected to drive stable earnings growth [6][19]. - The company reported a revenue of 4.9 billion yuan in 2023, a year-on-year increase of 19.17%, with a net profit of 550 million yuan, up 5.21% year-on-year [21]. - The forecast for 2024 includes a revenue estimate of 5.6 billion yuan and a net profit of 663 million yuan, reflecting a growth of 14.4% and 20.5% respectively [24]. Financial Performance Summary - The company's revenue for Q4 2023 was 1.025 billion yuan, showing a year-on-year growth of 32.7%, while the net profit for the same period was 59 million yuan, up 11.1% [21]. - The mooncake business saw a revenue increase of 9.9% in 2023, with Q4 revenue growing by 45.5% [22]. - The restaurant business experienced a significant recovery, with a revenue increase of 65.7% in 2023 and 138% in Q4 [22]. - The gross profit margin improved to 32.66% in Q4 2023, an increase of 4.45 percentage points year-on-year [23]. Business Segment Analysis - The company has opened 43 direct-operated stores, including 26 in Guangzhou, and expanded its market presence in East China and other provinces [22]. - Online sales channels contributed to a 21.7% increase in revenue, indicating a successful digital strategy [22]. - The company plans to continue focusing on the domestic market while expanding into new regions, which is expected to support steady revenue growth in 2024 [22]. Financial Projections - The company forecasts a net profit of 679 million yuan for 2024, with earnings per share (EPS) projected at 1.17 yuan [21][24]. - The price-to-earnings (P/E) ratio is expected to decrease to 15.0 in 2024, indicating a favorable valuation compared to historical levels [24].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company has shown resilience in revenue growth, with a 33% increase expected in Q4 2023 [2]. - In 2023, the main business revenue reached 4.86 billion yuan, a year-on-year increase of 19.3%, with a gross margin of 35.3%, up by 0.16 percentage points [3]. - The company is expected to benefit from strong brand power and product innovation, driving growth in both food manufacturing and restaurant sectors [11]. Summary by Sections Financial Performance - In 2023, the company achieved a revenue of 4.9 billion yuan, a 19.1% increase year-on-year, with a net profit of 550 million yuan, up 5.2% [6]. - The revenue from the restaurant business grew significantly by 65.7% to 1.26 billion yuan, accounting for 25.8% of total revenue [10]. - The company plans to expand its restaurant business and enhance product offerings, focusing on key markets [27]. Revenue Breakdown - The revenue from mooncake products was 1.67 billion yuan, a 9.9% increase, while the production volume rose by 11.6% [24]. - Frozen food revenue was 1.06 billion yuan, a slight increase of 0.3%, with production volume up by 8.0% [41]. Future Projections - Revenue is projected to reach 5.58 billion yuan in 2024, with a year-on-year growth of 13.9%, and net profit is expected to be 653 million yuan, up 18.7% [28]. - The company aims to maintain a gross margin of around 35.5% to 36.0% over the next few years [33]. Valuation - The company is valued using a PE ratio of 16-20 for 2024, resulting in a reasonable share price range of 18.4 to 23.0 yuan [28].

24.39 | --- | --- | --- | |-------|-------------------|-------| | | | | | | | | | | | | | | | | | | | | | | 食品饮料/休闲食品 | | | | | | | | | | | | 买入（维持） | | | | 17.46 元 | | | | 元 | | | --- | --- | |----------------------------|---------------| | | | | 基本数据 | | | 总股本/流通股本(百万股 ) | 568.77/568.77 | | 流通 A 股市值(百万元 ) | 9,930.74 | | 每股净资产 (元) | 6.43 | | 资产负债率 (%) | 40.73 | | 一年内最高/最低(元 ) | 31.60/15.55 | 股价相对走势 -50% -30% -10% 10% 2023/3 2023/7 2023/11 2024/3 广州酒家 沪深300 作者 分析师：邓文慧 执业证书编号：S0590522060001 邮箱：dengwh@glsc.co ...

Financial Performance - The company plans to distribute a cash dividend of 4.80 CNY per 10 shares, totaling approximately 273 million CNY, which represents 49.59% of the net profit attributable to shareholders[1]. - The company reported a basic earnings per share of RMB 0.9679 for 2023, representing a 4.88% increase compared to RMB 0.9229 in 2022[26]. - The company reported a basic earnings per share after deducting non-recurring gains and losses of RMB 0.8904, up 5.30% from RMB 0.8456 in 2022[26]. - The company's operating revenue for the current period reached ¥4,900,549,418.32, representing a year-on-year increase of 19.17% compared to ¥4,112,347,081.55 in the previous year[33]. - The operating cost increased to ¥3,154,779,788.92, reflecting a growth of 19.19% from ¥2,646,930,652.85 in the previous year[34]. - The total revenue for the food manufacturing business reached ¥3,533,843,580.33, with a year-over-year decrease of 8.63%[52]. - The revenue from the catering service business increased by 65.66% to ¥1,262,698,222.88, with a gross profit margin of 19.94%[52]. - The company reported a net cash flow from operating activities improved to ¥1,038,236,504.45, a 24.59% increase from ¥833,336,175.00 in the previous year[34]. - The company reported a total sales amount of CNY 49,465.39 million from its top five customers, accounting for 10.09% of total sales[181]. Government and Regulatory Compliance - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties[1]. - The company has not provided guarantees in violation of regulatory decision-making procedures[1]. - The company has established and effectively implemented internal control systems to ensure compliance, asset security, and accurate financial reporting[151]. - The company has not identified any significant issues during its self-inspection for corporate governance as per the regulatory requirements[170]. - The company has maintained an A rating in information disclosure for two consecutive years[82]. Risk Management - The company has detailed potential risks in its report, including those related to future development strategies[1]. - The company is facing regional market risks, particularly concentrated in the Pearl River Delta, and plans to expand into other provinces to mitigate this risk[100]. - Seasonal fluctuations in sales, particularly for mooncake products, pose a risk, prompting the company to diversify its product offerings to stabilize revenue[100]. - Rising raw material prices present a significant risk, and the company is focusing on centralized procurement to manage costs effectively[100]. Innovation and Development - The company’s food business focuses on product innovation and has established a collaborative innovation mechanism with educational institutions to enhance economic benefits[17]. - The company is expanding its digital development strategy, focusing on enhancing production base intelligence and optimizing automation operations[28]. - The company is focused on innovation in product development, particularly in health-conscious and culturally relevant food offerings[46]. - The company launched over 160 new products during the reporting period, including a new series of bone broth dumplings and milk buns[60]. - The company plans to enhance its product matrix by establishing a new deep processing base for meat products in Panyu District, Guangzhou[28]. Corporate Governance - The company has established a sound corporate governance structure, enhancing decision-making efficiency and compliance with laws and regulations[81]. - The company’s board of directors is responsible for ensuring the execution of resolutions from the shareholders' meeting, with a focus on improving governance standards[81]. - The company has a diverse board with members holding various academic qualifications, including master's and doctoral degrees in management and economics[108]. - The company’s independent directors include professionals from academia and industry, enhancing governance and strategic oversight[108]. - The company held six board meetings in 2023, with all directors attending all meetings[113]. Environmental Responsibility - The company has complied with environmental regulations and holds necessary permits for pollutant discharge[155]. - The company invested 27.22 million CNY in environmental protection during the reporting period[153]. - The company has implemented an online automatic monitoring system for wastewater treatment, ensuring compliance with environmental standards[174]. - The company has established two specialized wastewater treatment facilities to meet current wastewater treatment needs[176]. Market Expansion - The company plans to expand its market share in the food business by focusing on the Southeast Asia cuisine and group meal sectors, aiming for nationwide market development[74]. - The company aims to strengthen its marketing strategies in the Guangdong-Hong Kong-Macao Greater Bay Area while exploring growth opportunities in underdeveloped regions[75]. - The company is actively expanding its restaurant business and improving operational efficiency to solidify its market foundation[96]. - The company has increased promotional efforts in provinces outside its primary market to enhance market share[180]. Employee Development - The company emphasizes continuous training for employees, including safety and skill enhancement programs, to improve overall performance and responsibility[144]. - The company is focused on building a competitive compensation and performance system to retain core technical personnel[80]. - The company will leverage its vocational training resources to strengthen its employee training system and develop a talent pool[80].

报 券 研 司 2024 年 03 月 29 日 ▌ 盈利预测 公司月饼与速冻产品借助广东省内先发优势夯实省内份额， 随着产能释放不断发力华东等省外市场，同时公司旗下的广 州酒家/陶陶居/利口福品牌可承接餐饮行业发展增量，整体 品牌势能强劲，业绩稳健。根据年报，预计 2024-2026 年 EPS 分别为 1.10/1.30/1.53 元，当前股价对应 PE 分别为 16/13/12 倍，维持"买入"投资评级。 ▌ 风险提示 请阅读最后一页重要免责声明 2 证 公 研 究 | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------|--------------------------------------|----------------------------------------------------------------------------------------------------- ...

证券研究报告 元，对应公司 3 月 28 日收盘价 17.49 元，2024-2026 年 PE 分别为 14.4\11.1\9.5 倍，维持"增持-A"评级。 风险提示 净利率(%) 12.7 11.2 12.2 13.4 14.1 资料来源：最闻，山西证券研究所 餐饮营收增速亮眼，食品制造业务表现平稳 公司研究/公司快报 财务数据与估值： 请务必阅读最后一页股票评级说明和免责声明 2 会计年度 2022A 2023A 2024E 2025E 2026E 营业收入 4112 4901 5642 6673 7459 营业成本 2647 3155 3581 4064 4494 240 营业税金及附加 38 42 50 60 67 34 营业费用 442 506 570 714 798 476 管理费用 380 466 508 667 746 475 研发费用 84 87 102 133 149 财务费用 -48 -19 -28 -76 -104 74 资产减值损失 -3 -15 0 0 0 公允价值变动收益 39 6 17 20 20 164 投资净收益 3 9 9 9 7 营业利润 640 718 885 1 ...

沈肇章先生，出生于 1964 年 8 月，汉族，中共党员，中国国籍，无境外永 久居留权，经济学博士。现任暨南大学经济学院财税系教授，任公司独立董事， 广东德生科技股份有限公司独立董事，广东因赛品牌营销集团股份有限公司独立 董事，广东纬德信息科技股份有限公司独立董事。 作为公司独立董事，我已经向公司董事会提交了《独立董事独立性自查情况 表》，明确未在公司担任除独立董事以外的任何职务，直系亲属、主要社会关系 均不在公司或其附属企业任职，没有为公司或其附属企业提供财务、法律、咨询 等服务。我也未在公司主要股东单位中担任职务，与公司或公司主要股东不存在 关联关系，未持有公司股票，没有从公司及其主要股东或有利害关系的机构和人 员取得额外的、未予披露的其他利益，不存在任何影响本人独立性的情况。 二、独立董事年度履职概况 （一）出席董事会及股东大会情况 广州酒家集团股份有限公司 2023 年度独立董事述职报告 2023 年度，本人作为广州酒家集团股份有限公司（以下简称"公司"）的独 立董事，严格按照《公司法》《证券法》等有关法律法规和《上市公司独立董事 管理办法》《公司章程》《公司独立董事工作制度》等文件的要求，本着客观、 ...