每经记者 王帆 每经编辑 马子卿 拥有"广州酒家""陶陶居""利口福"三个中华老字号的广州酒家（SH603043，股价15.86元，市值90.21亿 元），将在今年迎来创立90周年庆。然而，老牌企业也不得不"卷"进激烈的市场中。 近期发布的2024年年报显示，广州酒家增收不增利，营业收入同比增长4.55%，但归母净利润下降 10.29%。对此，在4月2日下午举行的线上业绩说明会上，广州酒家董事长徐伟兵在回答《每日经济新 闻》记者提问时表示，面对竞争更趋激烈的市场环境，公司及时调整销售策略积极应对，成本费用的增 速高于营收，同时，新开业和装修改造餐饮门店支出等也影响利润。 记者注意到，拥有"食品+餐饮"双主业的广州酒家，2024年主要靠餐饮板块增收，增幅为15.24%，而食 品板块保持平稳，仅微增1.03%。其中，广州酒家的传统优势产品——广式月饼，销售量和销售额都趋 于平稳。 值得一提的是，尽管餐饮收入增幅可观，但公司主要靠开新店贡献增量，而非来自既有门店效益的提 升。两大餐饮品牌业绩出现分化，"广州酒家"餐饮运营子公司亏损扩大，而"陶陶居"子公司业绩提升， 餐饮整体喜忧参半。 去年月饼销售额止步16亿元，" ...

[Table_Author] SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 丨证券研究报告丨 公司研究丨点评报告丨广州酒家（603043.SH） [Table_Title] 2024 年业绩点评：经营质效提升，境外业务高 速扩张 报告要点 [Table_Summary] 2024 年全年，公司实现营业收入 51.24 亿元，同比增长 4.55%，实现归母净利润 4.94 亿元， 同比下降 10.29%。公司坚持"餐饮强品牌，食品创规模"的战略，全力打造"大餐饮、大食 品、大品牌"产业格局，餐饮方面，拓新店，进新市场，走向全国，提升品牌认知度；食品方 面，产品创新、国内外渠道拓展、多元营销等多管齐下，朝着"创百年老字号驰名品牌，打造 国际一流饮食集团"的长远目标迈进。预计 2025-2027 年，归母净利润分别为 5.99/6.81/7.62 亿元，对应当前股价的 PE 分别为 16/14/12X，维持"买入"评级。 分析师及联系人 赵刚 杨会强 马健轩 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 广州酒家（ ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][7]. Core Views - The company demonstrates steady revenue growth and brand momentum, with 2024 revenue reaching 5.124 billion yuan, a 5% year-on-year increase, while net profit decreased by 10% to 494 million yuan [4][5]. - The report highlights the impact of product structure changes on gross margin, with a decrease of 7 percentage points to 26.03% in Q4 2024, while the dividend payout ratio increased to 55% [5]. - The mooncake segment generated 1.636 billion yuan in revenue, a 2% decline, but maintained stable pricing, indicating strong brand momentum [6]. - The company is expected to benefit from a "big year" for mooncakes in 2025, alongside continued growth in the restaurant business, which saw a 15% increase in revenue to 1.455 billion yuan in 2024 [6][7]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 51.24 billion yuan, with a net profit of 4.94 billion yuan, reflecting a 10% decrease [4]. - Q4 2024 revenue was 10.21 billion yuan, with a slight decline of 0.4%, and net profit decreased by 22% to 460 million yuan [4]. Profitability Forecast - The company is projected to achieve earnings per share (EPS) of 1.00 yuan in 2025, with corresponding price-to-earnings (PE) ratios of 16, 14, and 13 for 2025, 2026, and 2027 respectively [7][10]. - The forecasted revenue growth rates for 2025 to 2027 are 9.4%, 9.1%, and 7.3% respectively, while net profit is expected to grow by 15% in 2025 [10]. Market Position and Strategy - The company is leveraging its first-mover advantage in Guangdong to strengthen its market share in mooncakes and frozen products, with plans to expand into other provinces [7]. - The restaurant segment is anticipated to continue its growth trajectory through new store openings and increased market penetration [6][7].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][7]. Core Views - The company demonstrates steady revenue growth and brand momentum, with a reported revenue of 5.124 billion yuan in 2024, reflecting a 5% year-on-year increase, while net profit decreased by 10% to 494 million yuan [4][5]. - The company is expected to benefit from a favorable market environment in 2025, particularly in the mooncake segment, which is projected to see revenue growth due to the upcoming "big year" for mooncakes [6][7]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 51.24 billion yuan, with a net profit of 4.94 billion yuan, and a decrease in net profit margin to 4.26% [4][5]. - The company’s gross margin decreased by 7 percentage points to 26.03% in Q4 2024, attributed to changes in product structure [5]. Product Segments - Mooncake revenue for 2024 was 1.636 billion yuan, down 2%, with sales volume at 16,000 tons [6]. - The frozen food segment generated 1.03 billion yuan in revenue, a 3% decrease, while the restaurant business grew by 15% to 1.455 billion yuan [6]. Earnings Forecast - The company’s earnings per share (EPS) are projected to be 1.00 yuan in 2025, 1.11 yuan in 2026, and 1.18 yuan in 2027, with corresponding price-to-earnings (PE) ratios of 16, 14, and 13 times [7][10].

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 18.62 CNY, down from the previous forecast of 19.20 CNY [1][5][12]. Core Views - The company has launched an equity incentive plan to boost market confidence, and consumer demand is expected to gradually recover [2]. - The company's 2024 revenue is projected to be 5.124 billion CNY, reflecting a year-on-year increase of 4.55%, while the net profit attributable to the parent company is expected to be 494 million CNY, a decrease of 10.29% year-on-year [12]. - The equity incentive plan aims to grant a total of up to 10.35 million shares, accounting for approximately 1.82% of the total share capital, to 227 individuals, which represents about 3.9% of the company's total employees in 2023 [12]. Financial Summary - **Revenue**: - 2023A: 4,901 million CNY - 2024A: 5,124 million CNY (+4.6%) - 2025E: 5,724 million CNY (+11.7%) - 2026E: 6,334 million CNY (+10.7%) - 2027E: 6,993 million CNY (+10.4%) [4][13] - **Net Profit (Attributable to Parent)**: - 2023A: 550 million CNY - 2024A: 494 million CNY (-10.3%) - 2025E: 555 million CNY (+12.3%) - 2026E: 615 million CNY (+10.9%) - 2027E: 680 million CNY (+10.5%) [4][13] - **Earnings Per Share (EPS)**: - 2023A: 0.97 CNY - 2024A: 0.87 CNY - 2025E: 0.98 CNY - 2026E: 1.08 CNY - 2027E: 1.20 CNY [4][13] - **Return on Equity (ROE)**: - 2023A: 15.1% - 2024A: 12.7% - 2025E: 13.4% - 2026E: 14.0% - 2027E: 14.4% [4][13] Business Performance - The company's revenue from food manufacturing in 2024 is expected to be 3.570 billion CNY, with a year-on-year increase of 1.03%. The revenue from the catering business is projected to be 1.455 billion CNY, reflecting a year-on-year increase of 15.24% [12]. - The gross profit margin for food manufacturing in 2024 is expected to be 37.81%, a decrease of 3.31 percentage points year-on-year [12]. - The company plans to achieve revenue growth rates of no less than 16%/28%/40.85% for the years 2025-2027 based on the 2023 revenue [12].

上 市 公 司 食品饮料 2025 年 03 月 31 日 广州酒家 (603043) —— 餐饮业务快速增长，省外及海外市场稳步开拓 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 28 日 | | --- | --- | | 收盘价（元） | 16.08 | | 一年内最高/最低（元） | 19.14/12.81 | | 市净率 | 2.4 | | 股息率%（分红/股价） | 2.99 | | 流通 A 股市值（百万元） | 9,146 | | 上证指数/深证成指 | 3,351.31/10,607.33 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2024 年 12 月 31 日 | | --- | --- | | 每股净资产（元） | 6.82 | | 资产负债率% | 36.35 | | 总股本/流通 A 股（百万） | 569/569 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 03-28 04-28 05-28 06-28 07-28 08-28 09-28 10-28 11-28 12 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The performance of the food and beverage index showed a 0.4% increase from March 24 to March 28, ranking third among primary sub-industries, outperforming the CSI 300 by approximately 0.4 percentage points. The leading sub-industries included meat products (+2.9%), dairy products (+2.1%), and beer (+2.0%) [4][11][12] - The fourth quarter of 2024 saw significant performance differentiation among companies, with several reporting improved earnings. For instance, Shuanghui Development experienced comprehensive profit improvement, while Tianwei Foods exceeded previous profit forecasts due to strong demand and reduced raw material costs [4][11] - The outlook for the first quarter of 2025 suggests that the industry is at a bottoming phase, with expectations of gradual performance recovery in subsequent quarters. It is recommended to increase allocations in the liquor, beer, and snack sectors [4][11] Summary by Sections Market Performance - The food and beverage index outperformed the market with a 0.4% increase, ranking third among industries. Key performers included Miaokelando, Guangming Meat, and Jiahe Foods, while Maikui'er, Lianhua Holdings, and Xiwang Foods faced declines [12][13] Upstream Data - Some upstream raw material prices have decreased. For example, the price of fresh milk was 3.1 yuan/kg, down 12.5% year-on-year, while pork prices increased by 2.3% year-on-year to 20.9 yuan/kg [18][21] - The price of imported barley fell by 10.4% year-on-year, which may alleviate cost pressures for beer companies [27][28] Company Recommendations - Recommended stocks include Shanxi Fenjiu, Guizhou Moutai, Ganyuan Foods, and Ximai Foods, with each showing strong growth potential and strategic advantages in their respective markets [5][49]

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company reported a stable revenue growth with a total revenue of 5.124 billion yuan in 2024, representing a year-over-year increase of 4.55%. However, the net profit attributable to shareholders decreased by 10.29% to 494 million yuan [1][2] - The food business showed resilience, particularly in the restaurant segment, which achieved a revenue of 1.455 billion yuan, reflecting a year-over-year growth of 15.24%. The mooncake and frozen food segments experienced slight declines in revenue [2] - The company is implementing cost reduction and efficiency improvement measures, resulting in a decrease in overall expense ratios, although the gross margin fell to 31.72%, down 3.90 percentage points from the previous year [2] Summary by Sections Revenue and Profitability - In 2024, the company achieved a revenue of 5.124 billion yuan, with a year-over-year growth of 4.55%. The net profit attributable to shareholders was 494 million yuan, down 10.29% [1][3] - The restaurant business's revenue increased by 15.24% to 1.455 billion yuan, while mooncake revenue decreased by 1.95% to 1.636 billion yuan [2] Cost Management - The company's gross margin decreased to 31.72%, a decline of 3.90 percentage points year-over-year. The sales expense ratio and management expense ratio were 9.81% and 10.22%, respectively, showing a decrease from the previous year [2] Future Outlook - The company is expected to maintain growth in the "restaurant + food" dual business model, with projected revenues of 5.746 billion yuan in 2025, representing a growth rate of 12.14% [3][8] - The company has announced a stock repurchase plan and an equity incentive plan aimed at enhancing management and employee motivation, with revenue growth targets set for the coming years [2][3]

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company reported a stable revenue growth with a total revenue of 5.124 billion yuan in 2024, representing a year-over-year increase of 4.55%. However, the net profit attributable to shareholders decreased by 10.29% to 494 million yuan [1][2] - The food business showed resilience, particularly in the restaurant segment, which achieved a revenue of 1.455 billion yuan, reflecting a year-over-year growth of 15.24%. In contrast, the mooncake and frozen food segments experienced slight declines in revenue [2] - The company is implementing cost reduction and efficiency improvement measures, resulting in a decrease in overall expense ratios, although the gross profit margin fell to 31.72%, down 3.90 percentage points from the previous year [2] Summary by Sections Revenue and Profitability - In 2024, the company achieved a revenue of 5.124 billion yuan, with a year-over-year growth of 4.55%. The net profit attributable to shareholders was 494 million yuan, down 10.29% from the previous year [1][3] - The revenue breakdown shows mooncake sales at 1.636 billion yuan (YoY -1.95%), frozen food at 1.03 billion yuan (YoY -2.97%), and restaurant business at 1.455 billion yuan (YoY +15.24%) [2] Cost Management - The company's gross profit margin decreased to 31.72%, a decline of 3.90 percentage points year-over-year. The sales expense ratio and management expense ratio were 9.81% and 10.22%, respectively, both showing a decrease compared to the previous year [2] Future Outlook - The company is expected to maintain growth in the "restaurant + food" dual business model, with projected revenues of 5.746 billion yuan in 2025, representing a growth rate of 12.14% [3][8] - The company has announced a stock repurchase plan and an equity incentive plan aimed at enhancing management motivation and operational efficiency [2][3]

竞争加剧致公司速冻等业务毛利率有所下滑，但期间费率控制良好。2024 年公司毛利率 31.7%/-3.90pct，其中月饼/速冻/其他食品/餐饮业务毛 利率分别下滑 0.74/4.70/5.22/3.96pct，公司月饼业务盈利能力相对稳 健，速冻与其他产品业务受行业竞争加剧公司促销增加扰动，餐饮业务 与门店爬坡有关。2024 年期间费率为 19.86%/-1.35pct，控制良好。 公司经营稳健，股权激励促进中线稳定增长。食品业务方面，过往外围环境 扰动下公司月饼主业借助品牌力与扎实的产销配合经验实现稳健发展，2025 年因中秋和国庆相连，按历史规律相对利好月饼主业销售。速冻和其他产品 或仍受行竞争加剧扰动需要跟踪。餐饮方面，文昌店改造后初步预计2025 年推出，后续整体保持稳健扩张步伐。此外，公司近期发布新一轮股权 激励草案，业绩考核目标为以 2023 年基数，2025-2027 年营业收入增长 率 不 低 于 16%/28%/40.85% ， 估 算 2025-2027 年 收 入 同 比 增 长 10.9%/10.3%/10.0%，同时明确每年归母扣非加权平均净资产收益率、 营业收现率、分红率（不低于 ...