Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.60 CNY over the next six months [1][6][18]. Core Insights - The company reported a revenue of 1.01 billion CNY for Q1 2024, reflecting a year-on-year growth of 10.0%. The net profit attributable to the parent company was 70 million CNY, up 2.2% year-on-year. The performance met market expectations, with steady revenue growth and slight pressure on profits [6][11]. - The restaurant business continues to show strong growth, with successful expansion into markets outside the province. The revenue from the restaurant segment reached 380 million CNY, a year-on-year increase of 13.3% [6][11]. - The company is focusing on optimizing its distribution network and expanding production capacity, with plans to enhance its presence in emerging channels while maintaining traditional ones [6][11]. Financial Performance Summary - For Q1 2024, the company's revenue breakdown shows food business revenue at 600 million CNY (up 9.0% YoY) and restaurant business revenue at 380 million CNY (up 13.3% YoY). The decline in mooncake sales is attributed to seasonal factors and high base effects from the previous year [6][11]. - The gross margin for Q1 2024 was 29.8%, down 2.6 percentage points year-on-year, primarily due to a decrease in the proportion of high-margin mooncake products [6][11]. - The company has adjusted its distributor network, reducing the number of distributors by 42, while also expanding its presence in major retail chains such as Hema and Costco [6][11]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 4.90 billion CNY in 2024, with a growth rate of 15.56%. The net profit attributable to the parent company is expected to reach 650 million CNY, reflecting a growth rate of 17.12% [7][12]. - The earnings per share (EPS) forecast for 2024 is 1.13 CNY, with a price-to-earnings (PE) ratio of 20 times, leading to the target price of 22.60 CNY [6][11][18].

休闲食品 广州酒家（603043.SH） 增持-A(维持) 公司近一年市场表现 事件描述 王冯 执业登记编码：S0760521010001 公司发布 2024 年一季度财报，期内实现营收 10.12 亿元/+10.04%，归母 净利润 0.71 亿元/+2.22%，扣非归母净利润 0.67 亿元/+1.15%，EPS0.12 元。 本期收到政府补助 259.89 万元。 餐饮业务延续增长势头。公司食品制造业务/餐饮业务分别实现营收 6.03 亿元/3.84 亿元，同比分别+8.99%/+13.33%；其中食品制造业务月饼/速冻/其 他分别营收 0.09 亿元/2.95 亿元/2.99 亿元，同比分别-20.09%/-4.1%/+27.56%， 营收占比分别-0.31pct/-4.34pct/+2.1pct，月饼收入下滑明显，春节假期人员流 动完全恢复、走亲访友带动酥饼、腊味销售快速增长。 期内公司毛利率 29.81%/-2.58pct，净利率 7.96%/-0.61pct。整体费用率 19.34%/-2.25pct，其中销售费用率 9.8%/-0.36pct，管理费用率 8.43%/-0.7pct， 研发费用 ...

餐饮业务恢复良好，淡季月饼业务常态波动不改长期成长逻辑。 公司 2024Q1 单季度食品制造业务/餐饮服务业务/其他商品销售业务收入分别 为 6.03/3.84/0.14 亿元，同比分别为+8.99%/+13.33%/-26.09%，一季度内各业务 收入占比分别为 59.60%/37.91%/1.37%；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 0.09/2.95/2.99 亿 元 ， 同 比 分 别 为 -20.09%/-4.10%/+27.56%。餐饮业务持续回暖，上半年公司有望持续拓店，促 进餐饮业务量价齐升。一季度为月饼传统淡季，月饼类产品普遍销售总量较低， 本季度月饼业务增速短期承压，但参考去年同期月饼收入为 0.11 亿元，本季度 月饼收入同比下降为合理波动。 司 研 多元化销售渠道齐头并进，省外拓展助推市场扩容。 公司食品制造业务 2024Q1 单季度直接销售/经销与代销收入分别为 1.93/4.11 亿元，同比+8.95%/+9.01%，直销与经销代销同频发展，双轮驱动赋能公司持 续拓展市场。公司本季度食品制造业务收入分地区来看，2024Q1 单季度广东 ...

食品饮料 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 26 日 | | 收盘价（元） | 18 | | 一年内最高/ 最低（元） | 31.6/15.55 | | 市净率 | 2.8 | | 息率（分红 / 股价） | - | | 流通 A 股市值（百万元） | 10238 | | 上证指数/深证成指 | 3088.64/9463.91 | 证券分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉的职业态度、专业审慎的研究方 法，使用合法合规的信息，独立、客观地出具本报告,并对本报告的内容和观点负责。本人不曾因，不因，也将不会因本报告中的 具体推荐意见或观点而直接或间接收到任何形式的补偿。 与公司有关的信息披露 本公司隶属于申万宏源证券有限公司。本公司经中国证券监督管理委员会核准，取得证券投资咨询业务许可。本公司关联机构在法 律许可情况下可能持有或交易本报告提到的投资标的，还可能为或争取为这些标的提供投资银行服 ...

Investment Rating - The investment rating for the company is "Accumulate" [2][4] - Previous rating was also "Accumulate" [4] - Target price is set at 22.60 [2][4] Core Insights - The company's performance met expectations, with revenue growth driven by various segments including preserved meats, prepared dishes, and catering services [2][4] - The profit growth slightly lagged behind revenue growth due to a decrease in structural contribution [2][4] - The forecasted EPS for 2024 is 1.13, with projections of 1.32 and 1.55 for 2025 and 2026 respectively [2][4] Financial Performance Summary - For Q1 2024, the company achieved revenue of 1.012 billion, a year-on-year increase of 1.3% [2] - The net profit attributable to shareholders was 71 million, reflecting a 2.2% increase, with a profit margin of 7% [2] - The revenue growth was primarily from the food manufacturing segment, which saw a 5% increase, while the mooncake segment experienced a 20% decline [2][4] Business Segment Analysis - The food manufacturing business generated 600 million, with a notable increase in other food business by 18% [2] - The catering business showed growth despite a high base effect, with a shift towards higher-margin direct sales [2][4] - The overall profit margin decreased due to a reduction in the contribution from high-margin mooncake sales [2][4] Financial Forecasts - Revenue projections for 2024 are set at 5.669 billion, with expected growth rates of 16% and 15% for 2025 and 2026 respectively [2][4] - Operating profit is forecasted to increase from 645 million in 2023 to 756 million in 2024 [2][4] - The net profit is expected to grow from 550 million in 2023 to 643 million in 2024, maintaining a growth rate of 17% [2][4]

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 26 日 投资要点: | --- | --- | |------------------|------------------| | | | | 基础数据 | [Table_BaseData] | | 总股本（百万股） | | | 流通 A | 股（百万股） | | 收盘价（元） | | | 总市值（亿元） | | | 流通 | A 股市值（亿元） | -50% -40% -30% -20% -10% 0% 10% 广州酒家 沪深300 | --- | --- | |--------------------------|---------------------| | | | | [Table_Authors] 分析师 : | 陈雯 | | 执业证书编号： | S0270519060001 | | 电话： | 02032255207 | | 邮箱： | chenwen@wlzq.com.cn | | 分析师 : | 叶柏良 | | 执业证书编号： | ...

证券研究报告·公司点评报告·休闲食品 2024 一季报点评：业绩低于预期，费控持续 优化 2024 年 04 月 26 日 [关键词： Table_Tag#业绩不及预期 ] #产能扩张 [Table_Summary] 投资要点 ◼ 2024Q1 餐饮业务持续修复，其他食品快速增长。2024Q1 分产品来看： 1）月饼业务：营收 903 万元（yoy-20.09%），淡季表观增速较大波动； 2）速冻食品：宅经济需求有所回落，营收 2.95 亿元（yoy-4.1%），；3） 其他食品：营收 2.99 亿元（yoy+27.56%），增速表现亮眼或与腊味、盆 菜等年货需求增加有关；4）餐饮营收 3.84 亿元（yoy+13.33%），在上年 高基数之上继续保持稳健增长，我们预计主要系餐饮和旅游市场持续恢 复，推动餐饮春节旺季迅速回暖，新门店爬坡逐步完成贡献增量营收。 截至 2023 年底，公司拥有餐饮直营门店 43 家，其中"广州酒家"直营 店 26 家（2023 全年净增 4 家）、"星樾城"直营店 2 家，"陶陶居"直营 店 20 家；公司授权第三方经营"陶陶居"特许经营门店 18 家。 ◼ 盈利预测与投资评级： ...

Investment Rating - The report maintains a rating of "Add" for the company, indicating a projected investment return of 5% to 15% over the next 6-12 months [3][19]. Core Insights - The company reported a steady revenue growth of 10% year-on-year in Q1 2024, achieving a total revenue of 1.01 billion yuan. The net profit attributable to shareholders was 70 million yuan, reflecting a 2.2% increase year-on-year [1]. - The restaurant business is recovering steadily, with the company planning to continue opening direct stores and acquiring authorized restaurant outlets to expand its network. The food business is also actively developing new channels, particularly in East China [2][19]. - The company has multiple well-established brands and is expected to maintain steady growth as brand advantages are leveraged [19]. Financial Performance Summary - In Q1 2024, the company achieved a gross margin of 29.81%, a decrease of 2.58 percentage points year-on-year, primarily due to changes in product mix [13]. - The revenue breakdown shows that the mooncake series generated 9.03 million yuan, down 20.1% year-on-year, while the restaurant segment saw a revenue increase of 13.3% to 384 million yuan, driven by the opening of 14 new restaurant locations [18]. - The company’s total assets are projected to grow from 6.48 billion yuan in 2023 to 7.27 billion yuan by 2026, with net profit expected to reach 855 million yuan in 2026 [4][14]. Market Expansion and Product Development - The company is expanding its food manufacturing capabilities with four production bases in Guangdong and Hunan, and is actively entering new retail channels such as Hema, Sam's Club, Costco, and others [2][25]. - The company reported a 13.69% year-on-year revenue increase from markets outside Guangdong, indicating successful expansion efforts [25]. Valuation Metrics - The projected P/E ratios for 2024, 2025, and 2026 are 16x, 14x, and 12x respectively, reflecting a positive outlook on the company's valuation as it leverages its brand strength [19]. - The report indicates a dividend yield of 2.2% for 2024, increasing to 3.4% by 2026, suggesting a commitment to returning value to shareholders [19].

Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Insights - The company has shown steady revenue growth, with Q1 2024 total revenue reaching 1.012 billion yuan, a year-on-year increase of 10%. The net profit attributable to shareholders was 71 million yuan, reflecting a 2% increase year-on-year. However, the gross margin decreased by 3 percentage points to 29.81% due to changes in product structure [1]. - The restaurant business continues to demonstrate strong momentum, with significant growth in catering services driven by store expansion and industry recovery. The company is expected to sustain steady operational performance by optimizing product offerings based on regional market differences [1]. - The company is actively developing untapped markets, with revenue from Guangdong province, outside Guangdong, and overseas reaching 454 million yuan, 137 million yuan, and 12 million yuan respectively, showing year-on-year growth of 7%, 14%, and 71% [1]. Summary by Sections Financial Performance - Q1 2024 total revenue was 1.012 billion yuan, up 10% year-on-year. The net profit attributable to shareholders was 71 million yuan, up 2% year-on-year. The net profit margin decreased by 1 percentage point to 7.96% [1]. - The company forecasts EPS for 2024-2026 to be 1.10, 1.30, and 1.53 yuan, with corresponding PE ratios of 17, 14, and 12 times [2]. Revenue Breakdown - Revenue from various segments in Q1 2024 included: mooncake series (9 million yuan, down 20%), frozen foods (295 million yuan, down 4%), catering services (299 million yuan, up 28%), and other products (384 million yuan, up 13%) [1]. - The company achieved steady growth across direct sales and distribution channels, with revenues of 193 million yuan and 411 million yuan respectively, both up 9% year-on-year [1]. Market Expansion - The company is focusing on expanding its presence in the Guangdong-Hong Kong-Macao Greater Bay Area and exploring growth opportunities in underdeveloped regions such as western and eastern Guangdong [1].

证券代码：603043 证券简称：广州酒家 公告编号：2024-024 广州酒家集团股份有限公司 第四届监事会第二十次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2024 年 4 月 26 日 1 重要内容提示： 一、监事会会议召开情况 广州酒家集团股份有限公司（以下简称"公司"）第四届监事会第二十次会 议于 2024 年 4 月 19 日发出会议通知，于 2024 年 4 月 24 日以通讯会议的方式形 成决议。本次会议应参加表决监事 3 人，实际表决监事 3 人，会议的召集、召开 符合《公司法》《公司章程》等有关规定，表决形成的决议合法、有效。本次会 议没有监事对议案投反对/弃权票。本次会议议案均获通过。 二、监事会会议审议情况 （一）《广州酒家集团股份有限公司 2024 年第一季度报告》 表决结果：通过（有权表决票数 3 票，同意 3 票，反对 0 票，弃权 0 票）。 详见与本公告同时在上海证券交易所网站披露的相关公告。 （二）《广州酒家集团股份有限公司关于会计政策变更的议案》 表决结果：通过（有权表 ...