Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return exceeding 15% over the next six months compared to the market benchmark index [1][23]. Core Insights - The company reported a revenue of 4.901 billion yuan and a net profit attributable to shareholders of 550 million yuan for the year 2023, reflecting a year-on-year growth of 19.17% and 5.21% respectively. The fourth quarter saw a revenue of 1.025 billion yuan and a net profit of 59 million yuan, with year-on-year growth of 32.73% and 11.11% [4][22]. - The company is focusing on expanding its food business through new regions, channels, and platforms, particularly in East China, while enhancing brand presence and distribution [22]. - The company has experienced significant growth in its restaurant business, with a 138.32% increase in Q4 revenue, attributed to new store openings and industry recovery [22]. Financial Performance Summary - The company’s revenue and net profit projections for 2024-2026 are 5.658 billion yuan, 6.466 billion yuan, and 7.341 billion yuan, with net profits of 651 million yuan, 762 million yuan, and 891 million yuan respectively. The earnings per share (EPS) are projected to be 1.15 yuan, 1.34 yuan, and 1.57 yuan, with corresponding price-to-earnings (PE) ratios of 15.36X, 13.14X, and 11.24X [22][23]. - The overall gross margin for the company increased by 0.16 percentage points to 35.30%, driven by the strong performance of the restaurant segment [22]. - The company’s total market capitalization is reported at 10.01 billion yuan, with a closing price of 17.6 yuan per share [23].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][3]. Core Viewpoints - The company is expected to continue expanding its restaurant business by opening new stores and focusing on demand trends in the food sector to pursue high-quality growth. The strategy is clear, leveraging brands like Guangzhou Restaurant and Tao Tao Ju to enhance brand influence while using mooncakes and other food products as primary profit growth sources [3][33]. - In 2023, the company achieved a revenue of 4.901 billion yuan, a year-on-year increase of 19.17%, and a net profit attributable to shareholders of 550 million yuan, up 5.21% year-on-year. The fourth quarter alone saw a revenue of 1.025 billion yuan, reflecting a year-on-year growth of 32.73% [31][32]. Summary by Sections Financial Performance - The overall gross margin for the company in 2023 was 35.62%, with a slight year-on-year decrease of 0.01 percentage points. The restaurant business saw a significant gross margin increase to 19.94%, up 18.03 percentage points year-on-year, while the food business gross margin was 41.12%, down 2.19 percentage points [13]. - The company opened 14 new restaurant locations in 2023, including 4 Guangzhou Restaurant and 10 Tao Tao Ju outlets, bringing the total to 43 direct-operated restaurants [32]. Business Strategy - The company aims to maintain a steady pace in opening new direct-operated restaurants and acquiring authorized restaurants as contracts expire, expanding its offline network. It will continue to launch new products in its advantageous areas, such as Chinese pastries, to smooth out the seasonality of mooncake production and enhance capacity utilization [3][33]. - The company is focused on creating a large-scale food and beverage brand, with a long-term goal of becoming a century-old renowned brand and an internationally recognized dining group [33]. Future Outlook - The company forecasts net profits attributable to shareholders of 647 million yuan, 745 million yuan, and 839 million yuan for 2024, 2025, and 2026, respectively, corresponding to current price-earnings ratios of 16, 14, and 12 times [33].

地址：上海市浦东新区陆家嘴 21 世纪大厦 10 楼 邮编：200120 地址：北京市西城区金融大街 35 号国际企业大厦 A 座 8 楼 邮编：100033 地址：深圳市福田区益田路 6001 号太平金融大厦 22 楼 邮编：518038 西南证券机构销售团队 请务必阅读正文后的重要声明部分 请务必阅读正文后的重要声明部分 [Table_Summary 事件：广州酒家发布 ] 2023年年报，全年实现营收 49.0亿元，同比+19.2%；归 母净利润 5.5亿元，同比+5.8%。其中 Q4实现营收 10.2亿元，同比+32.7%； 归母净利润 0.6 亿元，同比+11.1%。 食品主业保持平稳，餐饮业务持续高增。分产品看，2023年公司食品业务营收 为 35.3 亿元，同比+8.6%；餐饮业务营收为 12.6 亿元，同比+65.7%。食品业 务方面，分产品看月饼/速冻食品/其他产品及商品分别实现收入 16.7/10.6/8.0 亿元，分别同比变动+9.9%/+0.3%/+18.8%。由于市场竞争激烈，公司加大速冻 食品促销力度，速冻食品毛利率下降 5.8pp 至 30.8%。公司把握餐饮市场快速 复苏的关键 ...

邮编：100031 周子莘，美容护理分析师。南京大学经济学硕士，华中科技大学经济学学士，曾任兴业 证券社会服务行业美护分析师，2022 年 11 月加入信达新消费团队。主要覆盖化妆品、 医美。 林凌，厦门大学经济学院金融硕士，2023 年 2 月加入信达证券研究所。主要覆盖化妆品、 医美板块。 负责本报告全部或部分内容的每一位分析师在此申明，本人具有证券投资咨询执业资格，并在中国证券业协会注册登记为证券分析 师,以勤勉的职业态度,独立、客观地出具本报告；本报告所表述的所有观点准确反映了分析师本人的研究观点；本人薪酬的任何组 成部分不曾与，不与，也将不会与本报告中的具体分析意见或观点直接或间接相关。 本报告是基于信达证券认为可靠的已公开信息编制，但信达证券不保证所载信息的准确性和完整性。本报告所载的意见、评估及预 测仅为本报告最初出具日的观点和判断，本报告所指的证券或投资标的的价格、价值及投资收入可能会出现不同程度的波动，涉及 证券或投资标的的历史表现不应作为日后表现的保证。在不同时期，或因使用不同假设和标准，采用不同观点和分析方法，致使信 达证券发出与本报告所载意见、评估及预测不一致的研究报告，对此信达证券可 ...

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].

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 investment rating for Guangzhou Restaurant (603043) is "Accumulate" with a target price of 22.60 CNY, down from the previous target price of 27.89 CNY [1][8]. Core Views - The report highlights a recovery in the frozen food business and improvements in management mechanisms. Despite short-term challenges due to increased store openings, overall performance aligns with expectations. The company achieved a revenue of 4.9 billion CNY in 2023, representing a 19% year-on-year growth, with a gross profit margin of 35.62% and a net profit of 550 million CNY, up 5% year-on-year [1][8]. Summary by Sections Financial Performance - In 2023, the company reported a revenue of 4.9 billion CNY, a 19% increase from the previous year. The gross profit was 1.75 billion CNY, with a gross margin of 35.62%. The net profit attributable to shareholders was 550 million CNY, reflecting a 5% increase year-on-year [1][8]. - The earnings per share (EPS) for 2023 was 0.97 CNY, with projections for 2024 at 1.13 CNY and 1.32 CNY for 2025 [1][8]. Revenue Breakdown - The revenue from various business segments showed significant growth, with frozen food and direct sales contributing to the overall increase. The company’s revenue from other regions and overseas markets also saw positive growth, indicating successful expansion efforts [1][8]. Cost and Profitability - The report indicates that the cost structure remains stable, with sales and management expenses increasing moderately. The net profit margin for 2023 was 11.2%, with expectations for gradual improvement in the coming years [1][8]. Valuation Metrics - The report provides valuation metrics, including a projected PE ratio of 20x for 2024 and a target price adjustment reflecting a 19% decrease from previous estimates. The company is positioned as a unique player in the market, justifying its premium valuation [1][8].

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 ...