证券代码：603043 证券简称：广州酒家 公告编号：2024-032 广州酒家集团股份有限公司 第四届监事会第二十一次会议决议公告 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。 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"）第四届监事会第二十一次 会议于 2024 年 6 月 26 日发出会议通知，于 2024 年 6 月 29 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。本次会议议案获通过。 全体监事出席本次监事会。 本次会议议案获通过。 二、监事会会议审议情况 《广州酒家集团股份有限公司关于新增 2024 年日常关联交易预计的议案》 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。 特此公告。 广州酒家集团股份有限公司监事会 2024 ...

关于新增2024年日常关联交易预计的公告 本公司董事会及全体董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。 重要内容提示： 证券代码：603043 证券简称：广州酒家 公告编号：2024-033 广州酒家集团股份有限公司 是否需要提交股东大会审议：否 日常关联交易对上市公司的影响：本次广州酒家集团股份有限公司（含 子公司，下称"公司"）在广发银行股份有限公司（下称"广发银行"）存款的行 为属于在银行业金融机构正常的资金存款行为，利率按商业原则，定价依据市场 公允价格确定，交易价格公允，不存在损害公司和中小股东利益的情形，也不会 影响公司的独立性。 需要提请投资者注意的其他事项：无 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 3.监事会审议情况 2024年6月29日，公司召开第四届监事会第二十一次会议，以同意3票，反 对0票，弃权0票，审议通过了《广州酒家集团股份有限公司关于新增2024年日 常关联交易预计的议案》。 4.预算委员会意见 2024年6月29日，公司召开第四届董事会预算委员会第九次会议，以同意5票， 反对0票，弃权0 ...

证券代码：603043 证券简称：广州酒家 公告编号：2024-031 广州酒家集团股份有限公司 第四届董事会第二十六次会议决议公告 本公司董事会及全体董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。 重要内容提示： 一、董事会会议召开情况 广州酒家集团股份有限公司（以下简称"公司"）第四届董事会第二十六次 会议于 2024 年 6 月 26 日发出会议通知，于 2024 年 6 月 29 日以通讯会议方式形 成决议。会议应参加表决董事 6 人，实际表决董事 6 人。本次会议的召集、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 议没有董事对议案投反对/弃权票。本次会议议案均获通过。 二、董事会会议审议情况 本议案经过独立董事专门会议、第四届董事会预算委员会第九次会议审议通 过，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修订合规管理办法的议案》 表决结果：通过（有权表决票数 6 票，同意 6 票，反对 0 票，弃权 0 票）。 （三）《广州酒家集团股份有限公司关于修订企 ...

除上述办公地址、邮政编码变更外，公司投资者热线、电子信箱及公司网址 等其他信息均保持不变。具体情况如下： 投资者热线：020-81380909 电子信箱：gzjj603043@gzr.com.cm 公司网址：www.gzr.com.cn 证券代码：603043 证券简称：广州酒家 公告编号：2024-030 广州酒家集团股份有限公司 关于办公地址变更的公告 本公司董事会及全体董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。 广州酒家集团股份有限公司（以下简称"公司"）因经营发展需要，于近日 搬迁至新办公地址，现将公司地址变更情况公告如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 办公地址 | 广州市荔湾区中山七路50号西门口广场写 | 广州市天河区科韵路16号 | | | 字楼第12层（自编层第13层）全层单元 | 自编第4栋第10层 | | 邮政编码 | 510170 | 510665 | 2024 年 6 月 6 日 1 敬请广大投资者留意，由此给投资者带来的不变，敬请谅解。 特此公告。 广州酒家 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 18.40 CNY, based on a 16x price-to-earnings ratio for 2024 [3]. Core Views - The company demonstrated robust growth in 2023, achieving revenue of 4.901 billion CNY (+19.17%) and a net profit of 550 million CNY (+5.21%). The restaurant segment showed significant growth, with a revenue increase of 65.66% [1][2]. - In Q1 2024, the company continued its steady performance with revenue of 1.012 billion CNY (+10.04%) and a net profit of 71 million CNY (+2.22%). The restaurant revenue reached 384 million CNY (+13.33%) due to an increase in the number of outlets [1]. - The company is actively expanding its production capacity, with new facilities and projects aimed at enhancing long-term growth potential [1]. Financial Summary - The company reported a gross margin of 35.63% in 2023, which remained stable year-on-year. However, the gross margin for Q1 2024 decreased to 29.74% due to changes in product mix [1]. - The forecasted earnings per share for 2024-2026 are 1.15 CNY, 1.39 CNY, and 1.60 CNY respectively, reflecting a gradual increase in profitability [2]. - The company’s revenue is projected to grow from 4.901 billion CNY in 2023 to 7.386 billion CNY by 2026, with a compound annual growth rate of approximately 13.7% [2].

Investment Rating - The report maintains a "Buy" rating for the company [14]. Core Insights - The company achieved a revenue of 1.012 billion yuan in Q1 2024, representing a year-on-year growth of 10.04%, and a net profit attributable to shareholders of 70.78 million yuan, up 2.22% year-on-year [10][12]. - The company is focusing on a strategy of "strong brand in catering, large-scale in food," aiming to build a "big catering, big food, big brand" industry structure, with plans to expand its market presence and enhance brand recognition [10][13]. - The company’s revenue from mooncake products and frozen products declined by 20.09% and 4.10% respectively due to high base effects from the previous year, while other food manufacturing and catering services saw revenue growth of 27.56% and 13.33% respectively [12]. Summary by Sections Financial Performance - In Q1 2024, the company reported total revenue of 1.012 billion yuan, with a net profit of 70.78 million yuan, reflecting a year-on-year increase of 10.04% and 2.22% respectively [10][12]. - The company’s gross margin and net margin were 29.81% and 7.96%, down 2.58 and 0.61 percentage points year-on-year [40]. Market Expansion - The company is deepening its market layout outside Guangdong, with revenue from Guangdong province reaching 454 million yuan and from outside Guangdong 137 million yuan, showing year-on-year growth of 6.62% and 13.69% respectively [4]. - The company added 67 new distributors and agents in Q1, while closing 109, resulting in a net decrease of 42, totaling 1,030 distributors by the end of the quarter [4]. Future Projections - The company expects net profits for 2024, 2025, and 2026 to be 647 million yuan, 752 million yuan, and 849 million yuan respectively, corresponding to a price-to-earnings ratio of 16X, 14X, and 12X based on the current stock price [10][13].

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Investment Rating - The investment rating for the company is "Buy" with a 6-month target price indicating an expected return of over 20% [5][26]. Core Insights - The company reported a revenue of 1.01 billion yuan in Q1 2024, reflecting a year-on-year growth of 10.0%. The net profit attributable to the parent company was 70 million yuan, with a year-on-year increase of 2.2% [14][15]. - The performance in Q1 2024 met expectations, with a forecast for steady growth throughout the year. The mooncake and frozen food segments experienced a decline, while the restaurant segment showed robust growth [15][19]. - The company anticipates continued steady growth in the mooncake market, supported by increasing industry regulation and market concentration. The frozen food market is expected to grow rapidly, with plans for capacity expansion and diversification of product lines and channels [19]. Revenue Breakdown - In Q1 2024, revenue from different product categories was as follows: mooncakes 10 million yuan (down 20.1% YoY), frozen foods 300 million yuan (down 4.1% YoY), restaurant services 380 million yuan (up 13.3% YoY), and other categories 300 million yuan (up 27.6% YoY) [1]. - Revenue from direct sales and distribution channels in Q1 2024 was 190 million yuan and 410 million yuan respectively, both showing a year-on-year increase of 9.0% [2]. - Revenue from different regions in Q1 2024 included 450 million yuan from Guangdong province (up 6.6% YoY), 140 million yuan from outside Guangdong (up 13.7% YoY), and 10 million yuan from overseas (up 70.5% YoY) [3]. Profitability Metrics - The gross margin for Q1 2024 decreased by 2.6 percentage points to 29.8%. The expense ratios for sales, management, R&D, and financial costs were 9.8%, 8.4%, 1.8%, and -0.7% respectively, with year-on-year changes of -0.4, -0.7, +0.1, and -1.3 percentage points [4]. - The company forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 600 million yuan, 663 million yuan, and 720 million yuan respectively, maintaining previous estimates [19]. Financial Data and Valuation - The total revenue for the company is projected to grow from 4.11 billion yuan in 2022 to 6.49 billion yuan in 2026, with growth rates of 5.72%, 19.17%, 9.40%, 10.00%, and 10.00% for the respective years [20]. - The company's earnings per share (EPS) is expected to increase from 0.91 yuan in 2022 to 1.27 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 20.00, 18.91, 17.34, 15.69, and 14.46 [20][28].

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 ...