北京市金杜（广州）律师事务所 关于广州酒家集团股份有限公司 2023 年年度股东大会的 法律意见书 致：广州酒家集团股份有限公司 1 2.经公司2022年第一次临时股东大会审议通过的《广州酒家集团股份有限公 司股东大会规则》； 3.公司2024年3月29日刊登于《证券时报》《上海证券报》、巨潮资讯网、上 海证券交易所网站（www.sse.com.cn）的《广州酒家集团股份有限公司 第四届董事会第二十四次会议决议公告》、《广州酒家集团股份有限公司 第四届监事会第十九次会议决议公告》； 海证券交易所网站（www.sse.com.cn）的《广州酒家集团股份有限公司 关于召开2023年年度股东大会的通知》； 5.公司本次股东大会股权登记日的股东名册； 6.出席现场会议的股东、董事、监事、董事会秘书及列席会议的高级管理人员 的到会登记记录及凭证资料； 7.上证所信息网络有限公司提供的本次股东大会网络投票情况的统计结果； 8.公司本次股东大会议案及涉及相关议案内容的公告等文件； 北京市金杜（广州）律师事务所（以下简称本所）接受广州酒家集团股份有 限公司（以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证 券法 ...

（2010 年 4 月 12 日经 2009 年年度股东大会制订，最新经 2024 年 4 月 23 日 2023 年年度股东大会审议通过） 第一章 总则 第一条 为进一步完善广州酒家集团股份有限公司（以下 简称"公司"）法人治理结构，促进公司的规范运作，根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《上市公司独 立董事管理办法》（以下简称"《独立董事管理办法》"）《上市公 司治理准则》《上海证券交易所股票上市规则》（以下简称"《股 票上市规则》"）、《上海证券交易所上市公司自律监管指引第 1 号——规范运作》（以下简称"《规范运作指引》"）和《广州酒 家集团股份有限公司章程》（以下简称"公司章程"）的规定， 制定本制度。 第二条 独立董事是指不在公司担任除董事外的其它职 务，以及与公司及主要股东、实际控制人不存在直接或者间接 利害关系，或者其他可能影响其进行独立客观判断关系的董事。 独立董事应当独立履行职责，不受公司及其主要股东、实 际控制人等单位或者个人的影响。 广州酒家集团股份有限公司 独立董事工作制度 - 1 - 第三条 独立董事对公司及全体股东负有诚信和勤勉义 务，应当按照法律、行政法规 ...

证券代码：603043 证券简称：广州酒家 公告编号：2024-022 广州酒家集团股份有限公司 2023 年年度股东大会决议公告 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： 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东大会召开的时间：2024 年 04 月 23 日 (二)股东大会召开的地点：广州市天河区科韵路 16 号广州信息港 D 栋 6 楼 会议中心 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 23 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 350,327,506 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 61.5938 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事长徐伟兵先生主持，会议采用现场投票和 网络投票相结合的方式召开。会议的召集和召开程序、表决方 ...

广州酒家集团股份有限公司 2023 年年度股东大会 会议资料 二〇二四年四月 目 录 | 2023 年年度股东大会须知 - | | 3 - | | --- | --- | --- | | 2023 年年度股东大会议程 - | | 4 - | | 议案一：广州酒家集团股份有限公司 年年度报告全文及摘要 - | 2023 | 6 - | | 议案二：广州酒家集团股份有限公司 年度董事会工作报告 - | 2023 | 7 - | | 议案三：广州酒家集团股份有限公司 年度监事会工作报告 - | 2023 | 13 - | | 议案四：广州酒家集团股份有限公司 年度财务决算报告 - | 2023 | 17 - | | 议案五：广州酒家集团股份有限公司 年度财务预算报告 - | 2024 | 20 - | | 议案六：广州酒家集团股份有限公司 年度利润分配的议案 - | 2023 | 21 - | | 议案七：广州酒家集团股份有限公司关于 2023 年度董事薪酬的议案 - | | 22 - | | 议案八：广州酒家集团股份有限公司关于 年度监事薪酬的议案 - 2023 | | 23 - | | 议案九：关于聘请广州酒家 ...

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 ...

Investment Rating - The investment rating for Guangzhou Restaurant (603043.SH) is not explicitly stated in the provided content, but the report suggests a positive outlook based on the company's performance and future potential [23]. Core Insights - The report highlights that Guangzhou Restaurant's revenue for 2023 reached 4.901 billion yuan, representing a year-on-year increase of 19.17%. The net profit attributable to shareholders was 550 million yuan, up 5.21% year-on-year [23]. - In Q4 2023, the company reported a revenue of 1.025 billion yuan, which is a 32.73% increase year-on-year, and a net profit of 59 million yuan, reflecting an 11.11% increase [23]. - The report notes a slowdown in growth for mooncakes and frozen food segments, while the restaurant segment showed significant recovery with a revenue increase of 65.66% [23]. Summary by Sections Revenue Breakdown - Mooncake revenue for 2023 was 1.669 billion yuan, up 9.88%, with a volume increase of 10.6% but a price decrease of 0.6%. The Q4 revenue for mooncakes saw a significant year-on-year increase of 45.5% [23]. - Frozen food revenue was 1.061 billion yuan, a slight increase of 0.33%, with volume growth of 4.8% but a price drop of 4.3%. The gross margin for this segment decreased to 30.78% [23]. - The restaurant segment generated 1.263 billion yuan in revenue, marking a 65.66% increase, attributed to a low base effect and the opening of new restaurants [23]. Profitability Analysis - The overall gross margin for the main business was 35.30%, with slight improvements due to the increased contribution from the restaurant segment. However, the net profit margin decreased to 11.23% [23]. - The report indicates that the company is expanding its restaurant business, with 14 new outlets opened in 2023 and plans for further expansion in various cities [23]. Future Outlook - The report suggests monitoring the company's progress in expanding its distribution network outside Guangdong province and enhancing its e-commerce channels. It also highlights the importance of the upcoming stock incentive plan [23]. - According to consensus estimates, the company's net profit is projected to reach 716 million yuan, 853 million yuan, and 915 million yuan for the years 2024 to 2026, respectively [23].

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].