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 ...

Financial Performance - The company plans to distribute a cash dividend of 4.80 CNY per 10 shares, totaling approximately 273 million CNY, which represents 49.59% of the net profit attributable to shareholders[1]. - The company reported a basic earnings per share of RMB 0.9679 for 2023, representing a 4.88% increase compared to RMB 0.9229 in 2022[26]. - The company reported a basic earnings per share after deducting non-recurring gains and losses of RMB 0.8904, up 5.30% from RMB 0.8456 in 2022[26]. - The company's operating revenue for the current period reached ¥4,900,549,418.32, representing a year-on-year increase of 19.17% compared to ¥4,112,347,081.55 in the previous year[33]. - The operating cost increased to ¥3,154,779,788.92, reflecting a growth of 19.19% from ¥2,646,930,652.85 in the previous year[34]. - The total revenue for the food manufacturing business reached ¥3,533,843,580.33, with a year-over-year decrease of 8.63%[52]. - The revenue from the catering service business increased by 65.66% to ¥1,262,698,222.88, with a gross profit margin of 19.94%[52]. - The company reported a net cash flow from operating activities improved to ¥1,038,236,504.45, a 24.59% increase from ¥833,336,175.00 in the previous year[34]. - The company reported a total sales amount of CNY 49,465.39 million from its top five customers, accounting for 10.09% of total sales[181]. Government and Regulatory Compliance - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties[1]. - The company has not provided guarantees in violation of regulatory decision-making procedures[1]. - The company has established and effectively implemented internal control systems to ensure compliance, asset security, and accurate financial reporting[151]. - The company has not identified any significant issues during its self-inspection for corporate governance as per the regulatory requirements[170]. - The company has maintained an A rating in information disclosure for two consecutive years[82]. Risk Management - The company has detailed potential risks in its report, including those related to future development strategies[1]. - The company is facing regional market risks, particularly concentrated in the Pearl River Delta, and plans to expand into other provinces to mitigate this risk[100]. - Seasonal fluctuations in sales, particularly for mooncake products, pose a risk, prompting the company to diversify its product offerings to stabilize revenue[100]. - Rising raw material prices present a significant risk, and the company is focusing on centralized procurement to manage costs effectively[100]. Innovation and Development - The company’s food business focuses on product innovation and has established a collaborative innovation mechanism with educational institutions to enhance economic benefits[17]. - The company is expanding its digital development strategy, focusing on enhancing production base intelligence and optimizing automation operations[28]. - The company is focused on innovation in product development, particularly in health-conscious and culturally relevant food offerings[46]. - The company launched over 160 new products during the reporting period, including a new series of bone broth dumplings and milk buns[60]. - The company plans to enhance its product matrix by establishing a new deep processing base for meat products in Panyu District, Guangzhou[28]. Corporate Governance - The company has established a sound corporate governance structure, enhancing decision-making efficiency and compliance with laws and regulations[81]. - The company’s board of directors is responsible for ensuring the execution of resolutions from the shareholders' meeting, with a focus on improving governance standards[81]. - The company has a diverse board with members holding various academic qualifications, including master's and doctoral degrees in management and economics[108]. - The company’s independent directors include professionals from academia and industry, enhancing governance and strategic oversight[108]. - The company held six board meetings in 2023, with all directors attending all meetings[113]. Environmental Responsibility - The company has complied with environmental regulations and holds necessary permits for pollutant discharge[155]. - The company invested 27.22 million CNY in environmental protection during the reporting period[153]. - The company has implemented an online automatic monitoring system for wastewater treatment, ensuring compliance with environmental standards[174]. - The company has established two specialized wastewater treatment facilities to meet current wastewater treatment needs[176]. Market Expansion - The company plans to expand its market share in the food business by focusing on the Southeast Asia cuisine and group meal sectors, aiming for nationwide market development[74]. - The company aims to strengthen its marketing strategies in the Guangdong-Hong Kong-Macao Greater Bay Area while exploring growth opportunities in underdeveloped regions[75]. - The company is actively expanding its restaurant business and improving operational efficiency to solidify its market foundation[96]. - The company has increased promotional efforts in provinces outside its primary market to enhance market share[180]. Employee Development - The company emphasizes continuous training for employees, including safety and skill enhancement programs, to improve overall performance and responsibility[144]. - The company is focused on building a competitive compensation and performance system to retain core technical personnel[80]. - The company will leverage its vocational training resources to strengthen its employee training system and develop a talent pool[80].

Investment Rating - The report maintains a "Buy" investment rating for the company [2][5]. Core Insights - The company has a strong foothold in the Guangdong market with its mooncake and frozen products, and is expanding into the East China market as production capacity increases. The brands under the company, including Guangzhou Restaurant, Tao Tao Ju, and Li Kou Fu, are well-positioned to benefit from the growth in the catering industry, indicating robust brand momentum and stable performance [2][5]. - The company's total revenue for 2023 was 4.901 billion yuan, representing a 19% year-on-year increase, while the net profit attributable to shareholders was 550 million yuan, up 5% year-on-year. The earnings per share (EPS) for 2024-2026 are projected to be 1.10, 1.30, and 1.53 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 16, 13, and 12 times [2][5][8]. Financial Performance Summary - The company's revenue is expected to grow steadily, with projections of 5.712 billion yuan in 2024, 6.538 billion yuan in 2025, and 7.392 billion yuan in 2026, reflecting growth rates of 16.6%, 14.5%, and 13.1%, respectively [8]. - The net profit attributable to shareholders is forecasted to reach 628 million yuan in 2024, 740 million yuan in 2025, and 868 million yuan in 2026, with growth rates of 14.1%, 17.9%, and 17.3% [8]. - The company's gross profit margin for 2023 was 35.62%, with a net profit margin of 11.90%. The gross margin is expected to improve slightly in the coming years [8].

证券研究报告 元，对应公司 3 月 28 日收盘价 17.49 元，2024-2026 年 PE 分别为 14.4\11.1\9.5 倍，维持"增持-A"评级。 风险提示 净利率(%) 12.7 11.2 12.2 13.4 14.1 资料来源：最闻，山西证券研究所 餐饮营收增速亮眼，食品制造业务表现平稳 公司研究/公司快报 财务数据与估值： 请务必阅读最后一页股票评级说明和免责声明 2 会计年度 2022A 2023A 2024E 2025E 2026E 营业收入 4112 4901 5642 6673 7459 营业成本 2647 3155 3581 4064 4494 240 营业税金及附加 38 42 50 60 67 34 营业费用 442 506 570 714 798 476 管理费用 380 466 508 667 746 475 研发费用 84 87 102 133 149 财务费用 -48 -19 -28 -76 -104 74 资产减值损失 -3 -15 0 0 0 公允价值变动收益 39 6 17 20 20 164 投资净收益 3 9 9 9 7 营业利润 640 718 885 1 ...

沈肇章先生，出生于 1964 年 8 月，汉族，中共党员，中国国籍，无境外永 久居留权，经济学博士。现任暨南大学经济学院财税系教授，任公司独立董事， 广东德生科技股份有限公司独立董事，广东因赛品牌营销集团股份有限公司独立 董事，广东纬德信息科技股份有限公司独立董事。 作为公司独立董事，我已经向公司董事会提交了《独立董事独立性自查情况 表》，明确未在公司担任除独立董事以外的任何职务，直系亲属、主要社会关系 均不在公司或其附属企业任职，没有为公司或其附属企业提供财务、法律、咨询 等服务。我也未在公司主要股东单位中担任职务，与公司或公司主要股东不存在 关联关系，未持有公司股票，没有从公司及其主要股东或有利害关系的机构和人 员取得额外的、未予披露的其他利益，不存在任何影响本人独立性的情况。 二、独立董事年度履职概况 （一）出席董事会及股东大会情况 广州酒家集团股份有限公司 2023 年度独立董事述职报告 2023 年度，本人作为广州酒家集团股份有限公司（以下简称"公司"）的独 立董事，严格按照《公司法》《证券法》等有关法律法规和《上市公司独立董事 管理办法》《公司章程》《公司独立董事工作制度》等文件的要求，本着客观、 ...

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广州酒家集团股份有限公 2023 年度独立董事述职报告 2023年度，本人作为广州酒家集团股份有限公司（以下简称"公司"）的独 立董事，能严格按照《公司法》《证券法》等有关法律法规和《上市公司独立董 事管理办法》《公司章程》《公司独立董事工作制度》等文件的要求，本着客观、 公正、独立的原则，诚信、勤勉、忠实地履行职责。参加公司的股东大会、董事 会及专门委员会，认真审议议案，并发表意见。关心企业的生产经营情况，前往 公司生产基地、经营现场进行调研，为公司的发展建言献策，努力推动公司的规 范运作和高质量发展，维护公司和全体股东的合法权益。2023年度具体履职情况 如下： 一、独立董事的基本情况 李进一先生，出生于1964年3月，汉族，中国国籍，无境外永久居留权，法 学硕士。现任暨南大学管理学院副教授，广东胜伦律师事务所执业律师，任广州 广电运通金融电子股份有限公司独立董事，国义招标股份有限公司独立董事，国 信证券股份有限公司独立董事，广东粤财金融租赁股份有限公司独立董事，盛京 银行股份有限公司独立非执行董事。 报告期内，李进一先生因个人原因，向公司辞去独立董事职务及董事会专门 委员会的职务，辞职后将不在公司担任任 ...