广州酒家（603043）：主业保持稳健增收，省外市场表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown steady revenue growth in its main business, with strong performance in markets outside its home province [6] - The first quarter of 2025 saw a revenue of 1.046 billion yuan, a year-on-year increase of 3.34%, while the net profit attributable to the parent company was 51 million yuan, a decrease of 27.93% [6] - The company is focusing on optimizing its distribution network and enhancing supply chain capabilities, which is expected to drive long-term growth [6] Financial Data and Profit Forecast - Total revenue is projected to reach 5.695 billion yuan in 2025, with a year-on-year growth rate of 11.2% [5] - The net profit attributable to the parent company is forecasted to be 574 million yuan in 2025, reflecting a year-on-year increase of 16.3% [5] - The company’s gross margin is expected to be 33.3% in 2025, with a return on equity (ROE) of 13.7% [5] - The company aims to maintain a price-to-earnings (PE) ratio of 15 for 2025, decreasing to 13 by 2027 [5]