Guangzhou Restaurant(SH:603043) Soochow Securities·2025-05-26 03:54Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The company is driven by dual engines of catering and food, focusing on South China while expanding nationwide [7] - The company has optimized its product matrix to align with market demand, launching new products such as mooncakes and frozen foods, and targeting health-conscious consumers [7] - The company has established a strong offline presence with over 1,013 distributors and is expanding its e-commerce partnerships [7] - The company is increasing its market share outside Guangdong, with nearly 20% of mooncake sales coming from outside the province in 2024 [7] - The company is also expanding internationally, with a 41.63% revenue growth from overseas markets in 2024 [7] - The company expects a net profit growth of 9.44% in 2025, reaching 540.50 million yuan, and a continued upward trend in subsequent years [1][7] Financial Summary - Total revenue is projected to grow from 5,124 million yuan in 2024 to 6,670 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 9.10% [1][8] - The net profit attributable to the parent company is expected to increase from 494 million yuan in 2024 to 678 million yuan in 2027 [1][8] - The earnings per share (EPS) is forecasted to rise from 0.87 yuan in 2024 to 1.19 yuan in 2027 [1][8] - The price-to-earnings (P/E) ratio is projected to decrease from 19.20 in 2024 to 13.98 in 2027, indicating potential undervaluation [1][8]