Guangzhou Restaurant(SH:603043) Changjiang Securities·2025-11-13 07:04Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - In Q3 2025, the company achieved operating revenue of 2.293 billion yuan, a year-on-year increase of 4.66%, and a net profit attributable to shareholders of 410 million yuan, up 5.33% year-on-year [2][6] - The company is focused on a strategy of "strong brand in catering, large-scale in food," aiming to build a "big catering, big food, big brand" industrial structure, with plans for new store openings and market expansion nationwide [2][6] - The company expects net profits attributable to shareholders to reach 523 million, 588 million, and 628 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 19, 17, and 16 times at the current stock price [2][6] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported operating revenue of 4.285 billion yuan, a year-on-year increase of 4.43%, and a net profit attributable to shareholders of 449 million yuan, up 0.31% year-on-year [6] - In Q3 2025, the company achieved operating revenue of 2.293 billion yuan, a year-on-year increase of 4.66%, and a net profit attributable to shareholders of 410 million yuan, up 5.33% year-on-year [6] Business Segments - The food manufacturing and catering service segments both showed steady growth, with food manufacturing increasing by 4.8% year-on-year, and catering services growing by 3.88% [2][6] - The company plans to continue building a flexible and diverse channel system, emphasizing an "online + offline" collaborative strategy to drive performance growth [2][6] Profitability - The company demonstrated significant cost reduction effects, with gross margin increasing by 0.3 percentage points to 39.79% in Q3 2025 [2][6] - The overall expense ratio decreased by 0.48 percentage points to 14.18%, contributing to a slight increase in net profit margin by 0.1 percentage points to 18.43% [2][6]