Guangzhou Restaurant(SH:603043) Xinda Securities·2024-04-01 16:00Investment 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].