Guangzhou Restaurant(SH:603043) Guotai Junan Securities·2024-04-28 02:32Investment Rating - The investment rating for the company is "Accumulate" [2][4] - Previous rating was also "Accumulate" [4] - Target price is set at 22.60 [2][4] Core Insights - The company's performance met expectations, with revenue growth driven by various segments including preserved meats, prepared dishes, and catering services [2][4] - The profit growth slightly lagged behind revenue growth due to a decrease in structural contribution [2][4] - The forecasted EPS for 2024 is 1.13, with projections of 1.32 and 1.55 for 2025 and 2026 respectively [2][4] Financial Performance Summary - For Q1 2024, the company achieved revenue of 1.012 billion, a year-on-year increase of 1.3% [2] - The net profit attributable to shareholders was 71 million, reflecting a 2.2% increase, with a profit margin of 7% [2] - The revenue growth was primarily from the food manufacturing segment, which saw a 5% increase, while the mooncake segment experienced a 20% decline [2][4] Business Segment Analysis - The food manufacturing business generated 600 million, with a notable increase in other food business by 18% [2] - The catering business showed growth despite a high base effect, with a shift towards higher-margin direct sales [2][4] - The overall profit margin decreased due to a reduction in the contribution from high-margin mooncake sales [2][4] Financial Forecasts - Revenue projections for 2024 are set at 5.669 billion, with expected growth rates of 16% and 15% for 2025 and 2026 respectively [2][4] - Operating profit is forecasted to increase from 645 million in 2023 to 756 million in 2024 [2][4] - The net profit is expected to grow from 550 million in 2023 to 643 million in 2024, maintaining a growth rate of 17% [2][4]