餐饮业务表现亮眼，费用率持续优化控制 核心观点 ⚫ 23 年稳健增长，24Q1 延续稳健经营，餐饮业务表现亮眼。23 年实现营收 49.01 亿元/+19.17%，实现归母净利润 5.50 亿元/+5.21%，其中月饼 / 速 冻 / 餐饮业 务分别 实现营收 16.69/10.61/12.63 亿元，同比 增 长 9.88%/0.33%/65.66%， 速冻因高基数增速放缓，餐饮业务得益于新开门店高速增长，23 年，公司旗下共 新增 14 家餐饮门店，其中新增 4 家广州酒家餐饮门店，新增 10 家陶陶居餐饮门 店，此外另收购 5 家授权餐饮门店。24Q1 实现营业收入 10.12 亿元/+10.04%； 实现归母净利润 0.71 亿元/+2.22%，其中月饼营收 903 万元/-20.09%；速冻食 品营收 2.95 亿元/-4.1%，预计由居家消费场景减弱导致；其他食品业务营收 2.99 亿元/+27.56%，实现较快增长或因消费者对预制菜需求提升；餐饮营收 3.84 亿元/+13.33%，因门店数量增加而增速较快，分区域看，24Q1 广东省内实 现营收 4.54 亿元/+6.62%，广东省外实现营收 ...

公司研究丨点评报告丨广州酒家（603043.SH） [Table_Title] 2024 年一季报点评：业务表现分化，省外布局 显成效 [Table_Author] 赵刚 杨会强 陈佳 请阅读最后评级说明和重要声明 相关研究 [Table_Summary2] 事件描述 事件评论 省外市场布局深化显成效，经销与代理商不断调整优化。分区域看，一季度广东省内及境 内广东省外分别实现营收 4.54/1.37 亿元，同比增长 6.62%/13.69%，境外营收 1224 万 元，同比增长 70.54%，主要系受外部因素影响去年同期境外收入基数较低所致。一季度 经销与代理商新增 67 家，其中境外 1 家，关闭 109 家，均为境内经销与代理商，净减少 42 家，期末共 1030 家。未来公司会继续搭建灵活多元渠道体系，在维护传统渠道的基 础上，加大力度开拓新兴渠道，促进业绩增长。 风险提示 3、新开餐饮门店爬坡期较长； 2024-05-13 | --- | --- | |-------------------------------------------------|-------------| | 公司基础数据 | ...

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Investment Rating - The investment rating for the company is "Buy" with a 6-month target price indicating an expected return of over 20% [5][26]. Core Insights - The company reported a revenue of 1.01 billion yuan in Q1 2024, reflecting a year-on-year growth of 10.0%. The net profit attributable to the parent company was 70 million yuan, with a year-on-year increase of 2.2% [14][15]. - The performance in Q1 2024 met expectations, with a forecast for steady growth throughout the year. The mooncake and frozen food segments experienced a decline, while the restaurant segment showed robust growth [15][19]. - The company anticipates continued steady growth in the mooncake market, supported by increasing industry regulation and market concentration. The frozen food market is expected to grow rapidly, with plans for capacity expansion and diversification of product lines and channels [19]. Revenue Breakdown - In Q1 2024, revenue from different product categories was as follows: mooncakes 10 million yuan (down 20.1% YoY), frozen foods 300 million yuan (down 4.1% YoY), restaurant services 380 million yuan (up 13.3% YoY), and other categories 300 million yuan (up 27.6% YoY) [1]. - Revenue from direct sales and distribution channels in Q1 2024 was 190 million yuan and 410 million yuan respectively, both showing a year-on-year increase of 9.0% [2]. - Revenue from different regions in Q1 2024 included 450 million yuan from Guangdong province (up 6.6% YoY), 140 million yuan from outside Guangdong (up 13.7% YoY), and 10 million yuan from overseas (up 70.5% YoY) [3]. Profitability Metrics - The gross margin for Q1 2024 decreased by 2.6 percentage points to 29.8%. The expense ratios for sales, management, R&D, and financial costs were 9.8%, 8.4%, 1.8%, and -0.7% respectively, with year-on-year changes of -0.4, -0.7, +0.1, and -1.3 percentage points [4]. - The company forecasts net profits attributable to the parent company for 2024, 2025, and 2026 to be 600 million yuan, 663 million yuan, and 720 million yuan respectively, maintaining previous estimates [19]. Financial Data and Valuation - The total revenue for the company is projected to grow from 4.11 billion yuan in 2022 to 6.49 billion yuan in 2026, with growth rates of 5.72%, 19.17%, 9.40%, 10.00%, and 10.00% for the respective years [20]. - The company's earnings per share (EPS) is expected to increase from 0.91 yuan in 2022 to 1.27 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 20.00, 18.91, 17.34, 15.69, and 14.46 [20][28].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.60 CNY over the next six months [1][6][18]. Core Insights - The company reported a revenue of 1.01 billion CNY for Q1 2024, reflecting a year-on-year growth of 10.0%. The net profit attributable to the parent company was 70 million CNY, up 2.2% year-on-year. The performance met market expectations, with steady revenue growth and slight pressure on profits [6][11]. - The restaurant business continues to show strong growth, with successful expansion into markets outside the province. The revenue from the restaurant segment reached 380 million CNY, a year-on-year increase of 13.3% [6][11]. - The company is focusing on optimizing its distribution network and expanding production capacity, with plans to enhance its presence in emerging channels while maintaining traditional ones [6][11]. Financial Performance Summary - For Q1 2024, the company's revenue breakdown shows food business revenue at 600 million CNY (up 9.0% YoY) and restaurant business revenue at 380 million CNY (up 13.3% YoY). The decline in mooncake sales is attributed to seasonal factors and high base effects from the previous year [6][11]. - The gross margin for Q1 2024 was 29.8%, down 2.6 percentage points year-on-year, primarily due to a decrease in the proportion of high-margin mooncake products [6][11]. - The company has adjusted its distributor network, reducing the number of distributors by 42, while also expanding its presence in major retail chains such as Hema and Costco [6][11]. Earnings Forecast and Valuation - The company is projected to achieve revenues of 4.90 billion CNY in 2024, with a growth rate of 15.56%. The net profit attributable to the parent company is expected to reach 650 million CNY, reflecting a growth rate of 17.12% [7][12]. - The earnings per share (EPS) forecast for 2024 is 1.13 CNY, with a price-to-earnings (PE) ratio of 20 times, leading to the target price of 22.60 CNY [6][11][18].

休闲食品 广州酒家（603043.SH） 增持-A(维持) 公司近一年市场表现 事件描述 王冯 执业登记编码：S0760521010001 公司发布 2024 年一季度财报，期内实现营收 10.12 亿元/+10.04%，归母 净利润 0.71 亿元/+2.22%，扣非归母净利润 0.67 亿元/+1.15%，EPS0.12 元。 本期收到政府补助 259.89 万元。 餐饮业务延续增长势头。公司食品制造业务/餐饮业务分别实现营收 6.03 亿元/3.84 亿元，同比分别+8.99%/+13.33%；其中食品制造业务月饼/速冻/其 他分别营收 0.09 亿元/2.95 亿元/2.99 亿元，同比分别-20.09%/-4.1%/+27.56%， 营收占比分别-0.31pct/-4.34pct/+2.1pct，月饼收入下滑明显，春节假期人员流 动完全恢复、走亲访友带动酥饼、腊味销售快速增长。 期内公司毛利率 29.81%/-2.58pct，净利率 7.96%/-0.61pct。整体费用率 19.34%/-2.25pct，其中销售费用率 9.8%/-0.36pct，管理费用率 8.43%/-0.7pct， 研发费用 ...

餐饮业务恢复良好，淡季月饼业务常态波动不改长期成长逻辑。 公司 2024Q1 单季度食品制造业务/餐饮服务业务/其他商品销售业务收入分别 为 6.03/3.84/0.14 亿元，同比分别为+8.99%/+13.33%/-26.09%，一季度内各业务 收入占比分别为 59.60%/37.91%/1.37%；食品制造业务中月饼系列产品/速冻食 品 / 其 他 产 品 收 入 分 别 为 0.09/2.95/2.99 亿 元 ， 同 比 分 别 为 -20.09%/-4.10%/+27.56%。餐饮业务持续回暖，上半年公司有望持续拓店，促 进餐饮业务量价齐升。一季度为月饼传统淡季，月饼类产品普遍销售总量较低， 本季度月饼业务增速短期承压，但参考去年同期月饼收入为 0.11 亿元，本季度 月饼收入同比下降为合理波动。 司 研 多元化销售渠道齐头并进，省外拓展助推市场扩容。 公司食品制造业务 2024Q1 单季度直接销售/经销与代销收入分别为 1.93/4.11 亿元，同比+8.95%/+9.01%，直销与经销代销同频发展，双轮驱动赋能公司持 续拓展市场。公司本季度食品制造业务收入分地区来看，2024Q1 单季度广东 ...

食品饮料 | --- | --- | |-----------------------------|-------------------------------| | 市场数据： | 2024 年 04 月 26 日 | | 收盘价（元） | 18 | | 一年内最高/ 最低（元） | 31.6/15.55 | | 市净率 | 2.8 | | 息率（分红 / 股价） | - | | 流通 A 股市值（百万元） | 10238 | | 上证指数/深证成指 | 3088.64/9463.91 | 证券分析师承诺 本报告署名分析师具有中国证券业协会授予的证券投资咨询执业资格并注册为证券分析师，以勤勉的职业态度、专业审慎的研究方 法，使用合法合规的信息，独立、客观地出具本报告,并对本报告的内容和观点负责。本人不曾因，不因，也将不会因本报告中的 具体推荐意见或观点而直接或间接收到任何形式的补偿。 与公司有关的信息披露 本公司隶属于申万宏源证券有限公司。本公司经中国证券监督管理委员会核准，取得证券投资咨询业务许可。本公司关联机构在法 律许可情况下可能持有或交易本报告提到的投资标的，还可能为或争取为这些标的提供投资银行服 ...

证 券 研 究 报 告 股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|--------------------------------------------------------------------------------------|-----------------------------|--------------------------------------|---------------------------------------|------------------------------------|------------------------|--------------------|-------------------------------------------------|------------|-------------------| | [Table_MainInfo] | [Table_T ...

证券研究报告|食品饮料 [Table_StockName] ——广州酒家（603043）点评报告 [Table_ReportDate] 2024 年 04 月 26 日 投资要点: | --- | --- | |------------------|------------------| | | | | 基础数据 | [Table_BaseData] | | 总股本（百万股） | | | 流通 A | 股（百万股） | | 收盘价（元） | | | 总市值（亿元） | | | 流通 | A 股市值（亿元） | -50% -40% -30% -20% -10% 0% 10% 广州酒家 沪深300 | --- | --- | |--------------------------|---------------------| | | | | [Table_Authors] 分析师 : | 陈雯 | | 执业证书编号： | S0270519060001 | | 电话： | 02032255207 | | 邮箱： | chenwen@wlzq.com.cn | | 分析师 : | 叶柏良 | | 执业证书编号： | ...