证券代码：广州酒家 证券简称：603043 公告编号：2024-050 广州酒家集团股份有限公司 关于使用闲置自有资金购买国债逆回购进展的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●投资种类：上海证券交易所、深圳证券交易所交易的国债逆回购品种产品。 ●投资金额：44,000.00 万元。 ●履行的审议程序：2024 年 3 月 27 日召开了第四届董事会第二十四次会议 和第四届监事会第十九次会议，审议通过了《广州酒家集团股份有限公司关于使 用闲置自有资金购买银行理财产品、固定收益凭证产品及国债逆回购的议案》。 币种：人民币 广州酒家集团股份有限公司（以下简称"公司"）2024 年 3 月 27 日召开了 第四届董事会第二十四次会议和第四届监事会第十九次会议，审议通过了《广州 酒家集团股份有限公司关于使用闲置自有资金购买银行理财产品、固定收益凭证 产品及国债逆回购的议案》，同意公司使用额度不超过人民币 5 亿元的闲置自有 资金投资安全性高、风险较低、流动性好、一年以内的短期银行理财产品、固定 收益凭证 ...

食品饮料 | 证券研究报告 — 调整盈利预测 2024 年 11 月 14 日 603043.SH 买入 原评级：买入 市场价格:人民币 16.71 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 (14.1) 8.3 8.6 (21.0) (36%) (26%) (16%) (6%) 4% 14% Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jul-24Aug-24Sep-24Oct-24Nov-24 广州酒家 上证综指 相对上证综指 (30.2) 1.4 (11.3) (33.9) | --- | --- | --- | |--------------------------------|------------|----------| | | | | | | | | | 发行股数 ( 百万 ) | | 568.77 | | 流通股 ( 百万 ) | | 568.77 | | 总市值 ( 人民币 百万 ) | | 9,504.16 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 55.84 | | 主要股东 | | ...

Investment Rating - The report maintains a "Buy" rating for the company [6][8]. Core Views - The company achieved a revenue of 2.191 billion yuan in Q3 2024, representing a year-on-year increase of 2.27%, while the net profit attributable to shareholders was 390 million yuan, down 5.35% year-on-year [4][5]. - The company is focused on a strategy of "strong brand in catering, large-scale food production," aiming to build a comprehensive industry structure of "large catering, large food, and large brands" [6]. - The long-term goal is to create a century-old famous brand and build an internationally renowned food group, with projected net profits for 2024-2026 being 554 million, 645 million, and 745 million yuan, respectively, corresponding to PE ratios of 16, 14, and 12 times [6]. Financial Performance Summary - For the first three quarters of 2024, the company reported a total revenue of 4.103 billion yuan, a year-on-year increase of 5.86%, and a net profit of 448 million yuan, down 8.87% year-on-year [4][5]. - In Q3 2024, the company’s gross margin was 39.49%, a decrease of 2.84 percentage points year-on-year, while the net margin was 18.33%, down 1.36 percentage points year-on-year [5]. - The company’s operating costs increased by 7.31% year-on-year, which was higher than the revenue growth rate, leading to pressure on profit margins [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised to 19.20 CNY, reflecting an 11% increase from the previous target of 17.27 CNY [4][6]. Core Insights - The company's performance met expectations, with a focus on channel expansion and the progress of its restaurant business. The sales figures for mooncake business were in line with expectations, and overall sales remained flat year-on-year [3][4]. - The report highlights a downward adjustment in EPS forecasts for 2024-2026 due to weak overall demand in the restaurant industry, with projected EPS of 0.90 CNY (-13%), 1.01 CNY (-11%), and 1.11 CNY (-9%) respectively [4]. - The company achieved a revenue of 4.1 billion CNY in 2024 Q1-3, a 6% increase year-on-year, while gross profit decreased by 4% to 1.36 billion CNY [4][5]. Financial Summary - For 2024 Q3, the company reported a revenue of 2.19 billion CNY, a 2.3% increase year-on-year, with mooncake, frozen food, and restaurant revenues at 1.41 billion CNY, 230 million CNY, and 370 million CNY respectively [4]. - The gross profit margin for Q3 was 39.49%, down 2.84 percentage points year-on-year, with a net profit of 390 million CNY, a decrease of 5.3% [4][5]. - The financial outlook includes projected revenues of 5.24 billion CNY for 2024, 5.96 billion CNY for 2025, and 6.70 billion CNY for 2026, with corresponding net profits of 511 million CNY, 575 million CNY, and 633 million CNY [5][12].

[Table_MainInfo] 公司研究/旅游服务业/酒店、餐馆 证券研究报告 广州酒家（603043）公司季报点评 2024 年 11 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |----------------------------------------------------|-------------------------| | 股票数据 | | | 1 [ 1 Table_StockInfo 月 01 日收盘价（元） ] | 16.13 | | 52 周股价波动（元） | 12.66-21.81 | | 总股本 / 流通 A 股（百万股） | 569/569 | | 总市值 / 流通市值（百万元） | 9174/9174 | | 相关研究 | | | [Table_ReportInfo] 《 4Q23 收 入 增 33% | ， 增 长 维 持 韧 性 》 | | 2024.03.30 | | | 《 3Q23 收入增 12% ，毛利率承压》 | 2023.10.31 | 市场表现 [Table_QuoteInfo] -36.6 ...

证券研究报告 非金融公司|公司点评|广州酒家（603043） 月饼旺季平稳收官，持续开拓省外市场 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月01日 证券研究报告 |报告要点 公司发布 2024 年第三季度报告。2024 年前三季度公司实现营收 41.0 亿元，同比增长 5.9%， 归母净利润 4.5 亿元，同比下滑 8.9%；扣非归母净利润为 4.3 亿元，同比下滑 8.5%。单三季 度看，2024Q3 公司实现营收 21.9 亿元，同比增长 2.3%，归母净利润为 3.9 亿元，同比下滑 5.4%，扣非归母净利润为 3.8 亿元，同比下滑 4.5%。 |分析师及联系人 邓文慧 曹晶 SAC：S0590522060001 SAC：S0590523080001 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年11月01日 广州酒家(603043) 月饼旺季平稳收官，持续开拓省外市场 | --- | --- | |----------------------------|-------------------| | | | | ...

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [1] Core Views - The company's performance in Q3 2024 was under pressure, with a revenue of 4.1 billion yuan (up 5.9% year-on-year) and a net profit attributable to shareholders of 448 million yuan (down 8.9% year-on-year). Q3 revenue was 2.19 billion yuan (up 2.3% year-on-year) and net profit was 390 million yuan (down 5.3% year-on-year). Due to weak demand and intensified competition, the forecast for net profit for 2024-2026 has been revised down to 510 million, 610 million, and 700 million yuan respectively [1][2][4]. - The company is expected to achieve stable growth driven by both food and restaurant segments, maintaining the "Outperform" rating [1]. Revenue Performance - In Q3 2024, the food segment saw a revenue decline of 0.5%, with mooncake and frozen food revenues growing by 0.1% and declining by 4.8% respectively. The mooncake segment performed relatively well, with total sales of 13.74 million boxes (up 1.5% year-on-year) [2]. - The restaurant segment showed strong performance in Q3 2024, with revenue growth of 17.3%, benefiting from steady store expansion. As of October 30, the company operated 50 direct restaurant outlets in key cities such as Guangzhou, Shenzhen, Beijing, Shanghai, and Chengdu [2]. Market Expansion - The food manufacturing business's direct sales and distribution revenues grew by 5.3% and declined by 3.5% respectively in Q3 2024. Revenue from the Guangdong province increased by 0.7% year-on-year, while revenue from outside the province decreased by 2.3% [3]. - The company continues to focus on the Guangdong market while actively expanding into markets outside the province, with expectations for steady revenue growth in 2024 [3]. Profitability Metrics - The gross margin in Q3 2024 was 39.5% (down 2.8 percentage points year-on-year), primarily due to increased promotional efforts. The net profit margin was 18.3% (down 1.4 percentage points year-on-year). Future improvements in gross margin are anticipated as restaurant operations stabilize and promotional efforts normalize [4]. - The company’s net profit for 2024 is projected to be relatively stable, with a net profit margin forecasted at 9.9% for 2024, improving to 10.9% and 11.7% in 2025 and 2026 respectively [5]. Financial Forecast - The company is expected to achieve revenues of 5.17 billion yuan in 2024, with a year-on-year growth of 5.6%. The net profit attributable to shareholders is forecasted at 511 million yuan, reflecting a decline of 7.2% year-on-year [5]. - The earnings per share (EPS) is projected to be 0.90 yuan for 2024, increasing to 1.06 yuan in 2025 and 1.23 yuan in 2026 [5]. Stock Performance - The current stock price is 16.13 yuan, with a market capitalization of 9.174 billion yuan. The stock has seen a 3-month turnover rate of 32.46% [6].

Investment Rating - The report maintains a "Buy" rating for Guangzhou Restaurant (603043 SH) [3] Core Views - Guangzhou Restaurant's Q3 2024 performance was impacted by weak consumer demand, particularly in the mooncake segment, leading to a slowdown in revenue growth [1][2] - The company's profitability is under short-term pressure due to changes in product mix and lower gross margins [3] - The report expects a potential recovery in mooncake sales in 2025 due to the coincidence of Mid-Autumn Festival and National Day [2] Financial Performance - In Q3 2024, Guangzhou Restaurant achieved revenue of RMB 2 19 billion, a year-on-year increase of 2 3%, with net profit attributable to shareholders of RMB 390 million, down 5 3% year-on-year [1] - For the first three quarters of 2024, the company's revenue reached RMB 4 1 billion, up 5 9% year-on-year, while net profit attributable to shareholders was RMB 450 million, down 8 9% year-on-year [1] Business Segment Analysis - Mooncake segment: Q3 revenue of RMB 1 409 billion, up only 0 1% year-on-year, affected by weak consumer demand and delayed distributor stocking [2] - Frozen food segment: Q3 revenue of RMB 232 million, down 4 8% year-on-year [2] - Catering segment: Q3 revenue of RMB 367 million, up 17 3% year-on-year, driven by expansion of directly operated stores [2] - Other products: Q3 revenue of RMB 157 million, up 0 6% year-on-year [2] Regional Performance - Guangdong Province: Q3 revenue of RMB 1 297 billion, up 0 7% year-on-year [2] - Outside Guangdong Province: Q3 revenue of RMB 480 million, down 2 3% year-on-year [2] - Overseas: Q3 revenue of RMB 22 million, down 24 8% year-on-year [2] Profitability Analysis - Gross margin for Q3 2024 was 39 49%, down 2 84 percentage points year-on-year, mainly due to changes in product mix [3] - Net profit margin for Q3 2024 was 18 33%, down 1 36 percentage points year-on-year [3] - Sales expense ratio for Q3 2024 was 7 28%, down 0 87 percentage points year-on-year, reflecting improved cost control [3] Valuation and Forecast - The report revised down the net profit forecast for 2024-2026 to RMB 509 million, RMB 584 million, and RMB 664 million respectively, representing reductions of 8%, 7%, and 5% [3] - The company's PE ratio for 2024-2026 is estimated at 18x, 16x, and 14x respectively [3] - The report suggests focusing on mooncake sales performance during the 2025 Mid-Autumn Festival and the company's expansion outside Guangdong Province in the medium to long term [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [7]. Core Views - The company reported a revenue of 4.103 billion yuan for Q1-Q3 2024, reflecting a year-on-year increase of 5.86%, while the net profit attributable to shareholders decreased by 8.87% to 448 million yuan [1]. - The "Little Year" mooncake business showed resilience, with a 1.5% increase in sales volume compared to the previous year, despite the current year being a traditional "Little Year" for the mooncake industry [1]. - The company is experiencing steady growth in its restaurant business, benefiting from ongoing store expansions [1]. - Direct sales in the food manufacturing segment are gaining traction, with a year-on-year increase of 4.48% in direct sales revenue for Q1-Q3 2024 [1]. - The overall gross margin for Q1-Q3 2024 was 33.14%, a decrease of 3.27 percentage points from the previous year, while the net profit margin was 10.92%, down 1.76 percentage points [1]. Summary by Sections Financial Performance - For Q1-Q3 2024, the company achieved revenues of 29.40 billion yuan from food manufacturing, 10.89 billion yuan from restaurant services, and 0.42 billion yuan from other sales, with respective year-on-year growth rates of +2.70%, +15.51%, and -3.47% [1]. - The company expects net profits for 2024-2026 to be 5.11 billion yuan, 5.84 billion yuan, and 6.83 billion yuan, respectively, with corresponding price-to-earnings ratios of 18, 16, and 13 times [1][2]. Business Segments - The food manufacturing business generated 14.41 billion yuan from mooncake products, 7.72 billion yuan from frozen foods, and 7.27 billion yuan from other products in Q1-Q3 2024, with mooncake revenue showing a slight increase of 0.24% year-on-year [1]. - The restaurant service segment saw a significant year-on-year growth of 15.51%, indicating strong demand and effective channel expansion [1]. Market Expansion - The company has successfully expanded its distribution network, with a net increase of 29 distributors in provinces outside Guangdong, indicating initial success in its provincial expansion strategy [1]. - The direct sales channel is showing a positive trend, with a year-on-year growth of 5.30% in Q3 2024, while the distribution channel experienced a decline of 3.53% [1]. Profitability Metrics - The report highlights a slight decline in profitability metrics, with the overall gross margin decreasing to 33.14% and net profit margin to 10.92% for Q1-Q3 2024 [1]. - The company has managed to reduce its sales, management, and research expenses as a percentage of revenue, reflecting improved operational efficiency [1].

请务必阅读正文之后的免责声明及其项下所有内容 广州酒家（603043. SH） 第三季度收入微增，月饼主业维持平稳 核心观点 第三季度收入微增，归母净利润同比赌降。202403，公司实现收入 21. 91 亿 元/+2. 27%, 归母净利润 3. 90 亿元/−5. 35%, 扣非净利润 3. 84 亿元/−4. 45%, 与我们此前业绩前瞻大致相当。2024年前三季度,公司实现收入 41.03 亿元 /+5. 86%;实现归母净利润 4. 48 亿元/-8. 87%; 扣非净利润 4. 34 亿元/-8. 54%, 公司收入稳健增长,但性价比消费下利润率有所下降,净利润同比略承压。 月饼业务平稳，速冻略承压，餐饮伴随门店扩张收入增长。食品业务方面: 前三季度,公司月饼主业收入 14. 41 亿元/+0. 24%(销量预计增 1.5%), 整 体平稳;速冻收入 7.72 亿元/-1.84%，主要系需求相对疲软,且公司产品定 位相对偏中高端,消费性价比趋势下略有承压;其他食品收入（粽子、预制 菜等）7.30 亿元/+13.85%，增速较快。综合来看，公司食品业务收入 29.40 亿元/+2.70%，增长平稳。 ...