Guangzhou Restaurant(603043) 国金证券·2024-08-31 03:40Investment Rating - The investment rating for Guangzhou Restaurant (603043.SH) is "Accumulate" (maintained) [1][2]. Core Views - The company reported a revenue of 1.912 billion yuan in 1H24, representing a year-on-year increase of 10.29%, while the net profit attributable to shareholders decreased by 26.98% to 58.45 million yuan [1]. - The food manufacturing segment generated revenue of 1.14 billion yuan in 1H24, with a gross margin of 29.0%, down by 2.2 percentage points [1]. - The restaurant service segment saw revenue of 750 million yuan in 1H24, up 14.6%, but the gross margin fell to 18.8%, down by 4.7 percentage points [1]. - The overall gross margin for 1H24 was 25.2%, down 3.4 percentage points, indicating increased pressure on profitability [1]. - The company is optimistic about the improvement in profitability as new restaurant locations ramp up customer traffic [1]. Summary by Sections Financial Performance - 1H24 revenue: 1.912 billion yuan (+10.29% YoY) - 1H24 net profit: 58.45 million yuan (-26.98% YoY) - 1H24 gross margin: 25.2% (-3.4 percentage points) [1][3]. Business Segments - Food Manufacturing: Revenue of 1.14 billion yuan (+8.2% YoY), gross margin of 29.0% (-2.2 percentage points) - Restaurant Services: Revenue of 750 million yuan (+14.6% YoY), gross margin of 18.8% (-4.7 percentage points) [1]. Future Projections - Expected net profit for 2024E-2026E: 500 million yuan, 610 million yuan, and 700 million yuan respectively, with corresponding PE ratios of 17, 14, and 12 [1][3].