Guangzhou Restaurant(603043) 民生证券·2024-09-01 11:30Investment Rating - The report maintains a "Recommended" rating for the company [4] Core Views - The company reported a revenue of 1.912 billion yuan for H1 2024, a year-on-year increase of 10.27%, while the net profit attributable to shareholders decreased by 27.50% to 58 million yuan [1] - The decline in net profit is attributed to increased costs in the restaurant service and food manufacturing segments, despite a strong revenue growth in both segments [1] - The company is expanding its food business channels and restaurant locations, with significant growth in the East and North China markets [1] - The report highlights the potential for revenue growth from frozen products and prepared dishes, as well as ongoing supply chain optimization [2] Financial Performance Summary - For H1 2024, the company achieved a gross margin of 25.89%, down 3.23 percentage points year-on-year, and a net margin of 3.03%, down 1.58 percentage points [1] - The company’s sales expense ratio was 10.72%, management expense ratio was 9.68%, and R&D expense ratio was 1.99% for H1 2024, indicating stable expense management [2] - The forecast for net profit attributable to shareholders is projected to be 574 million yuan in 2024, with a growth rate of 4.2% [3] Revenue and Profit Forecast - The company’s revenue is expected to grow from 4.901 billion yuan in 2023 to 6.676 billion yuan in 2026, with corresponding growth rates of 19.2%, 9.4%, 13.9%, and 9.3% [3] - The projected net profit for 2024 is 574 million yuan, with an expected increase to 840 million yuan by 2026 [3] - The report anticipates a PE ratio of 15x for 2024, decreasing to 10x by 2026, indicating a potentially attractive valuation [2][3]