Guangzhou Restaurant(603043) 长江证券·2024-11-04 07:40Investment 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].