Guangzhou Restaurant(603043) 万联证券·2025-03-28 10:09Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company reported a stable revenue growth with a total revenue of 5.124 billion yuan in 2024, representing a year-over-year increase of 4.55%. However, the net profit attributable to shareholders decreased by 10.29% to 494 million yuan [1][2] - The food business showed resilience, particularly in the restaurant segment, which achieved a revenue of 1.455 billion yuan, reflecting a year-over-year growth of 15.24%. In contrast, the mooncake and frozen food segments experienced slight declines in revenue [2] - The company is implementing cost reduction and efficiency improvement measures, resulting in a decrease in overall expense ratios, although the gross profit margin fell to 31.72%, down 3.90 percentage points from the previous year [2] Summary by Sections Revenue and Profitability - In 2024, the company achieved a revenue of 5.124 billion yuan, with a year-over-year growth of 4.55%. The net profit attributable to shareholders was 494 million yuan, down 10.29% from the previous year [1][3] - The revenue breakdown shows mooncake sales at 1.636 billion yuan (YoY -1.95%), frozen food at 1.03 billion yuan (YoY -2.97%), and restaurant business at 1.455 billion yuan (YoY +15.24%) [2] Cost Management - The company's gross profit margin decreased to 31.72%, a decline of 3.90 percentage points year-over-year. The sales expense ratio and management expense ratio were 9.81% and 10.22%, respectively, both showing a decrease compared to the previous year [2] Future Outlook - The company is expected to maintain growth in the "restaurant + food" dual business model, with projected revenues of 5.746 billion yuan in 2025, representing a growth rate of 12.14% [3][8] - The company has announced a stock repurchase plan and an equity incentive plan aimed at enhancing management motivation and operational efficiency [2][3]