Guangzhou Restaurant(603043) 华福证券·2025-04-15 05:32Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the market benchmark index within the next six months [7][21]. Core Insights - The company achieved a revenue of 5.124 billion yuan in 2024, representing a year-on-year growth of 4.56%, while the net profit attributable to shareholders decreased by 10.29% to 494 million yuan [2][4]. - The food manufacturing business showed stable growth, with revenue from food manufacturing, catering services, and other sales reaching 3.570 billion, 1.455 billion, and 55 million yuan respectively in 2024, with catering services growing by 15.24% year-on-year [4][5]. - The company is expanding its presence outside Guangdong province, with significant growth in the number of provincial distributors, indicating successful pilot sales in new cities [5][6]. Financial Performance - The overall gross margin for 2024 was 31.72%, a decrease of 3.90 percentage points from the previous year, while the net profit margin was 9.64%, down 1.59 percentage points [6]. - The company’s sales expenses, management expenses, and R&D expenses as a percentage of revenue were 9.81%, 9.09%, and 1.60% respectively, showing a reduction compared to the previous year [6]. - The forecast for net profit attributable to shareholders for 2025-2027 is 556 million, 620 million, and 673 million yuan, respectively, with corresponding P/E ratios of 16, 15, and 13 times [7][9].