Guangzhou Restaurant(603043) 华鑫证券·2024-04-26 02:32Investment Rating - The report maintains a "Buy" investment rating for the company [1][2]. Core Insights - The company has shown steady revenue growth, with Q1 2024 total revenue reaching 1.012 billion yuan, a year-on-year increase of 10%. The net profit attributable to shareholders was 71 million yuan, reflecting a 2% increase year-on-year. However, the gross margin decreased by 3 percentage points to 29.81% due to changes in product structure [1]. - The restaurant business continues to demonstrate strong momentum, with significant growth in catering services driven by store expansion and industry recovery. The company is expected to sustain steady operational performance by optimizing product offerings based on regional market differences [1]. - The company is actively developing untapped markets, with revenue from Guangdong province, outside Guangdong, and overseas reaching 454 million yuan, 137 million yuan, and 12 million yuan respectively, showing year-on-year growth of 7%, 14%, and 71% [1]. Summary by Sections Financial Performance - Q1 2024 total revenue was 1.012 billion yuan, up 10% year-on-year. The net profit attributable to shareholders was 71 million yuan, up 2% year-on-year. The net profit margin decreased by 1 percentage point to 7.96% [1]. - The company forecasts EPS for 2024-2026 to be 1.10, 1.30, and 1.53 yuan, with corresponding PE ratios of 17, 14, and 12 times [2]. Revenue Breakdown - Revenue from various segments in Q1 2024 included: mooncake series (9 million yuan, down 20%), frozen foods (295 million yuan, down 4%), catering services (299 million yuan, up 28%), and other products (384 million yuan, up 13%) [1]. - The company achieved steady growth across direct sales and distribution channels, with revenues of 193 million yuan and 411 million yuan respectively, both up 9% year-on-year [1]. Market Expansion - The company is focusing on expanding its presence in the Guangdong-Hong Kong-Macao Greater Bay Area and exploring growth opportunities in underdeveloped regions such as western and eastern Guangdong [1].