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广州酒家(603043):餐饮食品收入小幅增长 盈利能力保持稳健

Guangzhou Restaurant (603043): Food and beverage revenue increased slightly, profitability remained steady

招商證券 ·  Apr 28

Guangzhou Restaurant released its 2024 quarterly report. In Q1, the company achieved operating income of 1.01 billion yuan/ +10.0%, net profit of 71 million yuan/ +2.2%, net profit of 67 million yuan/ +1.2% after deducting non-return to mother, of which 24Q1's food business revenue was 60 billion yuan/ +9.0%, and the catering business achieved revenue of 380 million yuan/ +13.3%. Overall revenue was in line with our expectations, and operating results were slightly lower than our expectations. In the short to medium term, due to the weak domestic macro-consumption environment, we expect that the growth rate of the company's food business may slow down, and the increase in the share of revenue from the catering business will drag down the company's gross profit margin. In the long run, as the company's quick-frozen production capacity continues to expand and the restaurant brand stores expand steadily, they are still optimistic about subsequent company growth and maintain a “highly recommended” rating.

24Q1 revenue increased slightly, and operating results were slightly lower than our expectations. The company achieved operating income of 1.01 billion yuan/ +10.0% in 2024Q1, achieved net profit of 71 million yuan/ +2.2%, and realized net profit of 67 million yuan/ +2.2% after deduction. Overall revenue met our expectations, and operating performance was slightly lower than our expectations.

Catering and food revenue grew steadily, and the frozen business performance was sluggish. 2024Q1's food manufacturing business revenue is 60 billion yuan/ +9.0%. Looking at product segments, the growth rate of the company's various business performance is divided. Among them, the frozen food business achieved sales revenue of 30 billion yuan/ -4.1%, and other products achieved sales revenue of 300 million yuan/ +27.6%; the company's catering business achieved sales revenue of 380 million yuan/ +13.3%, and the overall catering sector maintained steady growth.

Overseas business has grown significantly, and business in the province is developing steadily. 2024Q1's direct sales revenue was 190 million yuan/ +9.0%, and distribution and consignment sales revenue was 410 million yuan/ +9.0%. From a regional perspective, 24Q1 achieved revenue of 450 million yuan/ +6.6% in Guangdong Province, 140 million yuan/ +13.7% of revenue from outside Guangdong Province, and 12.240 million yuan/ +70.5% from abroad. The sharp year-on-year increase in overseas revenue was mainly due to external factors and the lower overseas revenue base in the same period last year. In terms of dealers, as of the end of March 2024, the company had 1,030 dealers, with a decrease or increase of 67/109 dealers compared to the beginning of the year. Among them, the number of dealers within and outside the province decreased by 52/57 and increased by 37/29. The number of dealers outside the province continued to grow, which is conducive to the company's subsequent offsite expansion strategy.

The expense ratio was basically stable during the period, gross margin declined slightly, and the overall profitability performance was steady. In 2024Q1, the company's gross profit margin was 29.8% /-2.6 pct, mainly due to the increase in the share of the catering business with low gross margin; the overall cost ratio remained stable during the company period, with a sales expense ratio of 9.8% /-0.4 pct; management expenses ratio of 8.4% /-0.7 pct; R&D expenses ratio of 1.8% /+0.08pct; financial expenses ratio -0.7% /-1.3 pct, and sales and management expense ratios showed a slight improvement. The company's overall profitability performance is steady, with a net interest rate of 8.0% /-0.6pct.

Investment advice: Considering the weak domestic macro-consumption environment over the past 24 years, with reference to 24Q1 business data, we expect that in the short to medium term, the growth rate of the company's food business may slow down, and the increase in the share of catering business revenue will drag down the company's gross profit margin. In the long run, as the company's quick-frozen production capacity continues to expand and the restaurant brand stores expand steadily, they are still optimistic about subsequent company growth and maintain a “highly recommended” rating. We expect the company to achieve net profit of 6.1/7.2/80 billion yuan in 24-26, corresponding PE of 17x/14x/13x, maintaining a “highly recommended” rating.

Risk warning: declining economic consumption; repeated risk of the epidemic; regional market risk; capacity expansion falling short of expectations

The translation is provided by third-party software.


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