20231030-山西证券-广州酒家-603043.SH-强品牌力带动月饼旺季销售平稳_餐饮业务提升明显_5页_408kb

Company Overview: Guangzhou Hotel (603043 SH) maintains an "增持-A" stock rating, driven by strong brand influence and steady sales during the Mid-Autumn Festival, with notable improvements in its catering business.

Financial Performance: For 2023 Q3, the company reported revenue growth of 11.77% and net profit decline of 10.2% year-over-year, but annual figures show revenue up 16.03% and net profit up 45.4%, with positive EPS.

Business Segments: Key areas include:

• Mooncakes and oraline food showing robust growth (e.g., mooncake revenue up 7.1% in Q3)
• Catering business surged with store openings and industry recovery
• Channel-wise, Guangdong sales remain strong (up 16.7% in Q3), while expanded to overseas markets.

Profitability & Cash Flow: Gross margin decreased slightly in Q3, but operating cash flow improved significantly (+35.6% year-over-year), supporting investments.

Investment Outlook: Analysts project EPS to rise to 1.31 yen by 2024, with a likely continued "增持" recommendation based on valuation improvements.

Key Risks: Potential challenges include slower consumer recovery, raw material price increases, or intensified competition in the industry.