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研報掘金丨民生證券:廣州酒家恢復勢頭明顯,23年業績預期空間打開,維持“推薦”評級
格隆匯 05-25 15:06
格隆匯5月25日丨民生證券24日研報指出,廣州酒家(603043.SH)1-4月恢復勢頭明顯,23年業績預期空間打開。看好“線下餐飲業態景氣度提升+門店跨區域佈局+新增門店逐步渡過爬坡期”三因素驅動下公司餐飲業務業績快增。1)短期關注公司餐飲業務恢復與端午/中秋食品銷量提升。公司餐飲業務已邁入恢復通道,營收/利潤表現將逐步回暖;供應鏈支撐+線上線下雙渠道擴張+月餅大年(指中秋/國慶假期連休)+企業商務活動修復將為端午/中秋時令禮盒銷量提升提供助力。2)長期關注公司速凍產品跨區域佈局及預製菜業務發展。速凍產品需求端旺盛且產能持續擴張,有望帶動食品製造業務營收持續突破;預製菜業務迅速展開,後續有望成為營收支撐點。考慮到公司餐飲業務強恢復勢頭及未來高成長空間、線下渠道持續拓展、線上營銷渠道多元化推進,該行上調公司23-25年盈利預期,預計公司23-25年歸母淨利潤7.55/9.09/10.55億元,對應PE值為22X/18X/15X,維持“推薦”評級。
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