事件：广州酒家公布2026年半年度报告。2026H1公司实现营业收入21.8亿元，同比增长9.4%；归母净利润0.3亿元，同比下降21.2%；扣非归母净利润0.4亿元，同比增长25.6%。分季度看，2026Q2实现收入10.4亿元，同比增长10.0%；归母净利润亏损2,192.3万元，去年同期亏损1,191.0万元；扣非归母净利润亏损877.6万元，较去年同期亏损1,160.2万元有所收窄。
　　食品业务保持双位数增长，速冻大单品及渠道变革系核心驱动力。2026H1公司食品制造业务实现收入12.9亿元，同比增长10.2%，占主营收入的59.8%，毛利率为29.4%。其中，速冻食品收入5.9亿元，占食品业务收入的45.9%，虾饺、馒头及广式轻炸产品持续放量；月饼收入0.5亿元，由于月饼生产销售集中在中秋节前，上半年收入贡献相对有限。渠道方面，公司持续推进“大单品+大渠道”策略，强化头部商超、连锁门店及兴趣电商布局，陶陶居速冻与饼酥品类线上销售同比翻番；境外收入同比增长约40.0%，月饼等产品进入欧美、澳洲等市场。
　　餐饮收入增长较快，新店开拓取得显著成效。2026H1公司餐饮服务业务实现收入8.5亿元，同比增长9.5%，占主营收入的39.2%，毛利率为16.7%。2026H1广州酒家书坊街店、白云机场T3航站楼店以及陶陶居建设大马路店、成都万象城店和白云机场T3航站楼店陆续开业。截至目前，公司共有餐饮直营门店58家，其中“广州酒家”直营门店27间，“星樾城”直营门店1间，“陶陶居”直营门店30间；公司授权第三方经营“陶陶居”特许经营门店16间。新店开业及存量门店运营优化共同推动餐饮收入增长。
　　H1毛利率改善，Q2费用优化推动营业利润转正。2026H1公司综合毛利率为24.9%，同比提升1.1pct；Q2毛利率约21.3%，同比下降0.7pct，上半年毛利率改善主要来自Q1。Q2销售/管理/研发费用率分别为11.6%/9.1%/1.5%，同比分别下降0.6/0.4/0.4pct，费用率优化抵消了部分毛利率压力，并推动Q2营业利润转正。不过，财务费用率由去年同期的-1.4%升至-0.9%，利息收入减少使财务收益贡献减弱。现金流方面，H1经营活动现金流净额为0.6亿元，同比下降3.0%；期末应收账款为1.6亿元，较年初增长59.5%，存货为3.8亿元，较年初增长31.9%，存货增加主要用于中秋月饼生产备货。
　　投资建议：考虑到消费环境，我们预计公司2026-2028年收入分别为57.1/60.4/63.4亿元，对应增速分别为6.0%/5.8%/5.0%；归母净利润分别5.0/5.5/5.9亿元，对应增速分别为2.5%/9.3%/8.2%；EPS分别为0.88/0.97/1.05元/股，当前股价对应PE为16/14/13X。鉴于公司在月饼品牌、渠道和供应链方面具备较强优势，维持“推荐“评级。
　　风险提示：宏观经济波动；中秋月饼旺季销售不及预期；食品安全风险等。

　　食品稳增餐饮承压，Q1扣非双位数增长
　　26Q1：营收11.39亿元/yoy+8.85%，归母净利润0.53亿元/yoy+3.42%，扣非净利润0.53亿元/yoy+13.19%。Q1收入增速显著提升，扣非利润实现双位数增长。销售/管理/研发/财务费用率分别为11.01%/8.26%/1.34%/-0.29%，同比+0.63/+1.00/-0.05/+0.45pct。食品制造业务收入增长7.11%（速冻食品+8.37%为主要驱动力），餐饮服务业务收入增长11.66%，增速均较25年全年显著提升。销售模式上，直接销售同比增长17.35%，大幅领先经销代销（+2.00%）。区域上广东省外收入增长13.46%，经销商网络稳步扩张，全国化布局持续深化。
　　25全年：营收53.82亿元/yoy+5.04%，归母净利润4.88亿元/yoy-1.19%，扣非净利润4.52亿元/yoy持平。销售/管理/研发/财务费用率分别为10.11%/8.51%/1.45%/-0.52%，同比+0.31/-0.59/-0.15/+0.11pct，毛利率31.6%/yoy-0.12pct。食品制造业务营收（+5.16%）及餐饮服务营收（+5.79%）双主业稳健增长，利润端持平主要系餐饮门店升级及新店培育期成本压力。全年现金分红2.83亿元（含税），占净利润58.03%，并推出股权激励计划。
　　食品业务：全渠道变革加速，会员商超与兴趣电商成为新增长极
　　公司食品业务从传统经销向全域营销转型，2025年食品制造收入37.54亿元/yoy+5.16%，毛利率38.30%/+0.49pct。线下深度合作山姆、盒马、开市客等会员制商超，开展“渠道定制+品类创新”；线上发力“达人直播+店铺自播”及AI数字人，动销效率提升。2025年线上销售占食品收入比重达31.84%，毛利率44.06%/yoy+1.8%。同时，利口福连锁门店超240家，并孵化多乐颂现烤店、陶陶居饼家等新业态。目前全国化布局覆盖超3.5万个县市，省外收入增速（+8.96%）显著高于广东省内（+4.04%），境外业务毛利率达36.57%。
　　餐饮业务：双品牌差异化焕新，门店升级完成静待客流转化
　　“广州酒家”与“陶陶居”实施差异化定位。广州酒家文昌总店以“餐饮+博物馆”模式完成升级，复业后客流持续攀升；陶陶居打造“臻品”“庭院”及全国首家宵夜主题店，切入年轻及潮流消费场景。截至2025年末，公司直营餐饮门店56家（广州酒家27家，陶陶居28家），授权第三方经营陶陶居门店16家。受门店升级改造及新店培育期影响，2025年餐饮服务毛利率14.34%/-1.64pct，但收入增速5.79%保持正增长，且随老店复业及宴席场景（如“人生36宴”“十五运”主题餐饮）推进，有望逐步修复。
　　科技赋能与供应链提效，股权激励及高分红强化价值兑现
　　公司持续投入智能制造，引入机器人扫蛋、自动码垛、AI客服等，生产效率提升。2025年研发投入7803万元，获得授权专利42项，并建成产品感官评价体系。采购端实施大宗物资集中采购，有效对冲原材料价格波动。公司首次实施一年两次分红，全年合计分红占净利润58.03%。同时完成1-1.43亿元股份回购，并已实施股权激励（授予限制性股票481.5万股、期权321万份），与核心管理层深度合作，为中长期增长提供制度保障。
　　投资建议：公司是国内老字号“食品+餐饮”公司，品牌具备深厚底蕴，产品跟随市场变化推陈出新。基于最新财报调整26-28年归母净利预测为5.1/5.5/5.9亿元（26-27前值为6.2/6.9亿元），对应PE分别为16/15/14倍，维持“买入”评级。
　　风险提示：食品安全风险，竞争加剧风险，产能扩张不及预期等。

Guangzhou Restaurant has released its 1H26 results:revenue of RMB2,178mn,up 9.39%YoY;attributable net profit of RMB31mn,down 21.15%YoY;attributable net margin of 1.42%,down 0.55pp YoY.Recurring net profit was RMB44mn,up 25.60%YoY,with recurring net margin of 2.02%,up 0.26pp YoY.In 2Q26,revenue was RMB1,040mn,up 9.99%YoY;attributable net loss was RMB22mn(vs.a RMB12mn loss in 2Q25).Recurring net loss was RMB9mn(vs.RMB12mn in 2Q25),narrowing YoY,and core gross margin improved YoY.The company kept advancing the nationwide expansion of its food business,omni-channel regional development,and restaurant store upgrades,sustaining the resilience of its time-honored brand.Maintain OVERWEIGHT.
Food business growth accelerated
In 1H26,the food manufacturing business generated revenue of RMB1,292mn,up 10.23%YoY.Within this,mooncake series/frozen food/other products contributed RMB47/593/653mn,up 43.75/12.66/6.38%YoY.The strong mooncake growth was driven by higher overseas exports,while frozen food maintained double-digit growth.By channel,direct sales/distribution&consignment sales were RMB416/876mn,up 18.57/6.67%YoY.By region,revenue from within Guangdong/outside Guangdong/overseas was RMB843/404/46mn,up 1.02/32.51/36.77%YoY.Continued expansion in hypermarkets and online retail platforms drove volume growth outside Guangdong,while higher exports of mooncakes and frozen food also accelerated overseas revenue.
Restaurant business expanded stores in an orderly manner
In 1H26,the restaurant services business generated revenue of RMB846mn,up 9.50%YoY.Restaurant gross margin was 16.74%,broadly flat YoY.The company continued to advance the differentiated development of its two brands,Guangzhou Restaurant and Tao Tao Ju,covering diverse scenarios such as business banquets,premium Cantonese cuisine,mass-market dining,and trendy dining.It also improved operating efficiency through store classification reviews,tiered and regional operations,and store format upgrades.As of 27 August,it operated 58 directly managed restaurants,comprising 27 Guangzhou Restaurant,one Xingyuecheng,and 30 Tao Tao Ju outlets,a net increase of two from end-2025.It also had 16 franchised Tao Tao Ju stores.In 1H26,new store expansion for Guangzhou Restaurant and Tao Tao Ju progressed steadily,which we expect to support incremental restaurant revenue growth ahead.
Gross margin recovered
During the period,the company advanced intelligent technical upgrades and process optimization,built smart production workshops,and improved production and operating efficiency.In 1H26,blended gross margin was 24.86%,up 1.09pp YoY,driven by margin improvement in 1Q.The selling/administrative/R&D expense ratios were 11.32/8.68/1.40%,changing by+0.03/+0.32/-0.23pp YoY.The higher administrative expense ratio partly reflected share-based payment expenses.Excluding share-based payments,1H26 net profit was RMB60mn,up 9.65%YoY,with anet margin of 2.73%,broadly flat YoY.The company recorded anon-recurring loss of RMB13mn in 1H26(vs.a non-recurring gain of RMB4mn ayear earlier),as fixed asset retirement losses pushed up non-operating expenses.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable net profit forecasts of RMB508/553/589mn,implying EPS of RMB0.90/0.98/1.04.Based on 2026E PE of 18/11x for food/restaurant comparable companies on iFind consensus,we trim the premium for both segments,as the long-term effectiveness of the food business's overseas and out-of-province channel expansion still needs validation and the restaurant business's profit recovery also remains to be seen.We assign 2026E PE of 20/13x to the food/restaurant businesses,and lower our target price to RMB16.21(previous:RMB18.45,based on 2026E PE of 23/15x for the food/restaurant businesses).
Risks:intensifying competition,slower store openings than we expect,and franchisee management risk.

　　报告关键要素:
　　8月28日，公司发布2026年半年报。2026年上半年，公司实现营业收入21.78亿元（YoY+9.39%），实现归母净利润3083.08万元（YoY-21.15%），实现扣非归母净利润4411.05万元（YoY+25.60%）。Q2单季，公司实现营业收入10.40亿元（YoY+9.99%），实现归母净利润-2192.31万元（同比增亏84.08%），实现扣非归母净利润-877.56万元（同比减亏24.36%），主因为二季度公司集中关闭部分低效餐饮门店及厂房设备更新改造，确认资产处置及报废损失约2294万元。
　　投资要点:
　　速冻单季加速放量，餐饮Q2增速回落但仍正增。分产品看，速冻食品延续稳健放量态势，2026H1实现收入5.93亿元（YoY+12.7%），其中Q2收入2.84亿元（YoY+17.7%），增速显著高于一季度的+8.4%，呈加速态势。餐饮服务H1实现收入8.46亿元（YoY+9.5%），其中Q2收入3.75亿元（YoY+6.9%），增速较一季度的+11.7%有所放缓，主因二季度集中关店对收入端形成阶段性影响，但新开门店支撑营收正增。月饼系列产品H1收入4659万元（YoY+43.75%），Q3旺季表现有望随中秋临近逐步释放。
　　省外及境外市场加速开拓，出海战略成效显现。分地区看，Q2公司加速省外及境外市场的开拓，月饼等产品进入欧美、澳洲等多国商超，境外市场份额稳步提升，区域结构持续优化。Q2单季省外食品制造营收2.24亿元（YoY+53.28%），占比达35%；境外开市客等渠道铺货量增加，食品制造营收同比高增64.00%，全国化扩张与出海趋势延续向好。
　　餐饮业务结构优化，关旧开新门店底盘稳步扩张。上半年公司关闭部分低效餐饮门店，同时新开文昌总店、书坊街店、白云机场T3店等直营优质门店，期末直营门店净增2家至58家，其中陶陶居直营由28家增至30家，广州酒家直营维持27家，特许经营门店16家，门店结构持续优化、经营底盘稳步扩张。
　　费用端平稳，盈利质量待旺季进一步释放。H1综合毛利率24.86%（YoY+1.08pct），销售/管理/研发/财务费用率分别为11.32%/8.68%/1.40%/-0.59%（YoY+0.03/+0.32/-0.24/+0.49pct），整体保持平稳；净利率约2.51%（YoY-0.21pct）。伴随H2月饼旺季来临及关店一次性影响消退，全年盈利有望修复。
　　盈利预测与投资建议：公司持续推动“餐饮+食品”双主业高质量协同发展，深耕市场优化渠道助力销售业绩保持增长，随着消费力边际修复餐饮业务有望企稳回升，月饼基本盘仍然稳固。我们维持此前盈利预测，预计公司2026-2028年归母净利润为5.30/5.55/5.90亿元,同比增长8.65%/4.65%/6.40%，对应EPS为0.94/0.98/1.04元/股,8月31日股价对应PE为14.78/14.12/13.27倍，维持公司“增持”评级。
　　风险因素：宏观经济下行风险、食品安全风险、原材料价格波动风险。

　　广州酒家发布半年报，1H26实现营收21.78亿元/yoy+9.39%，归母净利润0.31亿元/yoy-21.15%，归母净利率1.42%/yoy-0.55pct；扣非归母净利润0.44亿元/yoy+25.60%，扣非归母净利率2.02%/yoy+0.26pct。2Q26实现营收10.40亿元/yoy+9.99%，归母净亏损0.22亿元（2Q25净亏损0.12亿元）；扣非归母净亏损0.09亿元（2Q25净亏损0.12亿元），扣非亏损同比收窄。期内公司核心毛利率同比改善，持续推进食品全国化、全渠道区域拓展及餐饮门店迭代，老字号品牌经营韧性延续。维持“增持”评级。
　　食品业务增长提速，省外与境外市场加快拓展
　　1H26公司食品制造业务实现收入12.92亿元/yoy+10.23%，其中月饼系列/速冻食品/其他产品收入分别为0.47/5.93/6.53亿元，yoy+43.75%/+12.66%/+6.38%。月饼收入较快增长主要受境外出口增加带动，速冻食品保持双位数增长。分渠道看，直接销售/经销与代销收入分别为4.16/8.76亿元，yoy+18.57%/+6.67%，直销渠道增长亮眼。分区域看，广东省内/境内广东省外/境外收入分别为8.43/4.04/0.46亿元，yoy+1.02%/+32.51%/+36.77%；大型综合超市与线上零售平台持续拓展，有效带动省外市场放量，月饼及速冻食品出口增长亦推动境外收入提速。
　　餐饮业务门店有序扩张
　　1H26公司餐饮服务业务实现收入8.46亿元/yoy+9.50%，保持稳健增长；餐饮业务毛利率为16.74%/yoy基本持平。公司持续推进广州酒家、陶陶居双品牌差异化发展，覆盖商务宴请、精品粤菜、大众消费及年轻时尚等多元场景，并通过门店分类评估、分线分区运营和店型升级提升经营效率。截至8月27日，公司拥有餐饮直营58家，其中广州酒家/星樾城/陶陶居分别为27/1/30间，较2025年末净增2间；另有陶陶居特许经营门店16间。1H26广州酒家/陶陶居新店拓展稳步推进，有望为后续餐饮收入增长提供增量。
　　毛利率修复，非经因素拖累表观归母净利
　　期内公司积极推进智能技改和工艺优化，建设智能化生产车间，提升生产效率和运营效能。1H26公司综合毛利率为24.86%/yoy+1.09pct，主要受Q1毛利率优化带动。费用端，销售/管理/研发费用率分别为11.32%/8.68%/1.40%，同比+0.03/+0.32/-0.23pct，管理费用率上行或部分受股份支付费用影响。1H26扣除股份支付影响后的净利润0.60亿元/yoy+9.65%，对应净利率为2.73%/同比基本持平。期内公司录得非经常性损失0.13亿元（上年同期录得非经收益0.04亿元），固定资产报废损失等推高营业外支出。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润5.08亿元/5.53亿元/5.89亿元，对应EPS分别为0.90/0.98/1.04元。参考食品/餐饮可比公司iFind一致预期26EPE18x/11x，考虑食品业务境外/省外渠道长期拓展效果仍需验证、餐饮业务盈利修复亦待观察，均略削减溢价率，给予公司食品/餐饮业务26E20x/13x，下调目标价至16.21元（前值18.45元，食品/餐饮业务分别对应26EPE23x/15x）。
　　风险提示：行业竞争加剧，开店不及预期，加盟商管理风险。

For 1Q26, revenue was RMB1,139mn (+8.85% YoY); attributable net profit (NP) was RMB53mn (+3.42% YoY); and recurring net profit was RMB53mn (+13.19% YoY). For 1Q26, attributable NPM fell by 0.24pp YoY to 4.63%, mainly due to changes in non-recurring profit such as investment income and increased expenses. For 1Q26, recurring NPM was 4.64% (+0.18pp YoY). Guangzhou Restaurant continued to deepen its cross-regional capacity presence and channel refinement. The catering business performed well during the Chinese New Year (CNY) holiday, a peak season. The food business grew robustly. The synergy of "food + catering" continued to play out. Maintain OVERWEIGHT.
Catering business momentum strong in 1Q26
For 1Q26, food manufacturing revenue was RMB647mn (+7.11% YoY). Specifically, revenues from quick-frozen food/other products were RMB309/331mn (+8.37/+6.15% YoY), showing steady performance. The first quarter was a traditional off-season for mooncake series, which recorded revenue of RMB7mn (-1.29% YoY). Catering service revenue climbed by 11.66% YoY to RMB472mn, driven by the CNY holiday and growing contribution from new stores.
DTC channel revenue growth shone
By channel, for 1Q26, direct-to-consumer (DTC)/distribution and consignment revenues were RMB236/411mn (+17.35/+2.00% YoY). By region, for 1Q26, revenues from Guangdong/outside Guangdong/from overseas markets were RMB455/181/11mn (+5.26/+13.46/-10.32% YoY). The company's nationwide expansion is on track. For 1Q26, the number of distributors outside Guangdong saw a net addition of 15 to 436.
GPM recovery partially offset expense hikes
For 1Q26, GPM was 28.11% (+2.75pp YoY). Sales/administrative/R&D expense ratios were 11.01/8.26/1.34% (+0.62/+1.01/-0.05pp YoY). We attribute sales and administrative expense ratio hikes to the company's increased marketing and related personnel investments. Under economies of scale, the gross profit recovery mitigated expense hikes.
Earnings forecasts and valuation
We maintain our 2026/2027/2028 attributable NP forecasts of RMB508/553/589mn, implying EPS of RMB0.89/0.97/1.03. Factoring in the additional budgets required for channel expansion and the uncertainty around long-term results, we value the company's food/catering segments at 23/15x 2026E PE, a slightly lower premium over their food/catering peers' averages of 20/12x on iFind consensus. Our target price is RMB18.45 (previous: RMB17.83, based on 22/14x 2026E PE for food/catering segments). Maintain OVERWEIGHT.
Risks: Intensified competition, store expansion delays, franchise management risks.

　　2026Q1收入稳健增长，核心利润表现亮眼，维持“增持”评级
　　公司发布2026年一季报。2026Q1公司实现收入11.39亿元，同比+8.85%；归母净利润0.53亿元，同比+3.42%；扣非归母净利润0.53亿元，同比+13.19%。公司收入实现稳健增长，核心利润表现亮眼。我们维持2026-2028年归母净利为5.4、5.7、5.9亿元，EPS为0.95、1.00、1.04元，当前股价对应PE为16.3、15.5、14.9倍。公司经营保持稳健，食品、餐饮业务双轮驱动支撑成长，维持“增持”评级。
　　食品业务稳健增长，餐饮延续较快增长态势
　　（1）食品：2026Q1食品业务营收6.47亿元（同比+7.11%），其中月饼/速冻/其他食品营收同比分别-1.29%/+8.37%/+6.15%，月饼进入淡季，速冻食品稳健增长。分渠道看，直销、经销同比分别+17.35%/+2.0%，线上直销渠道表现亮眼，成为高毛利增长引擎。分地区看，广东省内、外同比分别+5.26%/+13.46%，省外市场拓展成效显著。2026年一季度末经销商数量967家，较期初净增26家。（2）餐饮：2026Q1餐饮业务营收4.72亿元（同比+11.66%），延续较快增速，或因春节旺季效应、商务消费逐步复苏、文昌总店升级完成后的经营贡献。
　　毛利率显著提升，费用投放加大致净利率承压
　　2026Q1公司毛利率28.1%（YoY+2.7pct），通过“供应链一体化+集中采购+智能化改造”实现降本增效，叠加“产品矩阵与渠道生态优化”的结构性升级，继续支撑毛利率修复。费用端，2026Q1销售/管理/研发/财务费用率分别为11.0%/8.3%/1.3%/-0.3%，同比+0.6pct/+1.0pct/-0.1pct/+0.5pct，公司或为支持渠道拓展及业务发展加大销售费用投入。综合影响下，归母净利率为4.63%（YoY-0.2pct），而扣非归母净利率同比+0.2pct，公司主营业务盈利能力稳步提升。
　　全年盈利能力有望稳步提升
　　展望全年，公司速冻业务持续改善，公司加大产品创新、完善产品矩阵、优化产品结构、营销持续发力，积极拓展与山姆等会员超市的合作，有望在推动食品业务增长的同时继续推动毛利率修复；随着餐饮需求回暖，老店升级效果显现叠加稳步拓店，餐饮业务有望延续良好增长。同时精细化管理下费用率预计保持相对稳定，公司全年盈利能力有望稳步提升。
　　风险提示：宏观经济波动风险、市场扩展不及预期、原材料价格波动风险。