研报掘金丨万联证券：广州酒家三季度营收值得期待，维持“增持”评级

Core Viewpoint - Guangzhou Restaurant Group reported a decline in net profit for the first half of the year, but showed signs of recovery in the second quarter with successful expansion outside Guangdong province [1] Financial Performance - The company achieved a net profit attributable to shareholders of 39 million yuan, a year-on-year decrease of 33.11% [1] - The adjusted net profit was 35 million yuan, down 30.37% year-on-year [1] - In Q2, the net profit attributable to shareholders was -12 million yuan, indicating a reduction in losses by 3.40% compared to the previous year [1] Revenue Growth - Direct sales revenue increased by 2.93% year-on-year, while distribution revenue grew by 2.53% [1] - The company focused on expanding its market presence outside Guangdong, with revenue from these regions increasing significantly by 16.16% year-on-year [1] Strategic Initiatives - The company is promoting a dual business model of "catering + food" to achieve high-quality collaborative development [1] - Efforts to optimize channels and deepen market penetration are contributing to sustained sales performance [1] Market Outlook - The recovery of the consumption environment is driving a resurgence in the catering business, with the demand for mooncakes during the festive season supporting sales [1] - Revenue expectations for the third quarter are optimistic [1] Investment Rating - The company maintains an "overweight" rating based on its performance and growth strategies [1]