研报掘金丨华鑫证券：维持广州酒家“买入”评级，多渠道共振彰显经营韧性

Core Viewpoint - The report from Huaxin Securities indicates that the structural changes in Guangzhou Restaurant's business have impacted gross profit, while the company continues to invest in marketing expenses [1] Group 1: Financial Performance - In Q3 2025, the food manufacturing revenue reached 1.909 billion yuan, representing a 6% year-on-year increase [1] - Revenue from mooncakes, frozen foods, and other products grew by 1%, 12%, and 43% respectively, amounting to 1.425 billion yuan, 259 million yuan, and 224 million yuan [1] - The total sales of self-branded mooncakes reached 13.98 million boxes, reflecting a 1.75% increase year-on-year, primarily due to the favorable lunar calendar and enhanced brand strength [1] Group 2: Market Dynamics - The mooncake sales for the current year concluded around October 6, 2025, with expectations for continued revenue growth in Q4 due to sales recognition in October [1] - The combination of a favorable lunar year and increased market share is expected to benefit the company's scale release [1] - Successful introduction of new products in high-potential channels such as Sam's Club and Douyin has allowed the company to capitalize on channel development dividends, leading to strong performance in the food business [1] Group 3: Restaurant Business Resilience - The restaurant business has shown significant operational resilience, leveraging brand strength and customized services to enhance customer traffic despite external demand pressures [1] - The company has managed to offset declines in average transaction value through these strategies [1] Group 4: Valuation - The current stock price corresponds to price-to-earnings ratios of 20, 17, and 16 times, maintaining a "Buy" investment rating [1]