广州酒家：市场竞争加剧，公司业绩承压

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 1.91 billion yuan for H1 2024, a year-on-year increase of 10.3%, while the net profit attributable to shareholders was 60 million yuan, a decrease of 27.0% year-on-year [2][6] - The company is facing increased competition in the food and beverage market, which has put pressure on its performance [6] - Despite the challenges, the company is expected to maintain steady growth, with projected revenues of 5.03 billion yuan, 5.58 billion yuan, and 6.21 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 2.6%, 11.0%, and 11.3% [6][7] Financial Performance Summary - For H1 2024, the company achieved a revenue of 1.91 billion yuan, with a net profit of 60 million yuan, and a non-recurring net profit of 50 million yuan, both showing declines compared to the previous year [2][6] - In Q2 2024, the company reported a revenue of 900 million yuan, a year-on-year increase of 10.6%, but a net profit of -10 million yuan, indicating a loss [6] - The company's gross margin for H1 2024 was 25.9%, down 3.2 percentage points year-on-year, with specific margins for mooncakes, frozen products, other products, and catering services at 43.7%, 29.3%, 28.2%, and 18.7% respectively [6] Business Segment Analysis - The company’s revenue from mooncakes, frozen products, other products, and catering for H1 2024 was 30 million yuan, 540 million yuan, 570 million yuan, and 720 million yuan respectively, with year-on-year growth rates of 7.1%, -0.5%, 18.1%, and 14.6% [6] - The frozen business showed a recovery in Q2 2024 with a year-on-year growth of 4.2%, while the catering business continued to perform well [6] Market Expansion - The company is expanding its market presence outside its home region, with significant sales growth in East and North China, and nearly 30% growth in overseas business [6] - The company has over 220 chain stores, enhancing its sales footprint in the Guangdong-Hong Kong-Macao Greater Bay Area [6]