广州酒家：2024Q2业绩点评：业务分化，盈利承压

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company achieved a revenue of 1.912 billion yuan in H1 2024, representing a year-on-year increase of 10.29%, while the net profit attributable to shareholders was 58.45 million yuan, down 26.98% year-on-year [3][4]. - In Q2 2024, the company reported a revenue of 900 million yuan, up 10.57% year-on-year, but a net loss of 12.33 million yuan, marking a shift from profit to loss [3][4]. - The company is focusing on a strategy of "strong brand in catering, large scale in food," aiming to build a comprehensive industry structure of "large catering, large food, large brand" [5]. Revenue Analysis - In H1 2024, the catering business revenue grew rapidly due to new store openings, while the food business expanded quickly in markets outside the province [4]. - The food business generated 1.142 billion yuan in revenue, up 8.23% year-on-year, with overseas revenue of 31.58 million yuan, growing 29.01% [4]. - The catering business revenue reached 722 million yuan, a year-on-year increase of 14.62%, driven by the addition of new stores [4]. Profitability Analysis - The overall gross margin for H1 2024 was 25.86%, down 3.22 percentage points year-on-year, with food gross margin at 29.17% [4]. - In Q2 2024, the gross margin decreased by 3.93 percentage points year-on-year, with various expense ratios remaining stable or slightly declining [4]. Future Earnings Forecast - The company expects net profits attributable to shareholders to be 550 million yuan, 660 million yuan, and 790 million yuan for 2024, 2025, and 2026, respectively, corresponding to PE ratios of 15, 12, and 10 times at the current stock price [5].