餐饮供应链行业2026年中报总结：Q2需求略有压力企业经营分化

内容目录TOC\o"1-1"\h\z\u1、餐供：Q2需求略有压力，延续弱复苏态势 42、投资建议：餐饮持续修复，首选优质龙头 83、风险提示 8图表目录图1：餐供板块公司2026H1、2026Q2收入及归母净利润情况（单位：亿元） 4图2：餐供板块公司单季度收入及归母净利润情况（单位：亿元） 4图3：餐供板块公司分季度现金回款/营业收入 5图4：餐供板块公司分季度存货情况（单位：百万元） 5图5：餐供板块公司分季度经营性现金流/净利润 6图6：餐供板块公司分季度毛利率情况 6图7：餐供板块公司分季度销售费用率情况 7图8：餐供板块公司分季度管理费用率情况 7图9：餐供板块公司分季度归母净利率情况 81、餐供：Q2需求略有压力，延续弱复苏态势餐饮供应链：2026Q2整体看，2026Q1需求表受天气影响，行业需求同比增速下降，餐饮社零同比增速维持低位，整体处2026Q22026Q22026Q1/中炬高新维持同比高增，千禾味业经营持续改善。图1：餐供板块公司2026H1、2026Q2收入及归母净利润情况（单位：亿元）子版块证券简称收入利润26H1收入收入同比增速26Q2收入收入同比增速26H1归母净利归母净利同比增速26Q2归母净利归母净利同比增速餐饮供应链安井食品92.721.9%45.613.8%8.221.6%2.6-8.0%千味央厨10.518.2%4.611.8%0.3-10.7%0.1-34.7%立高食品22.16.5%11.612.9%1.3-26.0%0.6-24.2%巴比食品8.52.0%4.71.4%1.32.3%0.9-7.4%海天味业161.56.0%71.22.9%41.97.1%17.52.0%中炬高新25.419.2%12.218.5%4.161.2%1.599.8%涪陵榨菜13.74.0%6.12.0%4.1-7.2%1.4-18.9%恒顺醋业12.28.8%5.815.3%1.29.2%0.50.1%千禾味业14.06.3%5.819.9%2.015.8%0.5313.0%天味食品20.345.8%9.019.8%3.8100.4%1.313.4%宝立食品16.016.1%8.316.1%1.310.1%0.67.7%子版块证券简称收入同比增速子版块证券简称收入同比增速利润同比增速25Q225Q325Q426Q126Q225Q225Q325Q426Q126Q2餐饮供应链安井食品5.7%6.6%19.1%30.8%13.8%-22.7%11.8%-6.3%42.7%-8.0%千味央厨-3.1%4.3%3.4%23.8%11.8%-42.0%-19.1%358.1%5.4%-34.7%立高食品18.4%14.8%8.1%0.3%12.9%40.8%13.6%-12.3%-27.6%-24.2%巴比食品13.5%16.7%9.1%2.8%1.4%31.4%-16.1%-12.6%26.9%-7.4%海天味业7.0%2.5%11.4%8.6%2.9%11.6%3.4%12.3%11.0%2.2%中炬高新-9.1%-22.8%-33.7%19.9%18.5%-31.6%-45.7%-50.4%45.1%99.8%涪陵榨菜7.6%4.5%2.0%5.7%2.0%-4.6%4.3%-26.1%0.1%-18.9%恒顺醋业-8.2%-4.6%-0.9%3.6%15.3%40.6%17.7%-73.6%17.9%0.1%千禾味业-29.9%-4.3%-25.5%-1.6%19.9%-86.7%-14.6%-45.9%-7.7%313.0%天味食品21.9%13.8%-6.7%76.2%19.8%62.7%8.9%-7.6%234.7%13.4%宝立食品9.5%14.6%11.1%16.0%16.1%22.5%15.7%18.4%12.6%7.7%图3：餐供板块公司分季度现金回款/营业收入子版块证券简称25Q125Q225Q325Q426Q126Q226Q1同比26Q2同比26H126H1同比餐饮供应链安井食品120.4%97.4%123.1%118.1%112.2%102.0%-8.2pct4.6pct107.2%-1.1pct千味央厨115.0%111.9%109.4%119.5%107.7%113.6%-7.3pct1.7pct110.3%-3.2pct立高食品102.4%121.2%102.3%113.6%111.1%108.5%8.7pct-12.8pct109.7%-2.0pct巴比食品113.7%113.5%106.1%131.9%112.9%115.6%-0.8pct2.1pct114.4%0.8pct海天味业74.9%112.5%118.9%158.9%80.0%114.0%5.1pct1.5pct95.0%3.0pct中炬高新116.4%113.8%113.5%108.8%109.1%104.3%-7.3pct-9.5pct106.8%-8.4pct涪陵榨菜102.3%103.8%111.6%155.4%95.1%111.0%-7.2pct7.2pct102.2%-0.7pct恒顺醋业81.4%118.6%103.1%133.7%88.1%113.7%6.7pct-4.9pct100.1%2.2pct千禾味业100.2%116.0%112.0%124.6%97.0%109.1%-3.2pct-6.9pct102.0%-4.0pct天味食品123.7%108.3%111.9%109.1%110.1%113.6%-13.6pct5.3pct111.6%-3.7pct宝立食品121.3%107.4%105.0%118.6%99.9%101.6%-21.4pct-5.9pct100.8%-13.4pct2026Q2+72.8%/+42.5%/+27.4%，我们判断系并表标//涪陵榨菜/千禾33.8pct/57.6pct/31.3pct，周转效率同比提升。图4：餐供板块公司分季度存货情况（单位：百万元）子版块公司简称存货绝对值存货/营业成本26Q126Q1同比26Q226Q2同比26Q126Q1同比26Q226Q2同比餐饮供应链安井食品3,0408.5%3,676-0.9%86.0%-15.5pct97.6%-15.3pct千味央厨218-16.1%226-15.0%49.7%-23.4pct62.8%-19.9pct立高食品4068.5%433-6.9%55.1%4.0pct53.4%-12.1pct巴比食品721.1%73-2.5%26.2%0.4pct22.3%-0.2pct海天味业1,98914.1%2,20927.4%38.0%3.0pct51.6%9.6pct中炬高新1,379-8.8%1,378-5.1%181.4%-42.6pct198.6%-33.8pct涪陵榨菜692-12.9%594-18.8%203.4%-49.6pct196.4%-57.6pct恒顺醋业2823.0%2714.8%67.8%-0.1pct74.0%-15.3pct千禾味业8921.4%925-1.1%184.3%11.0pct253.7%-31.3pct天味食品18626.7%21172.8%30.0%-8.7pct38.5%12.6pct宝立食品36631.5%37642.5%70.9%9.2pct68.7%11.9pct2026Q2经营性现金流/净+83.6pct图5：餐供板块公司分季度经营性现金流/净利润子版块公司简称分季度经营性现金流/净利润25Q125Q225Q325Q426Q126Q226Q1同比26Q2同比26H126H1同比25H1餐饮供应链安井食品170.6%-297.1%451.2%304.0%185.3%-215.6%14.6pct81.5pct59%83.1pct-24.1%千味央厨-30.9%250.4%456.1%1007.8%153.7%438.4%184.6pct188.0pct237%155.2pct81.9%立高食品-38.5%224.4%230.8%293.0%23.8%172.9%62.3pct-51.6pct97%9.0pct88.3%巴比食品-5.3%111.8%138.9%165.9%15.0%154.8%20.2pct43.0pct106%27.0pct78.7%海天味业-20.8%114.7%116.7%267.9%-19.1%96.8%1.7pct-17.8pct29%-9.2pct38.5%中炬高新65.1%201.1%200.0%80.6%131.0%181.7%65.9pct-19.5pct150%44.3pct105.2%涪陵榨菜7.2%61.9%139.0%221.2%61.4%145.5%54.2pct83.6pct90%61.4pct28.1%恒顺醋业-233.1%165.4%257.1%10953.2%-59.3%57.5%173.9pct-108.0pct-7%31.3pct-38.2%千禾味业98.1%394.6%202.5%68.6%309.7%-15.9%211.7pct-410.6pct224%104.4pct119.9%天味食品15.8%131.9%179.9%34.1%101.0%95.3%85.1pct-36.6pct99%12.8pct86.3%宝立食品80.6%139.0%117.0%76.0%66.6%144.6%-14.0pct5.6pct105%-5.0pct109.8%Q2毛利率表现相对分化。2026Q2千禾味业毛利率同比+4.9pct60万+3.8pct，成本红利与改革提效同步显现，巴比食品、天味食品毛利率分别同比+2.2pct/+1.9pct。图6：餐供板块公司分季度毛利率情况子版块公司简称分季度毛利率25Q125Q225Q325Q426Q126Q226Q1同比26Q2同比26H126H1同比25H1餐饮供应链安井食品23.3%18.0%20.0%24.6%25.0%17.4%1.7pct-0.6pct21.2%0.7pct20.5%千味央厨24.4%22.7%21.2%22.7%24.7%22.5%0.3pct-0.2pct23.7%0.1pct23.6%立高食品30.0%30.7%28.9%29.2%29.7%29.9%-0.3pct-0.8pct29.8%-0.5pct30.4%巴比食品25.5%28.2%29.6%30.0%27.9%30.4%2.4pct2.2pct29.3%2.3pct27.0%海天味业40.0%40.2%39.6%41.0%42.0%39.8%2.0pct-0.4pct41.0%0.9pct40.1%中炬高新38.7%39.4%39.5%39.1%42.4%43.2%3.7pct3.8pct42.8%3.7pct39.0%涪陵榨菜56.0%52.0%52.9%41.9%54.9%50.6%-1.1pct-1.4pct52.9%-1.2pct54.1%恒顺醋业35.5%42.1%34.7%20.4%35.8%36.4%0.3pct-5.6pct36.1%-2.3pct38.4%千禾味业38.9%32.6%39.0%39.3%40.8%37.5%1.9pct4.9pct39.4%2.9pct36.6%天味食品40.7%37.0%40.5%43.5%45.0%38.9%4.3pct1.9pct42.3%3.6pct38.7%宝立食品32.6%34.7%32.6%33.3%33.5%33.8%0.9pct-0.9pct33.6%0.0pct33.7%2026Q2涪陵榨菜销售费用率同比+4.1pct21.2%、天味食品同比+4.1pct14.1%，两1pct以内。图7：餐供板块公司分季度销售费用率情况子版块公司简称分季度销售费用率25Q125Q225Q325Q426Q126Q226Q1同比26Q2同比26H126H1同比25H1餐饮供应链安井食品6.7%5.0%6.1%6.1%6.1%4.3%-0.7pct-0.7pct5.2%-0.6pct5.8%千味央厨8.0%5.6%4.7%5.6%10.7%6.4%2.7pct0.8pct8.8%1.9pct6.9%立高食品10.1%11.1%9.5%12.1%10.5%10.8%0.4pct-0.4pct10.7%0.0pct10.6%巴比食品4.1%3.9%3.6%4.2%4.4%4.0%0.3pct0.1pct4.2%0.2pct4.0%海天味业5.9%7.0%7.4%6.7%5.8%5.8%-0.2pct-1.1pct5.8%-0.6pct6.4%中炬高新8.6%18.9%14.3%9.6%8.6%18.8%0.0pct0.0pct13.5%0.0pct13.6%涪陵榨菜12.9%17.2%18.1%14.8%13.2%21.2%0.3pct4.1pct16.8%1.9pct14.9%恒顺醋业17.1%19.4%17.2%13.1%17.3%15.1%0.1pct-4.3pct16.3%-1.9pct18.1%千禾味业12.5%22.4%16.9%20.2%14.3%20.9%1.8pct-1.5pct17.1%0.9pct16.1%天味食品22.3%10.0%10.9%15.5%12.8%14.1%-9.5pct4.1pct13.4%-2.3pct15.7%宝立食品14.4%16.5%13.2%16.3%17.1%17.0%2.8pct0.5pct17.1%1.6pct15.5%图8：餐供板块公司分季度管理费用率情况子版块公司简称分季度管理费用率25Q125Q225Q325Q426Q126Q226Q1同比26Q2同比26H126H1同比25H1餐饮供应链安井食品2.8%2.7%3.0%2.0%2.2%2.6%-0.6pct0.0pct2.4%-0.3pct2.7%千味央厨8.7%10.8%9.5%9.8%7.7%10.5%-1.1pct-0.3pct8.9%-0.8pct9.7%立高食品5.4%5.7%5.3%6.1%6.4%6.3%1.0pct0.6pct6.4%0.8pct5.6%巴比食品7.5%6.9%7.0%6.6%7.9%7.1%0.4pct0.3pct7.5%0.3pct7.2%海天味业1.9%2.3%3.4%2.3%2.2%2.7%0.3pct0.4pct2.4%0.4pct2.1%中炬高新8.1%8.1%8.9%6.8%8.0%7.5%-0.1pct-0.6pct7.7%-0.4pct8.1%涪陵榨菜2.6%3.9%2.8%5.1%2.4%3.6%-0.2pct-0.4pct2.9%-0.3pct3.2%恒顺醋业3.9%4.7%5.0%3.9%3.5%4.6%-0.4pct-0.2pct4.0%-0.3pct4.2%千禾味业2.7%4.8%3.7%-0.3%2.5%4.2%-0.1pct-0.6pct3.2%-0.2pct3.5%天味食品7.1%6.0%3.8%3.7%3.9%5.5%-3.1pct-0.5pct4.6%-1.9pct6.5%宝立食品2.1%2.6%2.3%2.4%2.0%1.8%-0.1pct-0.8pct1.9%-0.5pct2.4%归母净利率，千禾味业同比+6.4pct，中炬高新同比+5.0pct，前者收入-8pc+3ct子版块公司简称分季度归母净利率25Q125Q225Q325Q426Q126Q226Q1同比26Q2同比26H126H1同比25H1餐饮供应链安井食品11.0%7.0%7.3%8.5%12.0%5.7%1.0pct-1.3pct8.9%0.0pct8.9%千味央厨4.6%3.5%3.7%1.9%3.9%2.0%-0.7pct-1.4