Investment Rating - The investment rating for the company is adjusted to "Accumulate-B" [2]. Core Views - The company reported a slight revenue growth of 2.04% year-on-year for the first three quarters of 2024, achieving a total revenue of 1.21 billion yuan. The net profit attributable to shareholders increased by 25.68% year-on-year to 194 million yuan, with a basic earnings per share of 0.78 yuan, up 27.87% year-on-year [1]. - The growth in revenue is attributed to an increase in the number of franchise stores, expansion of store business scale, and growth in group meal business revenue. The company is steadily advancing the expansion of franchise stores and improving single-store models [1][2]. - The company aims to enhance its product matrix and optimize its takeaway operations while focusing on differentiated products in the group meal business [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenues of 1.21 billion yuan, with a year-on-year growth of 2.04%. The net profit attributable to shareholders was 194 million yuan, reflecting a year-on-year increase of 25.68% [1]. - The company expects to achieve revenues of 1.687 billion yuan, 1.823 billion yuan, and 2.015 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 3.5%, 8.0%, and 10.5% [2][4]. - The projected net profits for the same years are 252 million yuan, 268 million yuan, and 293 million yuan, with corresponding year-on-year growth rates of 18.0%, 6.3%, and 9.1% [4][5]. Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 15.9X, 14.9X, and 13.7X, respectively [2][4]. - The projected ROE for the years 2024, 2025, and 2026 is expected to be 10.7%, 10.6%, and 10.7% [4][7]. - The gross profit margin for 2024 is projected to be 26.4%, with a slight increase to 27.5% by 2026 [4][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark index within the next six months [2][15]. Core Views - The company has shown steady operations with a slight decline in revenue but a significant increase in net profit, indicating improved profitability [3]. - The group meal business continues to grow, while the franchise business faces slight pressure, reflecting mixed performance across different sales channels [3]. - The company is actively exploring new market segments to create a second growth curve, such as launching the "Babi Burger" brand to enter the hamburger market [3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 447 million yuan, a year-on-year decrease of 0.46%, while net profit increased by 14% to 83 million yuan [3]. - Cumulative revenue for Q1-Q3 2024 reached 1.21 billion yuan, up 2.04% year-on-year, with net profit rising by 25.68% to 194 million yuan [3]. - The overall gross margin for Q1-Q3 2024 was 26.40%, a slight increase from the previous year, while the net profit margin improved to 16.06% [3]. Store Development and Sales Channels - As of Q3 2024, the company had a total of 5,286 franchise stores, with a net increase of 243 stores during the year [3]. - The revenue from franchise stores, direct-operated stores, and group meals for Q1-Q3 2024 was 913 million, 15 million, and 264 million yuan, respectively, showing varied growth rates across these channels [3]. Profitability Metrics - The report indicates that the company’s net profit margin has increased, reflecting effective cost management and operational efficiency [3]. - The company’s sales expense ratio, management expense ratio, and research expense ratio for Q1-Q3 2024 were 4.42%, 7.78%, and 0.76%, respectively, showing a slight improvement in cost control [3]. Earnings Forecast and Investment Recommendations - Based on the Q3 2024 performance, the revenue forecasts for 2024-2026 have been adjusted downwards, while net profit forecasts remain unchanged, with expected net profits of 241 million, 285 million, and 324 million yuan for 2024, 2025, and 2026, respectively [3].

巴比食品（605338.SH） 食品加工 证券研究报告/公司点评报告 2024 年 10 月 26 日 门店业务承压，盈利持续改善 ——巴比食品 2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|----------------------------------|-------------|--------|------------------------------------------|-----------|-----------| | 评级： 买入（维持） | 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | | 营业收入（百万元） | 1,525 | 1,630 | 1,959 | 2,294 | 2,586 | | 分析师：晏诗雨 执业证书编号： S0740523070003 | 增长率 yoy% 归母净利润（百万元） | 11% 222 | 7% 214 | 20% ...

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 1.21 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.04%, and a net profit attributable to shareholders of 194 million yuan, up 25.68% year-on-year [2]. - The company is focusing on improving single-store performance and optimizing store operations, with expectations for steady growth in the group meal segment [2]. - The company aims to enhance its product and service differentiation in the B-end market, anticipating robust growth in group meals [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 447 million yuan, a slight decrease of 0.46% year-on-year, while the net profit attributable to shareholders was 83 million yuan, an increase of 14.00% year-on-year [2]. - The company’s gross profit margin for Q3 2024 was 26.79%, showing a slight decline compared to the previous quarter due to rising raw material prices [2]. - The company’s net profit margin for Q3 2024 was 18.55%, an increase of 2.35 percentage points year-on-year [2]. Revenue and Profit Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 1.67 billion yuan, 1.81 billion yuan, and 1.92 billion yuan, respectively, with year-on-year growth rates of 2.2%, 8.5%, and 6.4% [2][5]. - The forecasted net profit attributable to shareholders for the same years is 260 million yuan, 250 million yuan, and 270 million yuan, with growth rates of 20.1%, -1.1%, and 6.4% respectively [2][5].

2024年10月24日 来源：公司年报、国金证券研究所 增持(维持评级) 公司点评 证券研究报告 事件 2024年10月24日公司披露2024三季报，前三季度实现营收12.10 亿元/+2.04%，归母净利 1.94 亿元/+25.68%，扣非归母净利 1.48 亿元/+19.92%；单 Q3 实现营业收入 4.47 亿元/-0.46%，归母净利 8289 万元/+14.00%，扣非归母净利 5887 万元/+6.06%。 点评 Q3 已完成全年新开店计划 83.5%，团餐保持较快增长。1-9 月公司 累计新开 835 家，完成全年新开千店目标 83.5%，新开进度稳中向 好；3Q24 末加盟门店数 5286 家、环比 Q2 持平，主因新关门店 229 家、与新开数（231 家）基本持平。1）分业务看：特许加盟收入 3.4 亿元/-2.1%，其中期末门店总数达 5286 家/+6.4%，平均单店 收入 6.4 万元/-8.0%、环比 Q2（-11.9%）有所收窄；直营店营收 423 万元/-34.42%；团餐业务营收 9703 万元/+9.20%，对总收入贡 献 21.7%/+1.9pct,团餐回暖较为明显， ...

证 券 研 究 报 告 巴比食品（605338）2024 年三季报点评 强推（维持） 营收压力延续，优化门店质量 目标价：18.4 元 事项： 公司发布 2024 年三季报，前三季度实现营收 12.1 亿，同比+2.0%；归母净利 润 1.9 亿，同比+25.7%；扣非归母净利润 1.5 亿，同比+19.9%。2024Q3 实现 营收 4.47 亿，同比-0.5%；归母净利润 0.8 亿，同比+14.0%；扣非归母净利润 0.6 亿，同比+6.1%。 评论： 单店压力延续，团餐边际企稳，24Q3 营收录得微降。分渠道来看，24Q3 特许 加盟业务营收同比-2.1%，拆分下，公司开店速度环比放缓，24Q3 仅净增门店 2 家至 5286 家，其中华东地区净关店 18 家，华南地区（含湖南）净开店 31 家，同时单店依旧存在较大压力，计算得到 Q3 同比-8.0%，环比 Q2 缺口稍有 改善。而团餐在高基数背景下，增速边际有所企稳，单 Q3 营收同比+9.2%， 预计是大客户直营业务贡献。分区域来看，华东/华南/华中/华北地区收入分别 同比-2.2%/+15.8%/+7.8%/-2.0%，核心区域华东延续承压。分 ...

证券研究报告·公司点评报告·食品加工 巴比食品（605338） 2024Q3 业绩点评：门店业务持续承压，团餐 渠道收入改善 2024 年 10 月 25 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1525 | 1630 | 1682 | 1811 | 1946 | | 同比（ % ） | 10.88 | 6.89 | 3.15 | 7.71 | 7.45 | | 归母净利润（百万元） | 222.71 | 213.72 | 241.63 | 240.81 | 253.86 | | 同比（ % ） | (29.06) | (4.04) | 13.06 | (0.34) | 5.42 | | EPS- 最新摊薄（元 / 股） | 0.89 | 0.8 ...

证券研究报告·公司点评报告·食品加工 巴比食品（605338） 2024Q3 业绩点评：门店业务持续承压，团餐 渠道收入改善 2024 年 10 月 25 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1525 | 1630 | 1682 | 1811 | 1946 | | 同比（ % ） | 10.88 | 6.89 | 3.15 | 7.71 | 7.45 | | 归母净利润（百万元） | 222.71 | 213.72 | 241.63 | 240.81 | 253.86 | | 同比（ % ） | (29.06) | (4.04) | 13.06 | (0.34) | 5.42 | | EPS- 最新摊薄（元 / 股） | 0.89 | 0.8 ...

股 票 研 究 证 券 研 究 报 告 ——2024 年三季报点评 | --- | --- | |---------------------------------|-------| | | | | [table_Authors] 訾猛 ( 分析师 ) | | | | | | 021-38676442 | | | zimeng@gtjas.com | | | 登记编号 S0880513120002 | | | --- | --- | --- | |--------------------|-------|-------| | | | | | 陈力宇 ( 分析师 ) | | | | 021-38677618 | | | | chenliyu@gtjas.com | | | | S0880522090005 | | | 本报告导读： 公司 2024Q3 经营稳健，新开店节奏平稳，单店销售缺口有所收窄、多措并举积极 促进改善，团餐业务环比有所加速。 投资要点： 股票研究 /[Table_Date] 2024.10.25 业绩符合预期，经营展现韧性 巴比食品(605338) 食品饮料 [Table_Industry] ...

Revenue and Profit - Revenue for the third quarter was RMB 446.91 million, a decrease of 0.46% year-over-year[3] - Net profit attributable to shareholders was RMB 82.89 million, an increase of 14.00% year-over-year[3] - Basic earnings per share for the third quarter were RMB 0.33, an increase of 13.79% year-over-year[3] - Diluted earnings per share for the third quarter were RMB 0.33, an increase of 13.79% year-over-year[3] - Total operating revenue for the first three quarters of 2024 reached 1,210,499,106.15 RMB, a slight increase from 1,186,343,898.42 RMB in the same period of 2023[15] - Net profit attributable to the parent company's shareholders for the first three quarters of 2024 was 1,151,458,528.35 RMB, up from 1,056,631,260.83 RMB in 2023[13] - Net profit attributable to parent company shareholders reached RMB 194,386,315.52, an increase from RMB 154,669,769.77 in the previous year[16] - Basic and diluted earnings per share (EPS) were RMB 0.78, up from RMB 0.61 in the same period last year[17] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 2.82 billion, an increase of 1.31% compared to the end of the previous year[5] - The company's total equity attributable to shareholders was RMB 2.22 billion, an increase of 0.62% compared to the end of the previous year[5] - Total assets as of Q3 2024 were 2,817,680,926.58 RMB, compared to 2,781,191,449.36 RMB in 2023[12] - Fixed assets stood at 490,099,078.92 RMB in 2024, slightly down from 494,310,437.25 RMB in 2023[12] - Accounts payable increased to 191,218,421.97 RMB in 2024 from 147,782,660.71 RMB in 2023[12] - Total liabilities for 2024 were 586,286,651.17 RMB, up from 570,377,737.76 RMB in 2023[13] - Equity attributable to the parent company's shareholders was 2,216,039,217.10 RMB in 2024, compared to 2,202,473,829.17 RMB in 2023[13] Cash Flow - Operating cash flow for the first nine months of the year was RMB 177.12 million, an increase of 8.89% year-over-year[3] - Operating cash flow increased to RMB 177,123,006.56, compared to RMB 162,666,087.28 in the previous year[17] - Cash received from sales of goods and services was RMB 1,366,122,423.08, slightly higher than RMB 1,336,885,380.36 in the prior year[17] - Investment cash outflow was RMB 453,335,570.54, significantly higher than RMB 288,685,213.08 in the previous year, driven by increased investment payments[18] - Cash and cash equivalents at the end of the period stood at RMB 1,000,532,248.42, compared to RMB 989,810,611.55 in the prior year[18] - Net cash flow from investment activities was negative RMB 40,609,998.83, compared to a positive RMB 36,424,359.29 in the prior year[18] - Cash outflow from financing activities was RMB 237,907,474.11, higher than RMB 173,220,400.86 in the previous year[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 14,877[8] - Liu Huiping holds 101,193,300 shares, accounting for 40.56% of the total shares[8] - Ding Shimei holds 19,027,800 shares, accounting for 7.63% of the total shares[8] - The company has repurchased 6,788,187 shares, accounting for 2.72% of the total shares[9] - The total amount of funds used for share repurchase is RMB 93,013,614[10] Financial Position - As of September 30, 2024, the company's monetary funds amount to RMB 1,000,542,248.42[11] - The company's trading financial assets amount to RMB 168,875,181.95[11] - The company's accounts receivable amount to RMB 87,880,626.55[11] - The company's prepayments amount to RMB 8,363,140.94[11] - The company's inventory amounts to RMB 74,268,740.86[11] Expenses and Costs - Operating costs for the first three quarters of 2024 were 1,032,865,509.51 RMB, compared to 1,027,523,694.74 RMB in 2023[15] - Sales expenses decreased to 53,507,352.96 RMB in 2024 from 67,175,316.87 RMB in 2023[15] - R&D expenses increased to 9,249,760.26 RMB in 2024 from 8,770,454.14 RMB in 2023[15] Non-Recurring Items and Subsidies - Non-recurring gains and losses for the third quarter amounted to RMB 24.02 million[7] - Government subsidies received during the period totaled RMB 10.04 million[6] Comprehensive Income and Investment Activities - Total comprehensive income was RMB 196,834,110.55, up from RMB 155,406,742.90 in the previous year[16] - Income from investment activities was RMB 104,079,021.13, a substantial increase from RMB 20,294,454.93 in the prior year[18] Return on Equity - Weighted average return on equity for the first nine months of the year was 8.61%, an increase of 1.49 percentage points year-over-year[3]