10% 本公司具有中国证监会核准的证券投资咨询业务资格 国泰君安证券研究所 公 司 更 新 报 告 [Table_Page] 巴比食品(605338) 本公司利用信息隔离墙控制内部一个或多个领域、部门或关联机构之间的信息流动。因此，投资者应注意，在法律许可的情 况下，本公司及其所属关联机构可能会持有报告中提到的公司所发行的证券或期权并进行证券或期权交易，也可能为这些公 司提供或者争取提供投资银行、财务顾问或者金融产品等相关服务。在法律许可的情况下，本公司的员工可能担任本报告所 提到的公司的董事。 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 [Table_OtherInfo] [Table_Industry] 模型更新时间：2024.03.29 股票研究 必需消费 食品饮料 [Table_Website] 公司网址 www.babifood.com [Table_Company] 公司简介 公司自成立以来，专业从事中式面点速 冻食品的研发、生产与销售，致力于"工 业化生产，全冷链配送，直营、加盟、 团体供餐为一体"的经营模式，是一家 "连锁门店销售为主，团体供餐销售为 辅"的中式面点速冻食品制造企 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [2][21]. Core Views - The company is expected to continue its store expansion at a steady pace, with a focus on the development of its group meal business, which is anticipated to contribute to new performance growth [21]. - Revenue for 2023 reached 1.63 billion yuan, a 7% increase year-on-year, driven by an increase in store numbers and rapid growth in group meal business outside East China [21]. - The company plans to distribute a cash dividend of 4 yuan for every 10 shares, increasing the dividend payout ratio to 47% of net profit [21]. Financial Summary - The company's gross profit margin and net profit margin for 2023 were 26.35% and 13.21%, respectively, with slight year-on-year changes [21]. - The company reported a net profit of 214 million yuan for 2023, a decrease of 4% year-on-year, primarily due to rising labor costs and depreciation expenses [21]. - The forecast for 2024-2026 indicates expected earnings per share (EPS) of 1.02, 1.17, and 1.30 yuan, with corresponding price-to-earnings (PE) ratios of 16, 14, and 13 times [21]. Business Expansion and Product Segmentation - The company aims to open 1,000 new stores in 2024 while also expanding its semi-finished product business to cater to small B catering, providing a second growth curve for group meals [21]. - In 2023, revenue from different product categories was 662 million yuan for rice products, 414 million yuan for fillings, and 394 million yuan for purchased food, with year-on-year growth rates of 1%, 18%, and 4%, respectively [21]. - The company had a total of 5,043 franchise stores by the end of 2023, with a net increase of 570 stores, indicating a robust growth in the franchise channel [21].

[盈利预测与财务指标 Table_Forcast] ➢ 事件：公司发布 2023 年年报，23 年实现营业收入 16.30 亿元，同比+6.89%； 归母净利润 2.14 亿元，同比-4.04%；扣非净利润 1.78 亿元，同比-3.80%。单 季度看，23Q4 实现营业收入 4.44 亿元，同比+4.58%；归母净利润 0.59 亿元， 同比-33.52%；扣非净利润 0.56 亿元，同比+18.19%。 ➢ 全年拓店表现亮眼，同店压力仍存，团餐高基数下增速回落。分渠道看，23 年特许加盟/直营/团餐分别实现收入 12.5/0.3/3.3 亿元，同比+10%/-16.6%/- 0.6%，23 年末公司加盟门店 5043 家，较年初净开 570 家，经测算 23 年加盟 门店单店收入同比-8%，除 23 年新店爬坡影响外，预计 23H2 同比仍有缺口； 团餐业务受 22 年高基数影响增速回落。分区域看，23 年华东/华南/华北/华中/ 其 他 地 区 分 别 实 现 收 入 13.5/1.2/0.5/1.0/0.04 亿 元 ， 同 比 +2.4%/+29.83%/+21.75%/+60.47%/-16.45 ...

Investment Rating - The investment rating for the company is "Outperform" [6]. Core Views - The company reported a revenue of 1.63 billion in 2023, a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 214 million, a decrease of 4% year-on-year. The forecast for 2024-2026 shows expected net profits of 250 million, 293 million, and 339 million respectively, with growth rates of 17%, 17%, and 16% [6][10]. - The company plans to maintain a dividend payout of 4 yuan per 10 shares, resulting in a dividend rate of 46.8% [6]. - The company is expected to see gradual recovery in single-store revenue and orderly expansion of its store opening plan, with improved profitability anticipated due to increased capacity utilization [6]. - The company aims to enhance its revenue through a dual-driven approach of store expansion and group meal services, leveraging both internal growth and external partnerships [6]. Financial Summary - Total revenue for 2023 was 1,630 million, with a projected increase to 1,834 million in 2024, representing a growth rate of 12.5% [10]. - The gross profit margin for 2023 was 26.3%, a decrease of 1.4 percentage points year-on-year, but showed a quarterly improvement trend [6][10]. - The company’s net profit margin for 2023 was 10.9%, down 1.2 percentage points year-on-year, yet also showed a quarterly improvement [6][10]. - The earnings per share for 2023 was 0.86 yuan, with projections of 1.00 yuan, 1.17 yuan, and 1.36 yuan for 2024, 2025, and 2026 respectively [10].

Financial Performance - In 2023, the company achieved an annual revenue of 1.63 billion yuan, representing a year-on-year growth of 6.89%[9] - The net profit attributable to the parent company was 178 million yuan, a decrease of 3.80% compared to the previous year[9] - The company's total revenue for 2023 reached approximately CNY 1.63 billion, representing a year-on-year increase of 6.89% compared to CNY 1.52 billion in 2022[34] - The net profit attributable to shareholders for 2023 was CNY 213.72 million, a decrease of 4.04% from CNY 222.71 million in 2022[34] - The company's net profit attributable to shareholders for 2023 was CNY 178,035,195.32, a decrease of 3.80% compared to CNY 185,061,437.24 in 2022[35] - The operating cash flow for 2023 was CNY 244,424,563.46, representing an increase of 27.37% from CNY 191,903,570.17 in 2022[35] - The company's total assets at the end of 2023 were CNY 2,781,191,449.36, up 4.10% from CNY 2,671,663,516.57 at the end of 2022[35] - The basic earnings per share for 2023 was CNY 0.86, a decrease of 4.44% from CNY 0.90 in 2022[36] - The weighted average return on equity for 2023 was 10.02%, down from 11.21% in 2022, a decrease of 1.19 percentage points[36] - The net profit after deducting non-recurring gains and losses for 2023 was CNY 152,022,952.07, compared to CNY 152,207,857.41 in 2022, reflecting a slight decrease[35] Store Expansion and Product Development - The company opened 1,319 new franchise stores, surpassing the target and bringing the total number of stores to over 5,000[10] - The company launched 31 new products in 2023, with sales of new products increasing by 79% year-on-year[10] - The company achieved franchise sales revenue of 1.252 billion RMB, a year-on-year growth of 9.95%[47] - The group meal business generated revenue of 330 million RMB, with a slight year-on-year decline of 0.63% due to a high comparison base[50] - The company successfully signed a share transfer agreement to acquire 51% of the local breakfast chain "Zheng Quan Wei," expected to enhance market share in Nanjing[47] - Over 60 new products were developed during the reporting period, with 31 new products launched for trial sales, achieving a 79% year-on-year increase in sales for new products[56] - The company has developed a product matrix consisting of over 100 items, including self-produced products and externally sourced items, catering to various consumer needs[69] Operational Efficiency and Digital Transformation - The company has made significant progress in digital transformation and operational efficiency improvements[11] - The company completed 88 lean improvement projects during the reporting period, resulting in significant cost reductions and efficiency improvements[52] - The company has migrated 86 cloud servers and 18 cloud databases, enhancing overall operational efficiency and management effectiveness[53] - The company has established a strong supply chain management system and digital information system to support its operations and ensure product quality[68] - The company emphasizes a standardized production management system, producing based on demand from franchise stores and group meal clients[73] - The company has a dynamic supplier management system to ensure the quality of raw materials and reduce procurement costs[70] Market Trends and Opportunities - The frozen food market in China is projected to grow from 782 billion yuan in 2021 to 1,045 billion yuan by 2025, indicating a substantial market opportunity[61] - The breakfast market in China has grown to 2 trillion yuan, with expectations to reach 2.6 trillion yuan by 2025, driven by high-frequency consumer demand[62] - The group meal market in China expanded from 0.9 trillion yuan in 2016 to 1.98 trillion yuan in 2022, with a market share of 45.1% in the overall dining market[64] - The company is focusing on technological innovations in filling and low-temperature fermentation, enhancing its core competitiveness in product production[56] - The increase in consumer income and the shift towards quality living are driving demand for safe and convenient food options, benefiting the company's market position[114] Governance and Compliance - The board of directors and senior management have guaranteed the authenticity and completeness of the annual report, with no false records or major omissions[18] - The company has received a standard unqualified audit report from Rongcheng Accounting Firm[18] - The company has confirmed that there are no non-operational fund occupations by controlling shareholders or related parties[17] - The company has outlined potential risks in its management discussion and analysis section, emphasizing the importance of investor awareness regarding these risks[18] - The company emphasizes transparency and timely information disclosure to protect investor interests and maintain fair access to information[172] - The company has established a strict internal control and risk management system to improve operational management and risk prevention capabilities[169] Future Plans and Strategies - The company aims to enhance product structure and management efficiency to improve operational performance in the coming year[9] - The company is committed to health and hygiene in its product offerings, aligning with consumer preferences for convenient and safe food options[65] - The company aims to expand its market presence through group meal sales to various institutions and new retail platforms, enhancing its product coverage and market share[78] - The company plans to invest 620 million RMB in the Shanghai Intelligent Manufacturing and Functional Noodle International R&D Center, expected to be operational by 2025[128] - The company intends to achieve more investment and acquisition results in 2024 to expand sales scale and market share[152] - The company plans to enhance its prepared food business to contribute to a second growth curve in catering services[150] Employee and Talent Management - The company granted 2.11375 million restricted stocks to 119 directors and key personnel as part of the 2022 Restricted Stock Incentive Plan, with an additional 163,000 shares reserved for future grants[55] - The company has expanded its talent pool by recruiting professionals across various departments, significantly improving organizational capabilities[54] - The company has set up employee stock ownership plans to retain talent and enhance core competitiveness[161] - The company employed 1,053 staff members at the end of the reporting period[200] Risk Management and Safety - The company achieved a 100% pass rate for factory inspections and government supervision checks, ensuring zero food safety incidents in 2023[132] - The company implemented a strict procurement control process, with 100% of incoming materials undergoing sampling and inspection[132] - The company has implemented a dynamic management mechanism for food safety risk prevention, including daily checks and monthly assessments[132] - The company is enhancing its quality control systems to address food safety risks as it expands its operations[158]

2023 年年度股东大会 (二)股东大会召集人：董事会 证券代码：605338 证券简称：巴比食品 公告编号：2024-016 中饮巴比食品股份有限公司 关于召开 2023 年年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、召开会议的基本情况 (一)股东大会类型和届次 (三)投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结合的 方式 (四)现场会议召开的日期、时间和地点 召开的日期时间：2024 年 4 月 25 日 14 点 45 分 召开地点：上海市松江区车墩镇茸江路 785 号行政楼 4 楼会议室 (五)网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 股东大会召开日期：2024年4月25日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 网络投票起止时间：自 2024 年 4 月 25 日 至 2024 年 4 月 25 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日 ...

中饮巴比食品股份有限公司 董事会审计委员会 2023 年度对会计师事务所履行监督职责情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准 则》《国有企业、上市公司选聘会计师事务所管理办法》《上海证券交易所上市公 司自律监管指引第 1 号——规范运作》等法律法规的要求，中饮巴比食品股份有 限公司（以下简称"公司"）董事会审计委员会 2023 年度对容诚会计师事务所 (特殊普通合伙)（以下简称"容诚会计师事务所"）履行监督职责情况报告如下： 一、2023 年年审会计师事务所基本情况 （一）会计师事务所基本情况 机构名称：容诚会计师事务所(特殊普通合伙) 成立日期：1988 年 8 月 二、2023 年度审计会计师事务所履职情况 容诚会计师事务所按照中国注册会计师执业准则及《企业内部控制审计指引》 等的相关要求，审计了公司 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益 变动表以及相关财务报表附注，及公司 2023 年 12 月 31 日的财务报告内部控制 的有效性。 组织形式：特殊普通合伙 注册地 ...

经中国证券监督管理委员会《关于核准中饮巴比食品股份有限公司首次公开 发行股票的批复》（证监许可[2020]2223 号）核准，公司首次公开发行 6,200 万 股人民币普通股股票，发行价格为 12.72 元/股，股票发行募集资金总额为人民 币 78,864.00 万元，扣除各项发行费用合计人民币 4,459.21 万元后，实际募集 资金净额为人民币 74,404.79 万元。容诚会计师事务所（特殊普通合伙）于 2020 年9月29日对本次发行的资金到位情况进行了审验，并出具了"容诚验字〔2020〕 230Z0189 号"《验资报告》。 截至 2023 年 12 月 31 日止，公司累计使用募集资金 64,896.39 万元，其中： （1）截至 2022 年 12 月 31 日公司累计使用募集资金 49,394.13 万元；（2）2023 年 1-12 月实际使用募集资金 15,502.26 万元。 截至 2023 年 12 月 31 日止，累计获得的理财收益、利息收入扣除手续费支 出等的净额为 2,983.24 万元，其中：（1）截至 2022 年 12 月 31 日公司累计获得 的理财收益、利息收入扣除手续 ...

RSM 容诚 审计报告 中饮巴比食品股份有限公司 容诚审字|2024|215Z0103 号 容诚会计师事务所(特殊普通合伙) 中国 · 北京 您可使用手机"扫一扫"或进入"注册资审计报告是否由具有执业许可的会计师事务所出具， 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://accon6.gov.cn）"进行管理。 【2017-08-08 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1-5 | | 2 | 合并资产负债表 | 6 | | 3 | 合并利润表 | 7 | | 4 | 合并现金流量表 | 8 | | 5 | 合并所有者权益变动表 | 9 - 10 | | 6 | 母公司资产负债表 | 11 | | 7 | 母公司利润表 | 12 | | 8 | 母公司现金流量表 | 13 | | 9 | 母公司所有者权益变动表 | 14 - 15 | | 10 | 财务报表附注 | 16 - 118 | 审计报告 容诚审字[2024]215Z0103 号 中饮巴比食品股份有限公司全体股东: 一、审计意见 我们审计了中饮巴比食品 ...

中饮巴比食品股份有限公司 二〇二四年三月 章程 | 第一章 总则 | | 1 | | --- | --- | --- | | 第二章 经营宗旨和范围 | | 2 | | 第三章 股 份 | | 2 | | 第一节 股份发行 | | 2 | | 第二节 股份增减和回购 | | 4 | | 第三节 股份转让 | | 5 | | 第四章 股东和股东大会 | | 7 | | 第一节 股东 | | 7 | | 第二节 股东大会的一般规定 | | 9 | | 第三节 股东大会的召集 | | 11 | | 第四节 股东大会的提案与通知 | | 13 | | 第五节 股东大会的召开 | | 15 | | 第六节 股东大会的表决和决议 | | 18 | | 第五章 董事会 | | 23 | | 第一节 董事 | | 23 | | 第二节 董事会 | | 27 | | 第二节 董事会专门委员会 | | 32 | | 第六章 总经理及其他高级管理人员 | | 34 | | 第七章 监事会 | | 36 | | 第一节 监事 | | 36 | | 第二节 监事会 | | 37 | | 第八章 财务会计制度、利润分配和审计 | | 3 ...