Investment Rating - The report maintains a "Buy" rating for the company, with expected earnings growth leading to a PE ratio of 17.0/14.4/12.7X for 2024E-2026E [7][8]. Core Insights - The company reported a Q1 2024 revenue of 354 million RMB, a year-on-year increase of 10.74%, while the net profit attributable to shareholders was 39.62 million RMB, a decrease of 3.43% [1][7]. - The company opened 203 new franchise stores in Q1 2024, achieving 20.3% of its annual target, indicating steady progress despite the impact of the Spring Festival [7]. - The gross margin improved to 25.9%, with a decrease in selling and administrative expense ratios, contributing to enhanced profitability [7]. Financial Summary - Revenue growth rates are projected at 15.56% for 2024E, 15.42% for 2025E, and 14.08% for 2026E, with total revenues expected to reach 1.884 billion RMB in 2024E [3][7]. - The net profit attributable to shareholders is forecasted to be 244 million RMB in 2024E, with a growth rate of 14.38% [3][7]. - The company’s return on equity (ROE) is expected to be 10.27% in 2024E, improving to 11.66% by 2026E [3][7]. Business Segmentation - Franchise income for Q1 2024 was 260 million RMB, up 8.3%, with a total of 5,094 stores, reflecting a 10.7% increase in store count [7]. - The catering business revenue was 83.32 million RMB, showing a significant recovery with a 20.9% increase, contributing 23.6% to total revenue [7]. - Regional performance varied, with East China showing a revenue increase of 7.9%, while South China experienced a notable 38.4% growth [7].

Investment Rating - The report maintains a "Buy" rating for Babifood (605338) with a target price of 21.60 RMB, down from the previous target of 23.90 RMB [21][15]. Core Views - The company is expected to benefit from the recovery of group meal services and improvements in single-store performance. The report highlights the ongoing expansion of franchise stores and the positive trend in group meal business [21][15]. - The first quarter of 2024 saw revenue of 354 million RMB, a year-on-year increase of 10.74%, with net profit of 40 million RMB, reflecting a decrease of 3.43% year-on-year [21][15]. - The report anticipates a gradual improvement in profitability due to cost control and operational efficiency, despite challenges in single-store sales recovery [21][15]. Financial Summary - Revenue projections for Babifood are as follows: 1,525 million RMB in 2022, 1,630 million RMB in 2023, and an estimated 1,904 million RMB in 2024, indicating a growth rate of 11% and 7% respectively [21][15]. - The net profit forecast shows a decline from 223 million RMB in 2022 to 214 million RMB in 2023, with an expected increase to 243 million RMB in 2024 [21][15]. - The report notes a decrease in the operating profit margin from 13.6% in 2022 to 11.9% in 2023, with a projected recovery to 12.5% in 2024 [21][15]. Market Position and Competitors - Babifood operates in the frozen food sector, focusing on Chinese-style pastries and group meal services. The company is expanding its market presence through franchise operations and direct sales [21][15]. - The report includes a comparative valuation table with peers such as Aijia Foods and Qianwei Yangchun, highlighting Babifood's competitive position in terms of earnings per share (EPS) and price-to-earnings (PE) ratios [3][21]. Operational Insights - The company has opened 203 new franchise stores while closing 152, resulting in a net increase of 51 stores. The average revenue per franchise store has shown a year-on-year increase of 2.1% [21][15]. - The report emphasizes the importance of expanding into new regions and enhancing product offerings to drive future growth [21][15].

Financial Performance - The company's revenue for Q1 2024 was CNY 353,824,419.01, representing a year-on-year increase of 10.74%[6] - Net profit attributable to shareholders decreased by 3.43% to CNY 39,623,755.21, while the net profit excluding non-recurring gains and losses surged by 87.07% to CNY 37,703,969.46[6] - Total operating revenue for Q1 2024 reached ¥353,824,419.01, an increase of 10.7% compared to ¥319,516,702.75 in Q1 2023[23] - Net profit for Q1 2024 was ¥40,294,110.14, slightly higher than ¥39,981,951.12 in Q1 2023, indicating a growth of 0.8%[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,779,108,348.31, a slight decrease of 0.07% compared to the end of the previous year[7] - Total liabilities decreased to ¥526,612,739.69 from ¥570,377,737.76, showing a reduction of 7.7%[20] - The company's total assets amounted to ¥2,779,108,348.31, a slight decrease from ¥2,781,191,449.36 in the previous quarter[20] Cash Flow - The net cash flow from operating activities was CNY 12,524,078.32, with no applicable percentage change reported[6] - In Q1 2024, the cash inflow from operating activities was $405.24 million, an increase of 4.5% compared to $388.25 million in Q1 2023[29] - The net cash flow from operating activities turned positive at $12.52 million, compared to a negative $11.39 million in the same period last year[29] - Cash inflow from investment activities reached $231.73 million, significantly up from $108.56 million in Q1 2023, marking an increase of 113.0%[30] - The net cash flow from investment activities was $193.34 million, a substantial improvement from a negative $24.68 million in Q1 2023[30] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 14,185[10] - The top shareholder, Liu Huiping, holds 40.45% of the shares, totaling 101,193,300 shares[11] - Liu Huiping and Ding Shimei are identified as the actual controllers of the company, with familial relationships among major shareholders[13] Equity and Share Capital - Shareholders' equity attributable to the parent company increased by 1.86% to CNY 2,243,485,371.26[7] - The equity attributable to shareholders increased to ¥2,243,485,371.26 from ¥2,202,473,829.17, marking a growth of 1.9%[20] - The company completed the cancellation of 133,250 restricted stocks, resulting in a total share capital of 249,980,500 shares as of January 30, 2024[14] - The company plans to grant an additional 163,000 restricted stocks under the 2022 incentive plan, increasing total shares to 250,143,500 by February 27, 2024[14] Operating Costs and Expenses - Total operating costs for Q1 2024 were ¥303,816,612.42, up from ¥291,992,147.08 in Q1 2023, reflecting a growth of 4.5%[24] - Research and development expenses for Q1 2024 were ¥3,176,734.23, compared to ¥2,737,704.17 in Q1 2023, reflecting an increase of 16.1%[24] - The company reported a decrease in sales expenses to ¥17,724,804.88 from ¥23,248,042.33, a reduction of 23.6%[24] Future Plans - The company plans to focus on increasing revenue and reducing sales and management expenses to enhance profitability in the future[9]

证券代码：605338 证券简称：巴比食品 公告编号：2024-021 中饮巴比食品股份有限公司 2024 年第一季度经营数据公告 | 项目 | 2024 年 1-3 月 | 占比 | | --- | --- | --- | | 特许加盟销售 | 25,812.92 | 72.95% | | 直营门店销售 | 615.21 | 1.74% | | 团餐渠道销售 | 8,332.18 | 23.55% | 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。 中饮巴比食品股份有限公司（以下简称"公司"）根据《上海证券交易所上 市公司自律监管指引第 3 号行业信息披露：第十四号——食品制造》的相关要求， 现将 2024 年一季度经营数据（未经审计）公告如下： 2024 年 1-3 月收入为 35,382.44 万元，其中主营业务收入为 35,330.43 万 元，占营业收入 99.85%；其他业务收入为 52.01 万元，占营业收入 0.15%。 一、营业收入分产品 | 项目 | 2024 年 1-3 月 | 占比 | | --- | ...

第三届董事会第九次会议决议公告 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。 一、董事会会议召开情况 中饮巴比食品股份有限公司（以下简称"公司"）第三届董事会第九次会议 于 2024 年 4 月 22 日在公司会议室以现场及通讯相结合的方式召开。会议通知及 相关资料于 2024 年 4 月 17 日通过电话、邮件等方式发出。本次会议由董事长刘 会平先生主持，会议应出席董事 5 名，实际出席董事 5 名，公司董事会秘书列席 会议。本次会议的召集和召开程序符合《中华人民共和国公司法》等法律法规、 部门规章、其他规范性文件及《中饮巴比食品股份有限公司章程》的有关规定。 证券代码：605338 证券简称：巴比食品 公告编号：2024-019 中饮巴比食品股份有限公司 二、董事会会议审议情况 1、审议通过《关于公司 2024 年第一季度报告的议案》 具体内容详见公司于 2024 年 4 月 23 日刊登在上海证券交易所网站 （www.sse.com.cn）以及公司指定披露媒体上的《2024 年第一季度报告》。 本议案已经董事会审计委员 ...

证券代码：605338 证券简称：巴比食品 公告编号：2024-022 中饮巴比食品股份有限公司 （一）本次会计政策变更原因 2023 年 10 月 25 日，财政部发布了《准则解释第 17 号》。《准则解释第 17 号》 规定："关于流动负债与非流动负债的划分""关于供应商融资安排的披露"和 "关于售后租回交易的会计处理"内容自 2024 年 1 月 1 日起施行。 根据上述要求，公司自 2024 年 1 月 1 日起按照《准则解释第 17 号》规定执行， 对因适用《准则解释第 17 号》的"流动负债与非流动负债的划分"等，根据有关规 定进行相应会计处理。 关于会计政策变更的公告 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： ●本次会计政策变更是公司根据财政部发布的相关规定和要求，对相关会计政 策进行修改，本次会计政策变更不涉及对公司以前年度的追溯调整，不会对公司已 披露的财务报表产生影响，变更后的会计政策不会对公司的财务状况和经营成果产 生重大的影响。 一、本次会计政策变更概述 中饮巴比食品股份有限公司（ ...

证券代码：605338 证券简称：巴比食品 公告编号：2024-020 二、监事会会议审议情况 1、审议通过《关于公司 2024 年第一季度报告的议案》 监事会对董事会编制的《2024 年第一季度报告》提出如下审核意见：（1）公 司《2024 年第一季度报告》的编制和审议程序符合法律法规及《公司章程》的规 定；（2）公司《2024 年第一季度报告》的内容和格式符合中国证监会和上海证券 交易所的各项规定，所包含的信息从各个方面真实地反映出公司 2024 年第一季 度的经营管理和财务状况等事项；（3）在提出本意见前，未发现参与公司《2024 年第一季度报告》编制和审议的人员有违反保密规定的行为。因此，监事会认为 公司《2024 年第一季度报告》所披露的信息真实、准确和完整，未发现虚假记 载、误导性陈述或者重大遗漏。 具体内容详见公司于 2024 年 4 月 23 日刊登在上海证券交易所网站 （www.sse.com.cn）以及公司指定披露媒体上的《2024 年第一季度报告》。 表决结果：3 票同意，0 票弃权，0 票反对。 中饮巴比食品股份有限公司 第三届监事会第九次会议决议公告 本公司监事会及全体监事保证本公告 ...

中饮巴比食品股份有限公司 2023 年年度股东大会会议资料 二〇二四年四月 中饮巴比食品股份有限公司 2023 年年度股东大会会议资料 | | 4 | | --- | --- | | œ | | | | . | | 会议须知 | | 1 | | --- | --- | --- | | 会议议程 | | 3 | | 一、会议届次 | | 3 | | 二、会议召开 | | 3 | | 三、会议安排 | | 3 | | 会议议案 | | 4 | | 议案一：关于 年度董事会工作报告的议案 | 2023 | 4 | | 议案二：关于 年度监事会工作报告的议案 | 2023 | 9 | | 议案三：关于 年度财务决算报告的议案 | 2023 | 15 | | 议案四：关于公司未来三年分红回报规划的议案 | | 23 | | 议案五：关于 年度利润分配预案的议案 | 2023 | 24 | | 议案六：关于 年年度报告及摘要的议案 | 2023 | 25 | | 议案七：关于 年度独立董事述职报告的议案 | 2023 | 26 | | 议案八：关于使用部分暂时闲置自有资金进行现金管理的议案 | | 27 | | 议案九： ...

证券代码：605338 证券简称：巴比食品 公告编号：2024-018 中饮巴比食品股份有限公司 关于使用暂时闲置募集资金进行现金管理的进展公告 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： 中饮巴比食品股份有限公司（以下简称"公司"）于 2023 年 10 月 26 日召 开第三届董事会第五次会议、第三届监事会第五次会议审议通过了《关于继续 使用部分暂时闲置募集资金进行现金管理的议案》，同意公司使用不超过人民 币 20,000 万元的暂时闲置募集资金进行现金管理，用于购买安全性高、流动性 好、低风险的各类理财产品，使用期限为自董事会审议通过之日起 12 个月内， 在上述额度及期限内可循环滚动使用。公司独立董事、监事会及保荐机构分别 对上述议案发表同意的意见，具体内容详见公司于 2023 年 10 月 27 日披露的《关 于继续使用部分暂时闲置募集资金进行现金管理的公告》（公告编号：2023- 044）。 ● 特别风险提示 本着维护股东利益的原则，公司将严格控制风险，对理财产品投资严格把 关，谨慎决策。尽管公 ...

证券代码：605338 证券简称：巴比食品 公告编号：2024-017 中饮巴比食品股份有限公司 关于职工代表监事辞职暨补选职工代表监事的公告 本公司监事会及全体监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。 中饮巴比食品股份有限公司（以下简称"公司"）监事会于近日收到公司职 工代表监事顾微微女士的书面辞职报告。顾微微女士因个人原因，申请辞去公司 第三届监事会职工代表监事职务，辞职后将不在公司内担任任何职务。 顾微微女士在担任公司职工代表监事期间勤勉尽责、认真履职，公司监事会 对顾微微女士任职期间为公司发展所做出的贡献表示衷心的感谢！ 二、关于职工代表监事选举的情况 为保证公司监事会正常运作，根据《中华人民共和国公司法》《中饮巴比食 品股份有限公司章程》等有关规定，公司于 2024 年 4 月 9 日召开 2024 年第一次 职工代表大会，经全体与会代表投票表决，大会同意选举杨扬女士（简历见附件） 为公司第三届监事会职工代表监事，任期自本次公司职工代表大会审议通过之日 起至第三届监事会任期届满之日止。 特此公告。 中饮巴比食品股份有限公司监事会 ...