Investment Rating - The investment rating for the company is "Accumulate-B" [1][10]. Core Views - The company reported a revenue of 1.671 billion yuan for 2024, representing a year-on-year growth of 2.53%. The net profit attributable to the parent company was 277 million yuan, up 29.42% year-on-year, with a basic earnings per share (EPS) of 1.12 yuan, reflecting a growth of 30.23% [6][10]. - The company has successfully expanded its franchise store business and deepened its relationships with major clients, achieving positive growth in revenue and net profit despite intensified industry competition [6][10]. - The company plans to achieve revenues of 1.823 billion yuan, 2.015 billion yuan, and 2.236 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 268 million yuan, 293 million yuan, and 315 million yuan [10][12]. Financial Performance - In 2024, the company's gross profit margin improved to 26.71%, an increase of 0.36 percentage points year-on-year, while the net profit margin rose to 16.75%, up 3.54 percentage points year-on-year [7]. - The company completed 75 lean improvement projects in 2024, which contributed to enhanced production efficiency and reduced costs [7]. - The company’s total assets are projected to grow from 28.81 billion yuan in 2023 to 37.84 billion yuan by 2027, indicating a steady increase in financial strength [15][16]. Sales and Market Expansion - The company opened 1,026 new franchise stores in 2024, expanding its market presence in regions such as East China and North China [6]. - The sales revenue from franchise stores, direct stores, and group meal services for 2024 was 1.246 billion yuan, 21 million yuan, and 380 million yuan, respectively, with varying year-on-year changes [6][10]. - The company has developed over 300 new major clients in 2024, enhancing its customer service capabilities and product offerings [6].

Group 1: Babi Food - Babi Food plans to open 1,000 new stores in 2025, focusing on store quality to reduce closure rates [1] - The company expects its group meal revenue to reach 380 million in 2024, with major clients including Hema and Meituan [1] - The acquisition of the Qinglu brand adds approximately 500 stores, generating monthly sales exceeding 10 million [1] - The company aims for double-digit growth in group meal business in 2025, leveraging high-potential retail channels [1] - The dividend payout ratio is sustainable, with capital expenditures expected to be completed in the next 3-5 years [1] Group 2: Ruifeng New Materials - Ruifeng New Materials reported an increase in accounts receivable due to new and existing customer sales growth, alongside international instability causing payment delays [2] - The company anticipates a reduction in cash dividends in 2024 due to significant share buybacks, but maintains a high overall dividend ratio [2] - The improvement in gross margin is attributed to raw material cost control and product structure optimization [2] - In 2025, the company plans to enhance its overseas presence and transition its customer base towards core clients [2]

Core Viewpoint - The company, Zhongyin Babi Food Co., Ltd., has announced a share repurchase plan aimed at maintaining company value and enhancing investor confidence, with a total repurchase amount expected to be between RMB 100 million and RMB 200 million [1][2]. Summary by Sections Share Repurchase Plan - The share repurchase plan was first disclosed on June 14, 2024, and will be implemented from July 1, 2024, to June 30, 2025 [1]. - The repurchase is intended to reduce registered capital and will utilize self-owned funds through centralized bidding [1][2]. - The maximum repurchase price is set at RMB 24.47 per share [1]. Progress of Share Repurchase - As of March 31, 2025, the company has repurchased a total of 8.433338 million shares, representing 3.40% of the total share capital [2]. - The total amount spent on repurchased shares is RMB 119.874059 million, with a maximum price of RMB 17.35 per share and a minimum price of RMB 12.77 per share [2]. Compliance and Future Actions - The company will adhere to relevant regulations and guidelines during the repurchase period and will disclose progress regularly [2].

重要内容提示： 证券代码：605338 证券简称：巴比食品 公告编号：2025-015 中饮巴比食品股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 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。 | 回购方案首次披露日 | 2024/6/14 | | | | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 月 1 日~2025 年 6 月 30 | 7 | 日 | | 预计回购金额 | 10,000 万元~20,000 万元 | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | □用于转换公司可转债 | | | | | □为维护公司价值及股东权益 | | | | 累计已回购股数 | 843.3338 万股 | | | | 累计已回购股数占总股本比例 | 3.40% | | | | 累计已回购金额 | 11,987.4059 万元 | | | | 实际回购价格区间 | 12.77 元/股~17.35 元/股 | | | 2025 年 3 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company reported a total revenue of 1.671 billion yuan in 2024, representing a 3% year-on-year increase, and a net profit attributable to shareholders of 277 million yuan, which is a 29% increase year-on-year [4] - The company is experiencing strong growth in the group meal channel, with sales reaching 116 million yuan in Q4 2024, a 30% increase year-on-year [6] - The company plans to continue increasing its investment in expenses, which is expected to enhance its profitability in the future [5] Summary by Sections Financial Performance - In Q4 2024, the company's total revenue was 461 million yuan, up 4% year-on-year, and the net profit was 82 million yuan, up 39% year-on-year [4] - The gross margin for Q4 2024 increased by 1 percentage point to 27.51%, with a net profit margin increase of 5 percentage points to 18.05% [5] Product and Channel Analysis - Food revenue in Q4 2024 was 418 million yuan, with noodle and filling products generating 191 million yuan and 127 million yuan, respectively, showing increases of 2% and 22% [6] - The company has closed 143 stores in Q4 2024, but the single-store performance is showing signs of recovery [6] Future Outlook - The company is expected to maintain its store opening pace and benefit from brand acquisitions, with EPS projected to be 1.04 yuan, 1.13 yuan, and 1.20 yuan for 2025, 2026, and 2027, respectively [8][10] - The company’s dividend payout ratio increased to 69% in 2024 from 47% in 2023, indicating a commitment to returning value to shareholders [5]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company reported a total revenue of 1.671 billion yuan in 2024, representing a 3% year-on-year increase, and a net profit attributable to shareholders of 277 million yuan, which is a 29% increase year-on-year [4] - The company is experiencing strong growth in the group meal channel, with sales reaching 116 million yuan in Q4 2024, a 30% increase year-on-year [6] - The company is expected to continue benefiting from scale effects, with a projected net profit margin increase to 18.05% in 2024, up 5 percentage points year-on-year [5] Summary by Sections Financial Performance - In Q4 2024, the company's total revenue was 461 million yuan, a 4% increase year-on-year, and the net profit was 82 million yuan, a 39% increase year-on-year [4] - The gross profit margin for Q4 2024 increased by 1 percentage point to 27.51% [5] - The company plans to increase its expense investments, with a sales expense ratio of 3.96% and a management expense ratio of 6.37% [5] Product and Channel Performance - Food product revenue in Q4 2024 was 418 million yuan, with noodle and filling products generating 191 million yuan and 127 million yuan, respectively, showing increases of 2% and 22% [6] - The company closed 143 stores in Q4 2024, leading to a 2% decrease in franchise sales revenue to 333 million yuan, but single-store performance is showing signs of recovery [6] Future Outlook - The company is expected to maintain its store opening pace and benefit from brand acquisitions, with EPS projected to be 1.04 yuan in 2025, corresponding to a PE ratio of 17 times [8] - Revenue growth rates are forecasted at 8.4% for 2025, 6.5% for 2026, and 5.5% for 2027 [10]

证券研究报告·公司点评报告·食品加工 巴比食品（605338） 巴比食品 2024 年报点评：单店营收企稳，加 快拓店步伐 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1630 | 1671 | 1810 | 1961 | 2059 | | 同比（%） | 6.89 | 2.53 | 8.28 | 8.34 | 5.00 | | 归母净利润（百万元） | 213.72 | 276.59 | 269.38 | 303.27 | 330.08 | | 同比（%） | (4.04) | 29.42 | (2.61) | 12.58 | 8.84 | | EPS-最新摊薄（元/股） | 0.86 | 1.12 | 1.09 | 1.22 | 1.33 | | P/E（现价&最新摊薄） | 21.05 | 16.26 | 16.70 | 14.83 | 13.63 | [Table_Tag] [Table_Summar ...

本报告导读： 单店缺口继续收窄，控费带动扣非利润率改善。分渠道看，2024 年加盟/直营/团餐收入分别同 比-0.42%/-22.83%/+15.31%，加盟店店均销售收入24.23 万元、同比-2.4%，环比维度呈现逐季降幅收窄 趋势，稳步改善；分区域看，2024 年华东/华南/华中/华北区域收入分别同比 +0.86%/+20.33%/+8.13%/-0.53%，华东、华北增速年内环比改善，华南保持相对较高增速。2024 年毛利 率同比+0.36pct 至26.7%，其中单Q4 毛利率同比+0.5pct，预计主因产能利用率改善及成本处于低位，24 年销售/管理/研发/财务费率分别同比-1.3/+0.1/+0.0/+0.4pct，销售端控费成效显现，年内管理费用包含终 止股权激励计提一次性股份支付费用约1288 万元，扣非净利率同比+1.6pct 至12.6%。 稳步改善，内生外延并进。2024 年公司新增/净增加盟店分别为1026家/100 家（含并购），公司积极通 过调结构推新品、增加外卖占比等方式逐步改善单店收入，有望稳步显现并传导至闭店率改善。团餐业 务方面，客户需求有所恢复叠加外区团餐业务重点开拓带 ...

巴比食品（605338.SH）2024 年年报点评 同店环比改善，外延并购再下一城 2025 年 03 月 29 日 ➢ 事件：公司发布 2024 年年报，24 年实现营业收入 16.71 亿元，同比+2.53%； 实现归母净利润 2.77 亿元，同比+29.42%；实现扣非净利润 2.10 亿元，同比 +18.05%。单季度看，24Q4 实现营业收入 4.61 亿元，同比+3.84%；实现归母 净利润 0.82 亿元，同比+39.23%；实现扣非净利润 0.63 亿元，同比+13.96%。 ➢ 同店环比改善，Q4 团餐增速亮眼。分渠道看，24Q4 特许加盟/直营/团餐 渠道分别实现收入 3.3/0.06/1.2 亿元，同比-2.3%/-17.6%/+29.6%，截至 24 年 末公司加盟门店共 5143 家，较 24 年初净增 100 家，环 Q3 净减少 143 家， 24Q4 公司放缓拓店节奏，单店经营筑底下闭店数量有所提升，我们预计同店缺 口收窄至小个位数；Q4 团餐增速亮眼，预计主因主新零售、第三方生鲜、餐饮 便利连锁等新渠增速较快，24 年合计新开发大客户超 300 家。分区域看，24Q4 华 东 ...

巴比食品（605338.SH）2024 年年报点评 同店环比改善，外延并购再下一城 2025 年 03 月 29 日 ➢ 事件：公司发布 2024 年年报，24 年实现营业收入 16.71 亿元，同比+2.53%； 实现归母净利润 2.77 亿元，同比+29.42%；实现扣非净利润 2.10 亿元，同比 +18.05%。单季度看，24Q4 实现营业收入 4.61 亿元，同比+3.84%；实现归母 净利润 0.82 亿元，同比+39.23%；实现扣非净利润 0.63 亿元，同比+13.96%。 ➢ 同店环比改善，Q4 团餐增速亮眼。分渠道看，24Q4 特许加盟/直营/团餐 渠道分别实现收入 3.3/0.06/1.2 亿元，同比-2.3%/-17.6%/+29.6%，截至 24 年 末公司加盟门店共 5143 家，较 24 年初净增 100 家，环 Q3 净减少 143 家， 24Q4 公司放缓拓店节奏，单店经营筑底下闭店数量有所提升，我们预计同店缺 口收窄至小个位数；Q4 团餐增速亮眼，预计主因主新零售、第三方生鲜、餐饮 便利连锁等新渠增速较快，24 年合计新开发大客户超 300 家。分区域看，24Q4 华 东 ...