关于控股股东、实际控制人自愿承诺 不减持公司股份的公告 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。 中饮巴比食品股份有限公司（以下简称"公司"或"巴比食品"）于近日收 到公司控股股东、实际控制人刘会平先生、丁仕梅女士出具的《关于自愿承诺不 减持公司股份的告知函》（以下简称"告知函"），相关情况公告如下： 一、承诺事项 证券代码：605338 证券简称：巴比食品 公告编号：2024-024 基于对公司未来发展前景的信心及对公司价值的认可，为促进公司持续、稳 定、健康发展，并维护广大公众投资者利益，公司控股股东、实际控制人刘会平 先生、丁仕梅女士自愿承诺：自告知函出具之日起至 2025 年 12 月 31 日期间， 不以任何方式减持其直接或间接持有的巴比食品股份，包括承诺期间发生资本公 积转增股本、派送股票红利、配股、增发等产生的股份。 中饮巴比食品股份有限公司 公司董事会将督促刘会平先生、丁仕梅女士严格遵守承诺并及时履行信息披 露义务。 二、截至本公告日，控股股东、实际控制人持股情况 （二）丁仕梅女士持股情况 股东名称 截至 ...

证券代码：605338 证券简称：巴比食品 公告编号：2024-023 中饮巴比食品股份有限公司 1 近日，公司收到天津会平、天津中饮、天津巴比发来的《股份减持计划的告 知函》，现将相关减持计划公告如下： 股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 截至本公告披露日，中饮巴比食品股份有限公司（以下简称"公司"）的股 东天津会平投资管理合伙企业（有限合伙）（以下简称"天津会平"）、天津中饮 投资管理合伙企业（有限合伙）（以下简称"天津中饮"）、天津巴比投资管理合 伙企业（有限合伙）（以下简称"天津巴比"）分别持有公司股份 14,003,142 股、 10,296,429 股、10,296,429 股，分别占公司总股本的 5.60%、4.12%、4.12%。天 津会平、天津中饮、天津巴比系公司上市前的员工持股平台，上述股份全部来源 于公司首次公开发行前已持有的股份。 减持计划的主要内容 天津会平、天津中饮、天津巴比拟通过集中竞价、大宗交易的方式分别减持 公司股 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [7][11]. Core Insights - The company, Baba Foods, reported a revenue of 354 million yuan in Q1 2024, representing a year-on-year growth of 10.7%. However, the net profit attributable to the parent company decreased by 3.4% to 40 million yuan [10]. - The core product categories, including rice, fillings, and purchased food, achieved revenues of 150 million, 90 million, and 80 million yuan respectively, with growth rates of 9%, 17%, and 9% [10]. - The company is focusing on expanding its group meal business, which saw a significant revenue increase of 21% year-on-year, driven by recovering downstream customer demand [10]. Financial Performance Summary - Revenue projections for 2024-2026 are set at 2.39 billion, 2.73 billion, and 3.31 billion yuan respectively, with corresponding net profit estimates of 239 million, 273 million, and 331 million yuan [10][19]. - The gross margin for Q1 2024 improved to 25.92%, an increase of 1.72 percentage points year-on-year, attributed to lower raw material costs [10]. - The company’s operating profit for 2024 is projected to be 276 million yuan, with a net profit margin improvement expected due to operational efficiencies [19]. Market and Operational Insights - The company’s store count increased by 10.7% year-on-year, with notable growth in the southern market, while the eastern market faces challenges in store expansion due to weaker franchisee interest [10]. - The report highlights the importance of enhancing single-store revenue and operational capabilities as a key focus for the year [10]. - The company aims to strengthen its supply chain and operational efficiency, particularly in the takeaway and mid-to-late meal segments, to improve revenue per store [10].

司 मे | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|-------|-------|-------| | 财务数据和估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 1,525 | 1,630 | 1,928 | 2,220 | 2,503 | | 增长率 | 11% | 7% | 18% | 15% | 13% | | 净利润（百万元） | 222 | 214 | 243 | 291 | 333 | | 增长率 | -29% | -4% | 14% | 20% | 15% | | EPS （元/股） | 0.89 | 0.85 | 0.97 | 1.16 | 1.33 | | 市盈率（ P/E） | 18.2 | 18.9 | 16.7 | 13.9 | 12.2 | | 市净率（ P/B） | 2.0 | 1.8 | 1.5 | 1.3 | 1.2 | 数据来源：公司公告、华福证券研究所 证 券 研 究 报 告 风险提示 开店不及 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][4] Core Insights - The company has shown steady revenue growth, with Q1 2024 total revenue reaching 354 million yuan, an increase of 11% year-on-year. The net profit attributable to shareholders was 40 million yuan, down 3% [1][4] - The decline in raw material prices, such as pork, flour, and oils, has positively impacted the company's gross margin, which increased by 2 percentage points to 25.92% in Q1 2024 [1][4] - The company is focusing on expanding its catering business, which has seen a revenue increase of 21% in Q1 2024, reaching 83 million yuan [1][3] Summary by Sections Revenue and Profitability - In Q1 2024, the company reported total revenue of 354 million yuan, with a year-on-year growth of 11%. The gross margin improved to 25.92%, benefiting from lower raw material costs [1][4] - The company's net profit margin decreased by 1 percentage point to 11.39% in Q1 2024, while operating cash flow turned positive at 13 million yuan compared to a negative 11 million yuan in the same period last year [1][4] Business Expansion - The company has maintained a stable pace of store openings, with a total of 5,094 franchise stores as of Q1 2024, netting an increase of 51 stores since the beginning of the year. The company aims to enhance store efficiency through menu adjustments and new store models [1][3] - The catering segment is expected to contribute significantly to future growth, with plans to deepen partnerships with convenience chains and new retail platforms [1][3] Regional Performance - Revenue from the East China region reached 291 million yuan in Q1 2024, an increase of 8%. The company is working on optimizing store models and introducing new business formats to enhance performance in this region [1][3] - South China saw accelerated store openings, contributing to a 38% revenue increase to 30 million yuan, primarily driven by market development in Hunan [1][3] Earnings Forecast - The company is projected to achieve earnings per share (EPS) of 1.02 yuan in 2024, with expected growth rates of 19.8% and 14.4% for net profit in 2024 and 2025, respectively [4][6]

证券研究报告·公司点评报告·食品加工 2024 年一季报点评：门店业务稳健增长，团 餐业务加速 2024 年 04 月 23 日 | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1,525 | 1,630 | 1,887 | 2,147 | 2,404 | | 同比（ % ） | 10.88 | 6.89 | 15.73 | 13.80 | 11.98 | | 归母净利润（百万元） | 222.71 | 213.72 | 233.78 | 276.18 | 310.55 | | 同比（ % ） | (29.06) | (4.04) | 9.39 | 18.13 | 12.44 | | EPS- 最新摊薄（元 / 股） | 0.89 | 0.85 | 0.93 | 1.10 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1]. Core Views - The company reported a revenue of 354 million yuan in Q1 2024, representing a year-on-year increase of 10.7%. The net profit attributable to shareholders was 40 million yuan, down 3.4% year-on-year, while the net profit excluding non-recurring items was 38 million yuan, up 87.1% year-on-year [1]. - The group meal segment showed a recovery in growth, while the store business faced some pressure. The company aims for double-digit growth for the full year, supported by the recovery in group meals and stable raw material prices [1]. - The company plans to continue expanding its franchise business, targeting 1,000 new stores, with a focus on regions like Hunan, Guangdong, and Beijing [1]. Financial Summary - Q1 2024 revenue: 354 million yuan, up 10.7% year-on-year - Q1 2024 net profit: 40 million yuan, down 3.4% year-on-year - Q1 2024 net profit excluding non-recurring items: 38 million yuan, up 87.1% year-on-year - Q1 2024 gross margin: 25.9%, up 1.7 percentage points year-on-year - Q1 2024 net profit margin: 10.2%, up 3.2 percentage points year-on-year [1][3]. Revenue and Profit Forecast - Projected total revenue for 2024: 1.853 billion yuan, with a year-on-year growth of 13.7% - Projected net profit for 2024: 253 million yuan, with a year-on-year growth of 18.5% - Projected EPS for 2024: 1.01 yuan, with a P/E ratio of 16 [9][10].

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]