公司报告 | 公司点评 其他指标： EPS 1.11 元，yoy+29.07%；加权平均净资产收益率 12.26%，+2.24pct；总资 产 28.6 亿元，yoy+2.72%。归属于上市公司股东的所有者权益 22.7 亿元， yoy+3.15%；股本 2.48 亿元，yoy-0.85%。归属于上市公司股东的每股净资 产 9.16 元，yoy+3.97%。 影响业绩主要因素： 投资建议： 我们认为，公司凭借强韧商业模式，有望通过单店修复、拓店提速及并购 整合率先复苏。考虑到公司未来业绩或具备一定弹性，我们调整 24-26 年 公司收入增速为 3%/8%/7%（前值 2%/5%/7%），总营收调整为 16.7/18.1/19.3 亿元（前值 16.6/17.4/18.6 亿元），归母净利润增速分别为 30%/0.4%/8%（前 值 19%/8%/10%），归母净利润调整为 2.8/2.8/3.0 亿元（前值 2.5/2.8/3.0 亿 元），对应 PE 分别为 16X/16X/15X，维持"买入"评级。 风险提示：业绩快报仅为初步核算结果，请以公司正式财报为准；需求恢 复不及预期；行业竞争加剧；原材料成本上涨 ...

公司报告 | 公司点评 巴比食品（605338） 证券研究报告 扣非净利润同比增长 18.02%，东鹏股票贡献收益 事件：1 月 24 日，公司发布 2024 年年度业绩快报，2024 年公司实现营收 16.71 亿元（yoy+2.53%），实现归母净利润 2.77 亿元（yoy+29.64%），实现 扣非归母净利润 2.10 亿元（yoy+18.02%）。其中 2024Q4 实现营收 4.61 亿 元（yoy+3.84%），实现归母净利润 0.83 亿元（yoy+40.0%），实现扣非归母 净利润 0.63 亿元（yoy+13.86%）。 其他指标： EPS 1.11 元，yoy+29.07%；加权平均净资产收益率 12.26%，+2.24pct；总资 产 28.6 亿元，yoy+2.72%。归属于上市公司股东的所有者权益 22.7 亿元， yoy+3.15%；股本 2.48 亿元，yoy-0.85%。归属于上市公司股东的每股净资 产 9.16 元，yoy+3.97%。 影响业绩主要因素： 投资建议： 我们认为，公司凭借强韧商业模式，有望通过单店修复、拓店提速及并购 整合率先复苏。考虑到公司未来业绩或具备一 ...

证券代码：605338 证券简称：巴比食品 公告编号：2025-003 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。 重要内容提示： | 回购方案首次披露日 | 2024/6/14 | | | --- | --- | --- | | 回购方案实施期限 | 2024 年 7 月 1 日~2025 年 6 月 | 30 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 元/股~17.35 | | 一、 回购股份的基本情况 中饮巴比食品股份有限公司（以下简称"公司"）分别于 202 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [7] Core Insights - The company expects a revenue of 1.671 billion yuan for 2024, representing a 3% year-on-year increase, and a net profit of 277 million yuan, reflecting a 30% increase year-on-year [5] - The company is focusing on refining management and improving store models, which has led to significant profit improvements [5] - The company plans to continue opening 1,000 new stores annually and aims for double-digit growth in its group meal business [6] Summary by Sections Market Performance - The report indicates a stable market performance with a focus on revenue growth and profit improvement [2] Revenue and Profit Forecast - The forecast for 2024 includes a revenue of 1.671 billion yuan and a net profit of 277 million yuan, with a projected EPS of 1.12 yuan [10] - The company anticipates a 4% revenue increase in Q4 2024, with a net profit increase of 40% [5] Store Expansion and Business Strategy - The company is expected to narrow the single-store gap and has a clear strategy for regional expansion, particularly in Anhui and Hunan [6] - The group meal business is projected to achieve double-digit growth, supported by an expansion of product categories [6] Earnings Forecast - The adjusted EPS for 2024-2026 is projected at 1.12, 1.03, and 1.10 yuan respectively, with corresponding PE ratios of 16, 18, and 17 times [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a revenue of 1.671 billion yuan in 2024, representing a year-on-year increase of 2.5%, and a net profit of 277 million yuan, reflecting a year-on-year growth of 29.6% [8] - The revenue is showing a quarterly recovery trend, with single-store revenue improving sequentially [8] - The net profit margin is expected to increase, with a projected net profit margin of 12.6% for 2024, up by 1.7 percentage points year-on-year [8] - The company plans to open 1,000 new stores in 2025, which is anticipated to further enhance single-store revenue [8] - The earnings forecast has been adjusted upwards, with expected revenues of 16.71 billion yuan, 18.11 billion yuan, and 19.46 billion yuan for 2024, 2025, and 2026 respectively [8] Summary by Sections Revenue and Profitability - In 2024, the company is projected to achieve total revenue of 1.671 billion yuan, with a year-on-year growth of 2.5% [8] - The net profit for 2024 is expected to be 277 million yuan, which is a 29.6% increase compared to the previous year [8] - The company’s quarterly revenue for 2024 is forecasted to be 3.54 billion yuan, 4.10 billion yuan, 4.47 billion yuan, and 4.61 billion yuan respectively, indicating a trend of sequential improvement [8] Financial Metrics - The projected earnings per share (EPS) for 2024 is 1.11 yuan, with a price-to-earnings (P/E) ratio of 14.04 [1] - The net profit margin is expected to improve to 12.6% in 2024, with a further increase to 13.8% in Q4 2024 [8] - The company’s gross margin is expected to remain stable, with potential for a decrease in expense ratios as the scale expands [8] Future Outlook - The company is expected to reach an upward turning point in 2025, with plans to open 1,000 new stores [8] - The revenue growth rates for 2024, 2025, and 2026 are projected at 2.5%, 8.4%, and 7.5% respectively [8] - The forecasted net profit for 2025 is 254 million yuan, with a slight decrease expected in 2026 [8]

Financial Performance - Revenue for the reporting period reached RMB 1,671.42 million, a year-on-year increase of 2.53%[4] - Net profit attributable to shareholders of the listed company was RMB 277.06 million, up 29.64% year-on-year[4] - Net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses was RMB 210.12 million, an increase of 18.02% year-on-year[4] - Operating profit increased by 39.67% year-on-year, driven by revenue growth, cost reduction, and increased fair value change gains[6] - Basic earnings per share were RMB 1.11, a 29.07% increase year-on-year[4] - Weighted average return on equity (ROE) was 12.26%, an increase of 2.24 percentage points[4] Asset and Equity Growth - Total assets at the end of the reporting period were RMB 2,856.93 million, a 2.72% increase from the beginning of the period[4] - Equity attributable to shareholders of the listed company was RMB 2,271.85 million, up 3.15% from the beginning of the period[4] Strategic Development and Operational Efficiency - The company continued to implement its national business layout strategy and dual-drive development strategy, focusing on franchise store expansion and single-store model improvement[5] - The company actively pursued industry mergers and acquisitions and strengthened refined management to improve overall operational efficiency[5]

证券代码：605338 证券简称：巴比食品 公告编号：2025-001 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。 重要内容提示： | 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 | | | 一、 回购股份的 ...

证券代码：605338 证券简称：巴比食品 公告编号：2024-076 一、聚焦主业发展，提升经营质量 中饮巴比食品股份有限公司 关于"提质增效重回报"行动方案的公告 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。 为贯彻党的二十大、二十届三中全会及中央金融工作会议精神，积极落实国 务院《关于进一步提高上市公司质量的意见》《关于加强监管防范风险推动资本 市场高质量发展的若干意见》的要求，不断提高公司发展质量，维护全体股东合 法权益，切实履行上市公司社会责任和义务，助推资本市场健康发展，切实承担 高质量发展和提升自身投资价值的主体责任，中饮巴比食品股份有限公司（以下 简称"公司"）积极响应上海证券交易所《关于开展沪市公司"提质增效重回报" 专项行动的倡议》，结合自身发展战略、经营情况，制定了公司"提质增效重回 报"行动方案。该行动方案已于 2024 年 12 月 9 日经公司第三届董事会第十四次 会议审议通过，具体举措如下： 公司自成立以来，专业从事餐饮连锁经营及中式面点的研发、生产与销售， 公司采取品牌化经营、标准化生产、连锁 ...

证券代码：605338 证券简称：巴比食品 公告编号：2024-075 2、审议通过《关于对控股子公司增资的议案》 具体内容详见公司于 2024 年 12 月 10 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《关于对控股子公司增资的公告》。 中饮巴比食品股份有限公司 第三届董事会第十四次会议决议公告 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"）第三届董事会第十四次会 议于 2024 年 12 月 9 日以通讯方式召开。本次会议通知及相关资料于 2024 年 12 月 3 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。 二、董事会会议审议情况 1、审议通过《关于"提质增效重回报"行动方案的议案》 ...