巴比食品(605338)：青露、九江并表驱动门店业务平稳发展 团餐业务拓展有望加速

Core Viewpoint - The company reported a slight increase in revenue and non-net profit for Q1 2025, driven by stable store operations and rapid growth in group meal services [2][3] Financial Performance - In Q1 2025, the company achieved revenue of 370 million yuan, a year-on-year increase of 4.45% [1] - The net profit attributable to shareholders was 37.2 million yuan, a year-on-year decrease of 6.13% [1] - The non-net profit attributable to shareholders was 38.9 million yuan, a year-on-year increase of 3.33% [1] - Basic earnings per share remained stable at 0.16 yuan compared to the same period last year [1] Business Segments - The revenue from franchise stores, direct stores, and group meal services in Q1 2025 was 265 million, 6 million, and 93 million yuan, reflecting changes of 2.75%, -10.16%, and 11.75% respectively compared to the previous year [2] - Revenue by region in Q1 2025 was 305 million, 32 million, 11 million, and 21 million yuan for East China, South China, North China, and Central China, with year-on-year changes of 4.53%, 8.07%, -9.52%, and 8.08% respectively [2] Profitability Metrics - The gross profit margin in Q1 2025 was 25.47%, a decrease of 0.45 percentage points year-on-year [3] - The net profit margin was 10.04%, down 1.35 percentage points from the previous year [3] - The company’s expense ratio improved slightly to 10.82%, a decrease of 0.18 percentage points year-on-year [3] Future Projections - The company is expected to achieve revenues of 1.823 billion, 2.015 billion, and 2.236 billion yuan for 2025-2027, with year-on-year growth rates of 9.1%, 10.5%, and 11.0% respectively [4] - Projected net profits for the same period are 268 million, 293 million, and 315 million yuan, with changes of -3.3%, 9.5%, and 7.4% respectively [4] - Corresponding EPS for 2025-2027 are expected to be 1.12, 1.22, and 1.31 yuan, with PE ratios of 16.4X, 15.0X, and 14.0X based on the closing price of 18.33 yuan on April 29 [4]