研报掘金丨华鑫证券：维持巴比食品“买入”评级，看好公司开店节奏继续保持

Core Viewpoint - The report from Huaxin Securities highlights that Babi Foods has improved its gross margin through cost optimization and is experiencing profit growth due to scale effects. The initial launch of handmade soup dumplings has shown significantly better sales, cost ratios, and investment payback periods compared to traditional restaurant formats, indicating market validation for future expansion [1] Group 1: Financial Performance - Cost optimization has led to improved gross margins for Babi Foods [1] - The initial sales performance of handmade soup dumplings has outperformed traditional restaurant models in terms of sales, cost ratios, and investment recovery [1] - Current price-to-earnings (PE) ratios for the stock are 23, 21, and 19 times, respectively [1] Group 2: Growth Strategy - The company plans to steadily advance its scale layout following initial market validation [1] - External acquisitions are enhancing capacity utilization and supply chain efficiency, which is expected to continue reducing operational costs [1] - The retail business is leveraging a flexible supply chain to quickly respond to market trends, with initiatives such as live streaming sales, enhanced customer customization services, and the development of quality single products to foster multiple growth drivers [1] Group 3: Market Position - The company is expected to maintain its store opening pace, with brand acquisitions facilitating market penetration while effectively utilizing supply chain capacity [1] - The main brand's single-store performance is positive, and the group meal channel is experiencing rapid growth, indicating multiple growth drivers [1]