研报掘金丨华源证券：维持巴比食品“买入”评级，2025年经营平稳收官

Core Viewpoint - Babbi Foods is expected to achieve stable operations by the end of 2025, with a projected net profit of 273 million yuan, reflecting a year-on-year decrease of 1.3% [1] Financial Performance - In Q4 2025, the net profit attributable to the parent company is forecasted to be 72 million yuan, a year-on-year decline of 12.7% [1] - The company has effectively controlled raw material costs through refined management, new product development, and supply chain optimization, leading to a reasonable decrease in cost expenses [1] Growth Strategy - The company is pursuing a dual growth strategy through organic growth and acquisitions, with an acceleration in new store openings anticipated in 2026 [1] - Successful acquisitions of projects such as "Qinglu" in Nanjing (over 500 stores) and "Manxiangren" in Zhejiang (approximately 250 stores) have further enhanced regional market positioning [1] Investment Rating - Given the company's steady growth from both internal and external sources, along with the expected acceleration in new store openings, a "Buy" rating is maintained [1]