巴比食品：第二季度收入同比减少1.93%，单店经营承压

Investment Rating - The investment rating for the company is Neutral [3][4][7] Core Views - The company reported a 3.56% year-on-year increase in total revenue for the first half of 2024, reaching 764 million yuan, while net profit attributable to shareholders grew by 36.04% to 111 million yuan [4][7] - In Q2 2024, total revenue decreased by 1.93% year-on-year to 410 million yuan, but net profit attributable to shareholders increased by 75.60% to 72 million yuan [4][7] - The company is facing pressure on same-store sales, with a decline of approximately 12% in average revenue per franchise store in Q2 2024, primarily due to a concentration of stores in the weaker demand region of East China [4][7] Financial Performance Summary - For H1 2024, the company achieved total revenue of 764 million yuan, a 3.56% increase year-on-year, and a net profit of 111 million yuan, a 36.04% increase [4][7] - In Q2 2024, the company reported total revenue of 410 million yuan, a decrease of 1.93% year-on-year, and a net profit of 72 million yuan, an increase of 75.60% [4][7] - The gross margin for Q2 2024 was 26.4%, a slight decrease of 0.3 percentage points year-on-year, while the net profit margin improved to 17.7%, an increase of 7.7 percentage points year-on-year [4][7] Revenue and Profit Forecast - The company expects total revenue to reach 1.729 billion yuan in 2024, with a year-on-year growth of 6.07%, and net profit to be 225 million yuan, reflecting a growth of 5.34% [2][7] - The earnings per share (EPS) for 2024 is projected to be 0.90 yuan, with corresponding price-to-earnings (PE) ratios of 15.8 for 2024, 14.6 for 2025, and 13.5 for 2026 [2][7]