巴比食品：门店扩张更进一步，费控迭代优化利润率

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% compared to the market benchmark index within the next six months [7]. Core Views - The company reported a steady increase in overall performance, with a significant year-on-year increase in net profit of 36.04% for the first half of 2024, reaching 1.11 billion yuan [1]. - The group meal business continues to grow, while the revenue from direct sales stores is under pressure, indicating a mixed performance across different sales channels [1]. - The company is focusing on cost control and refined operations, leading to an increase in profit margins, with a gross margin of 26.17% for the first half of 2024, up 0.55 percentage points year-on-year [1]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved operating revenue of 764 million yuan, a year-on-year increase of 3.56%, and a net profit attributable to shareholders of 1.11 billion yuan, up 36.04% [1]. - The second quarter of 2024 saw revenue of 410 million yuan, a decrease of 1.93% year-on-year, but net profit increased by 75.6% to 720 million yuan [1]. Business Segments - The revenue from franchise sales, direct store sales, and group meal sales for the first half of 2024 was 573 million yuan, 11 million yuan, and 167 million yuan, respectively, showing a year-on-year growth of 1.78%, a decline of 19.74%, and an increase of 10.45% [1]. - The total number of franchise stores reached 5,284, with a net increase of 241 stores in the first half of 2024 [1]. Cost Management - The overall gross margin for the first half of 2024 was 26.17%, with a net profit margin of 14.60%, reflecting improvements in cost management [1]. - The company has reduced its selling and administrative expense ratios compared to the previous year, indicating effective cost control measures [1]. Earnings Forecast - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 2.41 billion yuan, 2.85 billion yuan, and 3.24 billion yuan for the respective years, corresponding to price-to-earnings ratios of 14, 12, and 11 times [1].