巴比食品：同店仍有压力，股权激励终止

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4] Core Views - The company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items for H1 2024 at 764 million, 111 million, and 88 million yuan respectively, showing year-on-year growth of 3.56%, 36.04%, and 31.42% [1] - In Q2 2024, the revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 410 million, 72 million, and 50 million yuan respectively, with year-on-year changes of -1.93%, +75.60%, and +7.40% [1] - The company has terminated its equity incentive plan and aims to enhance its product matrix and optimize delivery rates to compensate for single-store revenue gaps [3] Revenue Summary - In H1 2024, franchise and direct store revenues were 573 million and 11 million yuan respectively, with year-on-year changes of +1.8% and -19.7%, while Q2 saw declines of -3% and -31% [2] - The number of franchise stores increased by 241 to 5,284 in H1 2024, with a net increase of 190 in Q2 [2] - The group meal business generated 167 million yuan in H1 2024, a year-on-year increase of 10.5%, and accounted for 21.9% of total revenue [2] Profit Summary - In Q2 2024, the net profit margin excluding non-recurring items increased by 1.1 percentage points to 12.2%, while the gross margin decreased by 0.3 percentage points to 26.4% [3] - The company has seen a reduction in rental subsidies and incentive expenses, contributing to steady profit growth [3] - The forecast for revenue growth from 2024 to 2026 has been adjusted to 5%, 7%, and 9% respectively, with net profit growth rates of 14%, 12%, and 13% [3][6]