ZHONGYIN BABI FOOD CO.(605338) Minsheng Securities·2024-10-27 05:11Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company reported a revenue of 1.21 billion yuan for the first three quarters of 2024, a year-on-year increase of 2.04%, and a net profit attributable to shareholders of 194 million yuan, up 25.68% year-on-year [2]. - The company is focusing on improving single-store performance and optimizing store operations, with expectations for steady growth in the group meal segment [2]. - The company aims to enhance its product and service differentiation in the B-end market, anticipating robust growth in group meals [2]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 447 million yuan, a slight decrease of 0.46% year-on-year, while the net profit attributable to shareholders was 83 million yuan, an increase of 14.00% year-on-year [2]. - The company’s gross profit margin for Q3 2024 was 26.79%, showing a slight decline compared to the previous quarter due to rising raw material prices [2]. - The company’s net profit margin for Q3 2024 was 18.55%, an increase of 2.35 percentage points year-on-year [2]. Revenue and Profit Forecast - The company’s projected revenues for 2024, 2025, and 2026 are 1.67 billion yuan, 1.81 billion yuan, and 1.92 billion yuan, respectively, with year-on-year growth rates of 2.2%, 8.5%, and 6.4% [2][5]. - The forecasted net profit attributable to shareholders for the same years is 260 million yuan, 250 million yuan, and 270 million yuan, with growth rates of 20.1%, -1.1%, and 6.4% respectively [2][5].