巴比食品：扣非净利润同比增长18.02%，东鹏股票贡献收益-20250216

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company achieved a revenue of 1.671 billion yuan in 2024, representing a year-on-year growth of 2.53%. The net profit attributable to shareholders reached 277 million yuan, up 29.64% year-on-year, while the non-recurring net profit was 210 million yuan, reflecting an 18.02% increase year-on-year [1][3] - The company is expected to recover first through store repairs, accelerated store openings, and mergers and acquisitions, supported by a resilient business model. Future revenue growth rates have been adjusted to 3%/8%/7% for 2024-2026 [3] Financial Data and Valuation - Earnings per share (EPS) for 2024 is projected at 1.11 yuan, a year-on-year increase of 29.07%. The weighted average return on equity (ROE) is 12.26%, up 2.24 percentage points [2] - Total assets are estimated at 2.86 billion yuan for 2024, with equity attributable to shareholders at 2.27 billion yuan, reflecting a year-on-year increase of 3.15% [2] - The company’s revenue forecast for 2024 is adjusted to 1.671 billion yuan, with net profit expected to be 277 million yuan, corresponding to a price-to-earnings (P/E) ratio of 15.86 [4][3]