巴比食品（605338）：2024年报点评：单店营收企稳，加快拓店步伐

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 1.671 billion yuan in 2024, representing a year-on-year increase of 2.53%, while the net profit attributable to the parent company was 277 million yuan, up 29.42% year-on-year [7] - The company plans to open 1,000 new stores in 2025 and is taking a more proactive approach towards mergers and acquisitions [7] - The company has seen a narrowing decline in same-store sales, with a year-on-year drop of approximately 7% for the year 2024, improving to a 5% decline in Q4 2024 [7] Financial Performance Summary - Total revenue forecast for 2024 is 1.671 billion yuan, with a projected growth rate of 2.53% [1] - The net profit attributable to the parent company for 2024 is expected to be 276.59 million yuan, with a year-on-year growth of 29.42% [1] - The company’s gross margin for 2024 is projected at 26.7%, an increase of 0.4 percentage points year-on-year [7] - The earnings per share (EPS) for 2024 is estimated at 1.12 yuan, with a price-to-earnings (P/E) ratio of 16.26 [1][8] Store Expansion and Business Segments - The company’s franchise, direct, and group meal businesses generated revenues of 1.25 billion yuan, 20 million yuan, and 380 million yuan respectively in 2024, with year-on-year changes of -0.4%, -22.8%, and +15.3% [7] - The company added 100 franchise stores in 2024, bringing the total to 5,143 stores [7] - The company is actively pursuing brand acquisitions, having successfully completed the acquisition of the "Zheng Quan Wei" brand in the first half of 2024 [7]