巴比食品（605338）：25年营收稳健增长，26年有望再提速

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown steady revenue growth over 25 years, with expectations for acceleration in 2026 [1] - The revenue for 2025 is projected to be 1.859 billion yuan, representing a year-on-year increase of 11.22%, while the net profit is expected to be 273.06 million yuan, a slight decrease of 1.28% [1] - The company is focusing on internal improvements, external acquisitions, and the introduction of a new store model for its dumplings, which are expected to drive growth [8] - The company has successfully completed acquisitions of regional brands and is seeing a recovery in its franchise business, with online orders increasing due to platform subsidies [8] - The new store model for dumplings has shown significant market validation and is expected to be scaled in 2026, contributing to revenue growth [8] - The company’s net profit margin is expected to improve, with a projected net profit of 327.04 million yuan in 2026, reflecting a growth rate of 19.77% [1][8] Financial Projections - Total revenue is forecasted to reach 2.154 billion yuan in 2026, with a growth rate of 15.85% [1] - The earnings per share (EPS) is expected to be 1.37 yuan in 2026, with a price-to-earnings (P/E) ratio of 22.78 [1] - The company’s net profit is projected to grow to 398.76 million yuan by 2027, with a growth rate of 21.93% [1]