2024年一季报点评：团餐表现亮眼，期待单店收入改善

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected investment return exceeding 15% over the next 6-12 months [7][11]. Core Insights - The company, Baba Foods, reported a revenue of 354 million yuan in Q1 2024, representing a year-on-year growth of 10.7%. However, the net profit attributable to the parent company decreased by 3.4% to 40 million yuan [10]. - The core product categories, including rice, fillings, and purchased food, achieved revenues of 150 million, 90 million, and 80 million yuan respectively, with growth rates of 9%, 17%, and 9% [10]. - The company is focusing on expanding its group meal business, which saw a significant revenue increase of 21% year-on-year, driven by recovering downstream customer demand [10]. Financial Performance Summary - Revenue projections for 2024-2026 are set at 2.39 billion, 2.73 billion, and 3.31 billion yuan respectively, with corresponding net profit estimates of 239 million, 273 million, and 331 million yuan [10][19]. - The gross margin for Q1 2024 improved to 25.92%, an increase of 1.72 percentage points year-on-year, attributed to lower raw material costs [10]. - The company’s operating profit for 2024 is projected to be 276 million yuan, with a net profit margin improvement expected due to operational efficiencies [19]. Market and Operational Insights - The company’s store count increased by 10.7% year-on-year, with notable growth in the southern market, while the eastern market faces challenges in store expansion due to weaker franchisee interest [10]. - The report highlights the importance of enhancing single-store revenue and operational capabilities as a key focus for the year [10]. - The company aims to strengthen its supply chain and operational efficiency, particularly in the takeaway and mid-to-late meal segments, to improve revenue per store [10].