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民生证券-巴比食品-605338-2025年半年报点评:经营加速改善,盈利表现亮眼-250824
Xin Lang Cai Jing· 2025-08-24 15:47
炒股就看金麒麟分析师研报,权威,专业,及时,全面,助您挖掘潜力主题机会! (来源:研报虎) 事件:公司发布2025年半年报,25H1实现营业收入8.4亿元,同比+9.3%;实现归母净利润1.3亿元,同 比+18.1%;实现扣非净利润1.0亿元,同比+15.3%。单季度看,25Q2实现营业收入4.7亿元,同比 +13.5%;归母净利润0.9亿元,同比+31.4%;扣非净利润0.6亿元,同比+24.3%。 Q2单店收入回正,闭店率环比持平。25Q2公司特许加盟实现收入3.5亿元,同比+10.5%,具体来看:1) 拓店:截至25Q2末公司共5685家加盟门店,环比Q1末净增41家(增加316家,减少275家),其中巴比净 增47家,非巴比净增-6家,巴比品牌实现单季度净开,闭店率短期仍延续Q1趋势;2)单店:经测算Q2 单店收入实现小个位数增长,预计主因外卖大战贡献线上增量、公司主动优化调整,上半年公司加盟门 店外卖实际到账平均单店收入实现同比增长近40%。 团餐表现亮眼,大客户与零售业务协同突破。25Q2公司团餐实现收入1.1亿元,同比+26.2%,主因大客 户与零售业务实现协同突破,其中去年新开拓的定制馅料上半 ...
巴比食品(605338):2025年半年报点评:经营加速改善,盈利表现亮眼
Minsheng Securities· 2025-08-24 14:21
Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index [5][12]. Core Views - The company has shown significant improvement in operations and profitability, with a 9.3% year-on-year increase in revenue to 840 million yuan and an 18.1% increase in net profit to 130 million yuan for the first half of 2025 [1]. - The company is progressing with both organic growth and strategic investments, including a partnership with a well-known local brand to enhance its supply chain and operational efficiency [3]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 470 million yuan, a 13.5% increase year-on-year, and a net profit of 90 million yuan, up 31.4% year-on-year [1]. - The company's gross margin improved to 28.2%, a 1.9 percentage point increase year-on-year, primarily due to lower pork raw material costs [2]. Business Segments - The catering segment performed well, with revenue of 110 million yuan in Q2 2025, reflecting a 26.2% year-on-year growth, driven by synergies between large clients and retail operations [2]. - Retail sales saw significant growth, with sales from major platforms like Hema and Meituan increasing by over 187% and nearly 90% respectively [2]. Future Outlook - The company aims to open 1,000 new stores by 2025, with a successful strategic investment in a local brand expected to enhance capacity utilization [3]. - Revenue projections for 2025-2027 are estimated at 1.90 billion, 2.12 billion, and 2.29 billion yuan, with corresponding net profits of 290 million, 320 million, and 350 million yuan [4][3].