公司报告 | 季报点评 巴比食品（605338） 证券研究报告 加快收并购，团餐保持良好增长 事件：公司发布 2025 年一季报，25Q1 营业收入/归母净利/扣非归母净利分别为 3.70/0.37/0.39 亿元（同比+4.45%/-6.13%/+3.33%） 收入端：收并购加快扩张门店，团餐保持双位数增长 利润端：毛利率企稳、费率收缩，利息收入影响扣非利润 25Q1 扣非净利率同比-0.1pct 至 10.5%、净利率-1.3pct，其中：1）毛利率同/环比 -0.4/-2.0pct ，系武汉工厂投产后折旧摊销增加；2）销售 / 管理费率同比 -1.0pct/-0.1pct，持续控费提效；3）财务费率同比-0.1pct。 展望未来：1）Q1 青露无双、巴比九江已并表，公司将加快收并购以提升产能利用 率，25 年规划内生门店+1000 家、总门店达到 6000 家，单店缺口收窄 Q2-3 有望 更明显；2）团餐业务正在积极合作永辉等客户，有望逐步起量。 投资建议： 我们认为，25 年公司或将迎来加速发展阶段，驱动力来源于：内生加速拓展开店， 并购青露发挥协同效应，团餐业务有望实现双位数增长和产能利用率提升规 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company reported a total revenue of 370 million yuan in Q1 2025, representing a 4% year-on-year increase, while the net profit attributable to shareholders decreased by 6% to 37 million yuan [1] - The gross margin is expected to improve gradually as operational efficiency offsets depreciation impacts, with a slight decrease in gross margin to 25.47% in Q1 2025 [2] - The company continues to narrow the single-store gap and is advancing brand acquisitions and supply chain integration, with food revenue reaching 334 million yuan, a 5% increase year-on-year [3] Summary by Sections Financial Performance - Q1 2025 total revenue was 370 million yuan, with a 4% increase year-on-year; net profit attributable to shareholders was 37 million yuan, down 6% [1] - Q1 2025 gross margin decreased by 0.4 percentage points to 25.47%, primarily due to one-time investments from the new Wuhan factory [2] - Sales expense ratio and management expense ratio decreased by 1 percentage point and 0.1 percentage points to 4.06% and 7.55%, respectively [2] Growth Drivers - Food revenue in Q1 2025 was 334 million yuan, with rice and flour, filling, and purchased food categories growing by 3%, 11%, and 4% respectively, driven by ongoing brand acquisitions and supply chain integration [3] - Franchise sales revenue reached 265 million yuan, a 3% increase, with 5,644 franchise stores as of the end of Q1 2025, reflecting a net increase of 501 stores [3] - Group meal revenue grew by 12% to 93 million yuan, supported by rising customer demand and customized products [3] Profitability Forecast - The company is expected to maintain its store opening pace and benefit from brand acquisitions, with EPS projected at 1.08, 1.17, and 1.24 yuan for 2025-2027, corresponding to PE ratios of 17, 16, and 15 times [4]

Investment Rating - The report maintains a "Buy" investment rating for the company [4] Core Views - The company reported a total revenue of 370 million yuan in Q1 2025, representing a 4% year-on-year increase, while the net profit attributable to shareholders decreased by 6% to 37 million yuan [1] - The gross margin is expected to improve gradually as operational efficiencies offset depreciation impacts, with a slight decrease in gross margin to 25.47% in Q1 2025 [2] - The company continues to narrow the single-store gap and is advancing brand acquisitions and supply chain integration, with food revenue reaching 334 million yuan, a 5% increase year-on-year [3] Summary by Sections Financial Performance - Q1 2025 total revenue was 370 million yuan, with a net profit of 37 million yuan, and a non-recurring net profit of 39 million yuan, reflecting a 3% increase [1] - The gross margin decreased by 0.4 percentage points to 25.47% due to one-time investments from the new Wuhan factory, but operational efficiencies are expected to improve margins in subsequent quarters [2] Business Development - Food revenue was 334 million yuan, with specific segments like rice and flour, filling, and purchased food growing by 3%, 11%, and 4% respectively, driven by ongoing brand acquisitions and supply chain integration [3] - The franchise sales revenue reached 265 million yuan, a 3% increase, with a total of 5,644 franchise stores by the end of Q1 2025, reflecting a net increase of 501 stores [3] Profitability Forecast - The company is expected to maintain its store opening pace and benefit from brand acquisitions, with EPS projected at 1.08, 1.17, and 1.24 yuan for 2025-2027, corresponding to PE ratios of 17, 16, and 15 times [4]