巴比食品(605338) - 巴比食品投资者关系活动记录表-2024-1007

Financial Performance - In Q3 2024, the company achieved revenue of 447 million yuan, a year-on-year decrease of 0.46% [1] - The net profit after deducting non-recurring items was 58.88 million yuan, a year-on-year increase of 6.06% [1] - Cumulative revenue for the first three quarters reached 1.21 billion yuan, a year-on-year growth of 2.04% [1] - Cumulative net profit after deducting non-recurring items was 147 million yuan, a year-on-year increase of 19.92% [1] - Gross margin improved to 26.79%, with a net profit margin of 13.17%, up by 0.81 percentage points from the previous year [1] Business Expansion - The company opened 835 franchise stores in the first three quarters, aligning with initial expectations [1] - Franchise sales revenue reached 913 million yuan, a year-on-year increase of 0.28% [1] - The revenue gap for single-store performance narrowed from -3.02% in Q2 to -2.15% in Q3 [1] Customer and Retail Channels - Sales revenue from major clients and retail channels totaled 264 million yuan, a year-on-year increase of 9.99% [3] - Q3 growth rate for major clients was 9.20%, significantly higher than 1.71% in Q2 [3] - The company’s takeaway service coverage is between 70% and 80%, with a penetration rate of 15% [4] Cost Management - Despite higher pork costs, the overall gross margin remained stable due to declining prices of flour and oils [3] - The sales expense ratio decreased due to reduced expenses related to store expansion [5] - Management expenses increased primarily due to accelerated recognition of stock incentive costs, amounting to approximately 12.87 million yuan [5] Market Development - The company has successfully entered new markets such as Anhui and Hunan, with approximately 180 franchise stores in Hunan [2] - The integration of the acquired brand "Zheng Quan Wei" has progressed well, enhancing supply chain and brand management [2] Future Outlook - The company anticipates continued improvement in single-store revenue and plans to expand the number of stores to ensure sustained sales growth [6] - The outlook for the fourth quarter remains optimistic, with expectations for stable recovery in single-store performance [4]