公司报告 | 年报点评报告 巴比食品（605338） 证券研究报告 收购青露品牌落地，盈利端稳步提升 事件：公司发布 24 年年报，2024 年营业收入/归母净利/扣非归母净利分别为 16.71/2.77/2.10 亿元（同比+2.53%/+29.42%/+18.05%）。2024Q4 营业收入/归母 净利/扣非归母净利分别为 4.61/0.82/0.63 亿元（同比+3.84%/+39.23%/+13.96%）。 24 年分红率+22pct 至 69%。 核心业务发展： 合作并购情况： 25 年战略展望： 1）计划新开 1000 家；2）继续拓展团餐业务；3）更侧重于门店的开拓；4）武汉 中央厨房投产，毛利率有望逐步改善；5）加强对青露品牌的扶持和整合，发挥协 同效应；6）继续探索宠物食品赛道，与上海"派特鲜生"达成供应合作。 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模效应 有 望 逐 步 显 现 。 预 计 25-27 年 公 司 收 入 增 速 为 12%/10%/8% ， 总 营 收 为 ...

事件：巴比食品发布2024 年年报，24 年全年实现总营收16.71 亿元、同比增长2.53%，实现归母净利润 2.77 亿元、同比增长29.42%，扣非归母净利润2.10亿元、同比增长18.05%。其中24Q4 单季总营收4.61 亿元、同比增长3.84%，归母净利润0.82 亿元、同比增长39.23%，扣非归母净利润0.63 亿元、同比增长 13.96%。公司24 年拟每10 股派发现金红利8 元（含税），合计派发现金红利1.9 亿元（含税），对应24 年分红率约69%。 同时，公司24 年公允价值变动损益0.91 亿元、同比大幅增加，主要系公司间接持有的东鹏饮料因股价 变化带来公允价值变动。综合看24 年净利率16.75%、同比提升3.54pct，扣非归母净利率12.57%、同比 提升1.65pct。 盈利预测、估值与评级：公司25 年规划内生角度新开门店1000 家左右，同时青露项目落地亦有望从外 延角度拓展更多门店。单店收入缺口从24 年下半年以来环比收窄，25 年单店表现有望修复，同时团餐 业务有望继续保持较快增长。 考虑需求端恢复存在不确定性、或影响后续净增门店数量，下调2025-26 年归母净 ...

速冻食品 巴比食品（605338.SH） 增持-B(维持) | 市场数据：2025 | 年 月 日 4 2 | | | --- | --- | --- | | 收盘价（元）： | | 18.27 | | 年内最高/最低（元）： | | 22.78/12.43 | | 流通 A | 股/总股本（亿股）： | 2.48/2.48 | | 流通 A | 股市值（亿元）： | 45.31 | | 总市值（亿元）： | | 45.31 | 基础数据：2024 年 12 月 31 日 | 基本每股收益(元)： | 1.12 | | --- | --- | | 摊薄每股收益(元)： | 1.12 | | 每股净资产(元)： | 9.20 | | 净资产收益率(%)： | 12.27 | 叶中正 执业登记编码：S0760522010001 电话： 邮箱：yezhongzheng@sxzq.com 冯瑞 执业登记编码：S0760524070001 邮箱：fengrui@sxzq.com 请务必阅读最后股票评级说明和免责声明 1 特许加盟门店业务稳步推进，大客户业务多渠道开花 2025 年 4 月 2 日 公司研究/公司快报 事 ...

Group 1: Babi Food - Babi Food plans to open 1,000 new stores in 2025, focusing on store quality to reduce closure rates [1] - The company expects its group meal revenue to reach 380 million in 2024, with major clients including Hema and Meituan [1] - The acquisition of the Qinglu brand adds approximately 500 stores, generating monthly sales exceeding 10 million [1] - The company aims for double-digit growth in group meal business in 2025, leveraging high-potential retail channels [1] - The dividend payout ratio is sustainable, with capital expenditures expected to be completed in the next 3-5 years [1] Group 2: Ruifeng New Materials - Ruifeng New Materials reported an increase in accounts receivable due to new and existing customer sales growth, alongside international instability causing payment delays [2] - The company anticipates a reduction in cash dividends in 2024 due to significant share buybacks, but maintains a high overall dividend ratio [2] - The improvement in gross margin is attributed to raw material cost control and product structure optimization [2] - In 2025, the company plans to enhance its overseas presence and transition its customer base towards core clients [2]

证券代码：605338 证券简称：巴比食品 公告编号：2025-015 中饮巴比食品股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 回购方案首次披露日 2024/6/14 回购方案实施期限 2024 年 7 月 1 日~2025 年 6 月 30 日 预计回购金额 10,000 万元~20,000 万元 √减少注册资本 □用于员工持股计划或股权激励 回购用途 □用于转换公司可转债 □为维护公司价值及股东权益 累计已回购股数 843.3338 万股 累计已回购股数占总股本比例 3.40% 累计已回购金额 11,987.4059 万元 实际回购价格区间 12.77 元/股~17.35 元/股 一、 回购股份的基本情况 中饮巴比食品股份有限公司（以下简称"公司"）分别于 2024 年 6 月 13 日、 均审议通过了《关于以集中竞价交易方式回购股份方案的议案》，为充分维护公司 及投资者利益，稳定投资者预期，增强市场信心，公司拟使用自有资金以集中竞 价交易方式回购公司部分 A 股股份，用于减少公司注册资本 ...

重要内容提示： 证券代码：605338 证券简称：巴比食品 公告编号：2025-015 中饮巴比食品股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 | 回购方案首次披露日 | 2024/6/14 | | | | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 月 1 日~2025 年 6 月 30 | 7 | 日 | | 预计回购金额 | 10,000 万元~20,000 万元 | | | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | | | □用于转换公司可转债 | | | | | □为维护公司价值及股东权益 | | | | 累计已回购股数 | 843.3338 万股 | | | | 累计已回购股数占总股本比例 | 3.40% | | | | 累计已回购金额 | 11,987.4059 万元 | | | | 实际回购价格区间 | 12.77 元/股~17.35 元/股 | | | 2025 年 3 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company reported a total revenue of 1.671 billion yuan in 2024, representing a 3% year-on-year increase, and a net profit attributable to shareholders of 277 million yuan, which is a 29% increase year-on-year [4] - The company is experiencing strong growth in the group meal channel, with sales reaching 116 million yuan in Q4 2024, a 30% increase year-on-year [6] - The company plans to continue increasing its investment in expenses, which is expected to enhance its profitability in the future [5] Summary by Sections Financial Performance - In Q4 2024, the company's total revenue was 461 million yuan, up 4% year-on-year, and the net profit was 82 million yuan, up 39% year-on-year [4] - The gross margin for Q4 2024 increased by 1 percentage point to 27.51%, with a net profit margin increase of 5 percentage points to 18.05% [5] Product and Channel Analysis - Food revenue in Q4 2024 was 418 million yuan, with noodle and filling products generating 191 million yuan and 127 million yuan, respectively, showing increases of 2% and 22% [6] - The company has closed 143 stores in Q4 2024, but the single-store performance is showing signs of recovery [6] Future Outlook - The company is expected to maintain its store opening pace and benefit from brand acquisitions, with EPS projected to be 1.04 yuan, 1.13 yuan, and 1.20 yuan for 2025, 2026, and 2027, respectively [8][10] - The company’s dividend payout ratio increased to 69% in 2024 from 47% in 2023, indicating a commitment to returning value to shareholders [5]

Investment Rating - The report maintains a "Buy" investment rating for the company [8] Core Views - The company reported a total revenue of 1.671 billion yuan in 2024, representing a 3% year-on-year increase, and a net profit attributable to shareholders of 277 million yuan, which is a 29% increase year-on-year [4] - The company is experiencing strong growth in the group meal channel, with sales reaching 116 million yuan in Q4 2024, a 30% increase year-on-year [6] - The company is expected to continue benefiting from scale effects, with a projected net profit margin increase to 18.05% in 2024, up 5 percentage points year-on-year [5] Summary by Sections Financial Performance - In Q4 2024, the company's total revenue was 461 million yuan, a 4% increase year-on-year, and the net profit was 82 million yuan, a 39% increase year-on-year [4] - The gross profit margin for Q4 2024 increased by 1 percentage point to 27.51% [5] - The company plans to increase its expense investments, with a sales expense ratio of 3.96% and a management expense ratio of 6.37% [5] Product and Channel Performance - Food product revenue in Q4 2024 was 418 million yuan, with noodle and filling products generating 191 million yuan and 127 million yuan, respectively, showing increases of 2% and 22% [6] - The company closed 143 stores in Q4 2024, leading to a 2% decrease in franchise sales revenue to 333 million yuan, but single-store performance is showing signs of recovery [6] Future Outlook - The company is expected to maintain its store opening pace and benefit from brand acquisitions, with EPS projected to be 1.04 yuan in 2025, corresponding to a PE ratio of 17 times [8] - Revenue growth rates are forecasted at 8.4% for 2025, 6.5% for 2026, and 5.5% for 2027 [10]

证券研究报告·公司点评报告·食品加工 巴比食品（605338） 巴比食品 2024 年报点评：单店营收企稳，加 快拓店步伐 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1630 | 1671 | 1810 | 1961 | 2059 | | 同比（%） | 6.89 | 2.53 | 8.28 | 8.34 | 5.00 | | 归母净利润（百万元） | 213.72 | 276.59 | 269.38 | 303.27 | 330.08 | | 同比（%） | (4.04) | 29.42 | (2.61) | 12.58 | 8.84 | | EPS-最新摊薄（元/股） | 0.86 | 1.12 | 1.09 | 1.22 | 1.33 | | P/E（现价&最新摊薄） | 21.05 | 16.26 | 16.70 | 14.83 | 13.63 | [Table_Tag] [Table_Summar ...

本报告导读： 单店缺口继续收窄，控费带动扣非利润率改善。分渠道看，2024 年加盟/直营/团餐收入分别同 比-0.42%/-22.83%/+15.31%，加盟店店均销售收入24.23 万元、同比-2.4%，环比维度呈现逐季降幅收窄 趋势，稳步改善；分区域看，2024 年华东/华南/华中/华北区域收入分别同比 +0.86%/+20.33%/+8.13%/-0.53%，华东、华北增速年内环比改善，华南保持相对较高增速。2024 年毛利 率同比+0.36pct 至26.7%，其中单Q4 毛利率同比+0.5pct，预计主因产能利用率改善及成本处于低位，24 年销售/管理/研发/财务费率分别同比-1.3/+0.1/+0.0/+0.4pct，销售端控费成效显现，年内管理费用包含终 止股权激励计提一次性股份支付费用约1288 万元，扣非净利率同比+1.6pct 至12.6%。 稳步改善，内生外延并进。2024 年公司新增/净增加盟店分别为1026家/100 家（含并购），公司积极通 过调结构推新品、增加外卖占比等方式逐步改善单店收入，有望稳步显现并传导至闭店率改善。团餐业 务方面，客户需求有所恢复叠加外区团餐业务重点开拓带 ...