证券代码：605338 证券简称：巴比食品 公告编号：2024-071 中饮巴比食品股份有限公司 关于使用暂时闲置募集资金进行现金管理的进展公告 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。 重要内容提示： 中饮巴比食品股份有限公司（以下简称"公司"）于 2024 年 10 月 24 日召 开第三届董事会第十三次会议、第三届监事会第十二次会议审议通过了《关于 继续使用部分暂时闲置募集资金进行现金管理的议案》，同意公司使用不超过 人民币 6,500 万元的暂时闲置募集资金进行现金管理，用于购买安全性高、流 动性好、低风险的各类理财产品，使用期限为自董事会审议通过之日起 12 个月 内，在上述额度及期限内可循环滚动使用。公司保荐机构国元证券股份有限公 司（以下简称"国元证券"）对本事项出具了明确的核查意见，具体内容详见公 司于 2024 年 10 月 25 日披露的《关于继续使用部分暂时闲置募集资金进行现金管 理的公告》（公告编号：2024-069）。 ● 特别风险提示 本着维护股东利益的原则，公司将严格控制风险，对理财产品投资 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [1] Core Views - The company has shown a narrowing of single-store gaps and steady progress in store expansion, with a focus on quality and stable contributions from group meals [1][3] - The company reported a revenue of 1.21 billion yuan for Q1-Q3 2024, a year-on-year increase of 2%, and a net profit attributable to shareholders of 194 million yuan, up 26% year-on-year [1] - The company aims to open 1,000 new stores by the end of the year, with a new factory in Central China expected to start production by the end of 2024 or early 2025 [1][3] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 447 million yuan, a decrease of 0.5% year-on-year, with a net profit of 83 million yuan, an increase of 14% year-on-year [1] - The gross margin for Q3 2024 was 26.79%, a slight decrease of 0.1 percentage points, while the sales and management expense ratios were 3.96% and 8.83%, respectively [1] Store Expansion and Market Strategy - The company has opened 835 new stores, with a total of 4,066 stores across various regions, including East China, South China, Central China, and North China [1] - The sales revenue from different channels in Q3 2024 was 340 million yuan from franchised stores, 4 million yuan from direct stores, and 970 million yuan from group meals, with group meal sales increasing by 9% year-on-year [1] Earnings Forecast - The earnings per share (EPS) for 2024-2026 are adjusted to 0.94, 1.00, and 1.04 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 18, 17, and 16 times [3][5]

证券代码： 605338 证券简称：巴比食品 编号：2024-1007 | --- | --- | |------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is adjusted to "Accumulate-B" [2]. Core Views - The company reported a slight revenue growth of 2.04% year-on-year for the first three quarters of 2024, achieving a total revenue of 1.21 billion yuan. The net profit attributable to shareholders increased by 25.68% year-on-year to 194 million yuan, with a basic earnings per share of 0.78 yuan, up 27.87% year-on-year [1]. - The growth in revenue is attributed to an increase in the number of franchise stores, expansion of store business scale, and growth in group meal business revenue. The company is steadily advancing the expansion of franchise stores and improving single-store models [1][2]. - The company aims to enhance its product matrix and optimize its takeaway operations while focusing on differentiated products in the group meal business [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenues of 1.21 billion yuan, with a year-on-year growth of 2.04%. The net profit attributable to shareholders was 194 million yuan, reflecting a year-on-year increase of 25.68% [1]. - The company expects to achieve revenues of 1.687 billion yuan, 1.823 billion yuan, and 2.015 billion yuan for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 3.5%, 8.0%, and 10.5% [2][4]. - The projected net profits for the same years are 252 million yuan, 268 million yuan, and 293 million yuan, with corresponding year-on-year growth rates of 18.0%, 6.3%, and 9.1% [4][5]. Valuation Metrics - The company’s projected P/E ratios for 2024, 2025, and 2026 are 15.9X, 14.9X, and 13.7X, respectively [2][4]. - The projected ROE for the years 2024, 2025, and 2026 is expected to be 10.7%, 10.6%, and 10.7% [4][7]. - The gross profit margin for 2024 is projected to be 26.4%, with a slight increase to 27.5% by 2026 [4][7].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 20% relative to the market benchmark index within the next six months [2][15]. Core Views - The company has shown steady operations with a slight decline in revenue but a significant increase in net profit, indicating improved profitability [3]. - The group meal business continues to grow, while the franchise business faces slight pressure, reflecting mixed performance across different sales channels [3]. - The company is actively exploring new market segments to create a second growth curve, such as launching the "Babi Burger" brand to enter the hamburger market [3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 447 million yuan, a year-on-year decrease of 0.46%, while net profit increased by 14% to 83 million yuan [3]. - Cumulative revenue for Q1-Q3 2024 reached 1.21 billion yuan, up 2.04% year-on-year, with net profit rising by 25.68% to 194 million yuan [3]. - The overall gross margin for Q1-Q3 2024 was 26.40%, a slight increase from the previous year, while the net profit margin improved to 16.06% [3]. Store Development and Sales Channels - As of Q3 2024, the company had a total of 5,286 franchise stores, with a net increase of 243 stores during the year [3]. - The revenue from franchise stores, direct-operated stores, and group meals for Q1-Q3 2024 was 913 million, 15 million, and 264 million yuan, respectively, showing varied growth rates across these channels [3]. Profitability Metrics - The report indicates that the company’s net profit margin has increased, reflecting effective cost management and operational efficiency [3]. - The company’s sales expense ratio, management expense ratio, and research expense ratio for Q1-Q3 2024 were 4.42%, 7.78%, and 0.76%, respectively, showing a slight improvement in cost control [3]. Earnings Forecast and Investment Recommendations - Based on the Q3 2024 performance, the revenue forecasts for 2024-2026 have been adjusted downwards, while net profit forecasts remain unchanged, with expected net profits of 241 million, 285 million, and 324 million yuan for 2024, 2025, and 2026, respectively [3].

巴比食品（605338.SH） 食品加工 证券研究报告/公司点评报告 2024 年 10 月 26 日 门店业务承压，盈利持续改善 ——巴比食品 2024 年三季报点评 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------|----------------------------------|-------------|--------|------------------------------------------|-----------|-----------| | 评级： 买入（维持） | 公司盈利预测及估值 \n指标 | \n2022A | 2023A | 2024E | 2025E | 2026E | | | 营业收入（百万元） | 1,525 | 1,630 | 1,959 | 2,294 | 2,586 | | 分析师：晏诗雨 执业证书编号： S0740523070003 | 增长率 yoy% 归母净利润（百万元） | 11% 222 | 7% 214 | 20% ...

巴比食品（605338.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 单店缺口收窄，团餐增长稳健 2024 年 10 月 27 日 ➢ 事件：公司发布 2024 年三季报，前三季度实现营业收入 12.10 亿元，同比 +2.04%；实现归母净利润 1.94 亿元，同比+25.68%；实现扣非净利润 1.47 亿 元，同比+19.92%。单季度看，24Q3 实现营业收入 4.47 亿元，同比-0.46%； 实现归母净利润 0.83 亿元，同比+14.00%；实现扣非净利润 0.59 亿元，同比 +6.06%。 ➢ 单店缺口收窄，团餐环比改善。分渠道看，24Q3 特许加盟/直营/团餐分别 实现收入 3.40/0.04/0.97 亿元，同比-2.15%/-34.41%/+9.20%，截至 24Q3 末 公司加盟门店共 5286 家，较 24 年初净增 243 家（新开 835 家，关闭 592 家）， 当前更重单店质量，拓店环比有所放缓；单店缺口预计环比收窄至中高个位数， 早餐场景需求偏刚性下，公司针对门店经营积极调整，单店模型彰显韧性；团餐 业务环比改善，预计新渠增速更优。分区 ...

2024年10月24日 来源：公司年报、国金证券研究所 增持(维持评级) 公司点评 证券研究报告 事件 2024年10月24日公司披露2024三季报，前三季度实现营收12.10 亿元/+2.04%，归母净利 1.94 亿元/+25.68%，扣非归母净利 1.48 亿元/+19.92%；单 Q3 实现营业收入 4.47 亿元/-0.46%，归母净利 8289 万元/+14.00%，扣非归母净利 5887 万元/+6.06%。 点评 Q3 已完成全年新开店计划 83.5%，团餐保持较快增长。1-9 月公司 累计新开 835 家，完成全年新开千店目标 83.5%，新开进度稳中向 好；3Q24 末加盟门店数 5286 家、环比 Q2 持平，主因新关门店 229 家、与新开数（231 家）基本持平。1）分业务看：特许加盟收入 3.4 亿元/-2.1%，其中期末门店总数达 5286 家/+6.4%，平均单店 收入 6.4 万元/-8.0%、环比 Q2（-11.9%）有所收窄；直营店营收 423 万元/-34.42%；团餐业务营收 9703 万元/+9.20%，对总收入贡 献 21.7%/+1.9pct,团餐回暖较为明显， ...

证 券 研 究 报 告 巴比食品（605338）2024 年三季报点评 强推（维持） 营收压力延续，优化门店质量 目标价：18.4 元 事项： 公司发布 2024 年三季报，前三季度实现营收 12.1 亿，同比+2.0%；归母净利 润 1.9 亿，同比+25.7%；扣非归母净利润 1.5 亿，同比+19.9%。2024Q3 实现 营收 4.47 亿，同比-0.5%；归母净利润 0.8 亿，同比+14.0%；扣非归母净利润 0.6 亿，同比+6.1%。 评论： 单店压力延续，团餐边际企稳，24Q3 营收录得微降。分渠道来看，24Q3 特许 加盟业务营收同比-2.1%，拆分下，公司开店速度环比放缓，24Q3 仅净增门店 2 家至 5286 家，其中华东地区净关店 18 家，华南地区（含湖南）净开店 31 家，同时单店依旧存在较大压力，计算得到 Q3 同比-8.0%，环比 Q2 缺口稍有 改善。而团餐在高基数背景下，增速边际有所企稳，单 Q3 营收同比+9.2%， 预计是大客户直营业务贡献。分区域来看，华东/华南/华中/华北地区收入分别 同比-2.2%/+15.8%/+7.8%/-2.0%，核心区域华东延续承压。分 ...

证券研究报告·公司点评报告·食品加工 巴比食品（605338） 2024Q3 业绩点评：门店业务持续承压，团餐 渠道收入改善 2024 年 10 月 25 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|---------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1525 | 1630 | 1682 | 1811 | 1946 | | 同比（ % ） | 10.88 | 6.89 | 3.15 | 7.71 | 7.45 | | 归母净利润（百万元） | 222.71 | 213.72 | 241.63 | 240.81 | 253.86 | | 同比（ % ） | (29.06) | (4.04) | 13.06 | (0.34) | 5.42 | | EPS- 最新摊薄（元 / 股） | 0.89 | 0.8 ...