【私募调研记录】星石投资调研巴比食品、瑞丰新材

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]