巴比食品(605338)2025年一季报点评：同店延续改善 经营稳中有进

Core Viewpoint - The company reported a revenue of 370 million yuan for Q1 2025, representing a year-on-year increase of 4.45%, while the net profit attributable to shareholders decreased by 6.13% to 37 million yuan [1] Group 1: Financial Performance - Q1 2025 revenue growth of 4.5% aligns with expectations, driven by contributions from the Qinglu brand and continued growth in group meal services [2] - The company’s gross profit margin for Q1 2025 was recorded at 25.5%, a decrease of 0.4 percentage points year-on-year, with stable raw material costs but impacted by depreciation from the new Hubei factory [3] - The net profit margin attributable to shareholders was 10.1%, down 1.1 percentage points year-on-year, reflecting the impact of financial costs due to previous buybacks and acquisitions [3] Group 2: Business Growth and Strategy - The company is expected to see gradual improvement in its fundamentals throughout the year, with a narrowing trend in single-store performance gaps and continued double-digit growth in group meal services [4] - The company’s growth strategy remains clear, focusing on both organic and acquisition-driven growth, with the integration of Qinglu expected to further enhance revenue [4] - The company maintains a strong outlook for the year, anticipating a gradual recovery in performance, particularly if the pace of store closures slows down [5] Group 3: Investment Outlook - The company is maintaining a "strong buy" rating, with expectations for continued improvement in same-store performance and contributions from acquisitions and group meal services [5] - Adjusted earnings per share (EPS) forecasts for 2025-2027 are now set at 1.06, 1.17, and 1.27 yuan, respectively, reflecting a positive outlook for valuation recovery [5]