ZHONGYIN BABI FOOD CO.(605338) 华鑫证券·2025-03-30 13:42Investment 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]