巴比食品（605338）：收购青露品牌落地，盈利端稳步提升

Investment Rating - The investment rating for the company is "Buy" with a target price indicating a potential return of over 20% within the next six months [6][18]. Core Views - The company is expected to enter an accelerated growth phase in 2025, driven by internal expansion, the integration of the Qinglu brand, and double-digit growth in the group meal business. Revenue growth is projected at 12% for 2025, 10% for 2026, and 8% for 2027, with total revenues reaching 1.87 billion, 2.06 billion, and 2.22 billion yuan respectively [4][5]. Financial Performance - For 2024, the company reported revenues of 1.67 billion yuan, a year-on-year increase of 2.53%, and a net profit of 276.59 million yuan, up 29.42% year-on-year. The fourth quarter of 2024 saw revenues of 461 million yuan, with a net profit of 82 million yuan, reflecting a year-on-year increase of 39.23% [1][5]. - The company plans to maintain a dividend payout ratio of 69% for 2024, an increase of 22 percentage points [1]. Business Development - The company plans to open 1,000 new stores in 2025, continue expanding its group meal business, and enhance support for the Qinglu brand to leverage synergies. Additionally, a central kitchen in Wuhan is expected to improve gross margins [3][4]. - In 2024, the company opened a total of 1,026 franchise stores, with 881 stores opened through internal growth and the remainder through acquisitions, including the Qinglu brand [11]. Financial Projections - The projected financials for 2025 include revenues of 1.87 billion yuan, a net profit of 278.18 million yuan, and an earnings per share (EPS) of 1.12 yuan. The company’s price-to-earnings (P/E) ratio is expected to be 16.86 in 2025 [5][12].