ZHONGYIN BABI FOOD CO.(605338) 华创证券·2025-04-25 03:44Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [9][25]. Core Views - The company reported a revenue of 370 million yuan in Q1 2025, reflecting a year-on-year increase of 4.45%, while the net profit attributable to shareholders decreased by 6.13% to 37 million yuan [2][9]. - The report highlights a continued improvement in same-store sales and stable operational progress, with expectations for gradual improvement in the company's fundamentals throughout the year [9][10]. Financial Performance Summary - Revenue Forecasts: The total revenue is projected to grow from 1,671 million yuan in 2024 to 1,844 million yuan in 2025, representing a growth rate of 10.3% [4][10]. - Net Profit Forecasts: The net profit attributable to shareholders is expected to decline from 277 million yuan in 2024 to 255 million yuan in 2025, with a year-on-year decrease of 7.9% [4][10]. - Earnings Per Share (EPS): The EPS is forecasted to be 1.06 yuan in 2025, adjusted from previous estimates due to share buyback impacts [9][10]. - Valuation Ratios: The price-to-earnings (P/E) ratio is projected to be 18 for 2025, decreasing to 15 by 2027, while the price-to-book (P/B) ratio is expected to remain around 2 [4][10]. Operational Insights - The company experienced a net increase of 501 stores, bringing the total to 5,644, despite closing three existing stores [9][10]. - The report notes a double-digit growth in the group meal business, with a 11.7% year-on-year increase in revenue for Q1 2025 [9][10]. - The company’s gross margin for Q1 2025 was recorded at 25.5%, a slight decrease of 0.4 percentage points year-on-year, attributed to depreciation from new factory operations [9][10].