巴比食品（605338）：单店营收企稳，加快拓店步伐

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stability in single-store revenue and is accelerating its store expansion pace. The first quarter of 2025 saw a revenue of 370 million yuan, a year-on-year increase of 4.5%, while the net profit attributable to the parent company was 37 million yuan, a year-on-year decrease of 6.1% [8] - The company plans to open 1,000 new stores in 2025 and is adopting a more proactive attitude towards mergers and acquisitions [8] - The company’s gross profit margin for Q1 2025 was 25.5%, a decrease of 0.4 percentage points year-on-year, primarily due to depreciation impacts from the Wuhan factory [8] Financial Forecasts - Total revenue is projected to reach 1,850 million yuan in 2025, with a year-on-year growth of 10.7% [1] - The net profit attributable to the parent company is expected to be 283.62 million yuan in 2025, reflecting a year-on-year increase of 2.54% [1] - The earnings per share (EPS) for 2025 is estimated at 1.18 yuan, with a price-to-earnings (P/E) ratio of 16.42 [1]