ZHONGYIN BABI FOOD CO.(605338) 东吴证券·2025-04-25 06:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a stabilization 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 taking a more proactive approach towards mergers and acquisitions. The acquisition of the "Zheng Quan Wei" brand has been successfully implemented in the first half of 2024, and the "Qing Lu" brand project is currently completing supply chain transitions and equity acquisitions [8] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 1,630 million yuan, with a year-on-year growth of 6.89%. For 2024, it is expected to reach 1,671 million yuan, a growth of 2.53%, and further increase to 1,850 million yuan in 2025, reflecting a growth of 10.70% [1] - The net profit attributable to the parent company is forecasted to be 213.72 million yuan in 2023, with a year-on-year decline of 4.04%. It is expected to rise to 276.59 million yuan in 2024, a growth of 29.42%, and reach 283.62 million yuan in 2025, a growth of 2.54% [1] - The latest diluted EPS is projected to be 0.89 yuan for 2023, increasing to 1.15 yuan in 2024 and 1.18 yuan in 2025 [1] Profitability Metrics - The gross profit margin for Q1 2025 is reported at 25.5%, a decrease of 0.4 percentage points year-on-year, primarily due to depreciation impacts from the Wuhan factory. The net profit margin for Q1 2025 is 10.0%, down 1.3 percentage points year-on-year [8] - The company has seen a reduction in subsidy expenses and an improvement in scale effects, leading to optimized profit margins [8] Store Expansion and Sales Performance - The company has achieved a net increase of 501 franchise stores, bringing the total to 5,644 stores. The average single-store revenue has decreased by 3.4% year-on-year, but the same-store revenue decline is narrowing [8] - The sales performance across different product categories shows a year-on-year increase in revenue from various segments, with the meal and filling categories growing by 11.4% [8]