ZHONGYIN BABI FOOD CO.(SH:605338) EBSCN·2024-03-31 16:00Investment Rating - The report maintains a "Buy" rating for the company [3] Core Insights - The company reported a revenue of 1.63 billion yuan in 2023, representing a year-on-year growth of 6.9%, while the net profit attributable to the parent company was 214 million yuan, a decline of 4.0% year-on-year [10] - The company continues to deepen its national expansion, with potential growth in the group meal business, driven by product innovation and market expansion efforts [10] - The average revenue per store decreased by 2% in 2023, but the decline is narrowing, indicating a potential recovery in store performance [10] Financial Performance Summary - Revenue growth is projected to be 16.05% in 2024 and 15.37% in 2025, with net profit expected to reach 239 million yuan in 2024 and 273 million yuan in 2025 [11] - The gross profit margin for 2023 was 26.35%, down 1.36 percentage points year-on-year, but there is a trend of improvement on a quarter-on-quarter basis [10] - The company’s operating profit for 2023 was 252 million yuan, with a net profit margin of 13.11%, reflecting a year-on-year decrease of 1.47 percentage points [10] Market Data Summary - The total market capitalization of the company is 4.277 billion yuan, with a total share capital of 250 million shares [4] - The stock price has fluctuated between 13.60 yuan and 31.74 yuan over the past year [4] - The company has a current price of 17.10 yuan [12]