研报掘金丨国海证券：首予巴比食品“买入”评级，新店模型持续验证，未来有望加速复制

格隆汇07-14

国海证券研报指出，巴比食品新店模型持续验证，未来有望加速复制。手工小笼包新店型模型逐步验证，平均单店营业额约为传统鲜包店的2倍，公司力争于2026年末达到并突破600家的目标。从门店运营上看，新店扩张节奏以盈利能力和市场需求为导向，着重强化门店经营质量。全国化方面，持续系统化培训业务团队，并将增加运营人员。认为新店型精准契合10-15元高性价比早餐并拓展堂食的消费需求，后续有望进入加速复制阶段。...

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