深圳市北鼎晶辉科技股份有限公司（以下简称"公司"）于 2024 年 3 月 28 日召开第四届董事会第十三次会议和第四届监事会第十三次会议，于 2024 年 4 月 19 日召开 2023 年年度股东大会，审议通过了《关于 2024 年度对外担保额度 的议案》，同意公司为合并报表范围内子公司（以下简称"子公司"）向银行、 金融机构等申请融资（包括但不限于办理人民币或外币流动资金贷款、项目贷款、 承兑汇票、信用证、保函、票据贴现、保理、出口押汇以及外汇远期结售汇等相 关业务）及日常经营需要（包括但不限于履约担保、产品质量担保）时提供担保， 预计担保额度不超过人民币 4 亿元。在上述授信项下，公司为全资子公司深圳市 北鼎晶辉科技有限公司（以下简称"北鼎晶辉科技有限"）及深圳市北鼎科技有 限公司提供担保，担保合计不超过 4 亿元人民币。具体担保金额以实际审批的担 保金额为准。具体内容请见公司于 2024 年 3 月 29 日在巨潮资讯网 （www.cninfo.com.cn）上披露的《关于 2024 年度对外担保额度预计的公告》。 二、担保进展情况 近日，公司与华夏银行股份有限公司深圳分行（以下简称"华夏银行深圳分 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.04 CNY [3][6][11]. Core Insights - The company reported a revenue of 754 million CNY for 2024, representing a year-on-year growth of 13.28%, while the net profit attributable to the parent company was 70 million CNY, a decrease of 2.59% [2][5]. - In Q4 2024, the company achieved a revenue of 247 million CNY, marking a 28.17% increase year-on-year, and a net profit of 31 million CNY, which is a 61.20% increase year-on-year [2][10]. - The company is expected to see net profits of 84 million CNY, 95 million CNY, and 106 million CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.26 CNY, 0.29 CNY, and 0.32 CNY [3][11]. Financial Performance Summary - Revenue for 2023 was 665 million CNY, with a year-on-year decline of 17.3%, while the forecast for 2024 is 754 million CNY, reflecting a growth of 13.3% [5][14]. - The company's gross margin for 2024 is projected to be 46.9%, down from 50.7% in 2023, while the net margin is expected to be 9.2% [5][14]. - The return on equity (ROE) is forecasted to be 9.6% in 2024, with an upward trend expected in subsequent years [5][14]. Business Segment Performance - The company's self-owned brand revenue in 2024 reached 523 million CNY domestically and 64 million CNY overseas, with year-on-year growth of 5% and 95% respectively [10]. - The OEM business generated 167 million CNY in revenue, reflecting a year-on-year increase of 22% [10]. - The company has seen a sequential recovery in revenue growth, with Q1 to Q4 growth rates of -7%, +8%, +22%, and +28% respectively [10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.04 CNY [3][6][11] Core Insights - The company reported a revenue of 754 million CNY for 2024, representing a year-on-year growth of 13.28%, while the net profit attributable to the parent company was 70 million CNY, a decrease of 2.59% [2][5] - In Q4 2024, the company achieved a revenue of 247 million CNY, marking a 28.17% increase year-on-year, and a net profit of 31 million CNY, which is a 61.20% increase year-on-year [2][10] - The company is expected to see net profits of 84 million CNY, 95 million CNY, and 106 million CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.26 CNY, 0.29 CNY, and 0.32 CNY [3][11] Financial Summary - Revenue for 2023 was 665 million CNY, with a year-on-year decline of 17.3%, while the projected revenue for 2024 is 754 million CNY, reflecting a growth of 13.3% [5][14] - The gross profit margin for 2024 is projected to be 46.9%, down from 50.7% in 2023, while the net profit margin is expected to be 9.2% [5][14] - The company’s total assets are projected to grow from 969 million CNY in 2023 to 1,108 million CNY by 2027 [14]

Investment Rating - The investment rating for the company is "Cautious Accumulate" with a target price of 11.40 [7][28]. Core Views - The company's performance in both domestic and international sales is stable, and its profitability is expected to continue improving [3][28]. - The report maintains earnings forecasts for 2025-2026 and adds a new forecast for 2027, projecting EPS of 0.26, 0.30, and 0.34 yuan for those years, respectively [28]. Financial Summary - In 2024, the company achieved operating revenue of 754 million yuan, a year-on-year increase of 13.28%, and a net profit attributable to the parent company of 70 million yuan, a decrease of 2.59% [16]. - The fourth quarter of 2024 saw operating revenue of 247 million yuan, up 28.17% year-on-year, and a net profit of 31 million yuan, up 61.2% year-on-year [16]. Revenue Breakdown - The company's self-owned brand business revenue in 2024 was 587 million yuan, accounting for 78% of total revenue, with a year-on-year increase of 11% [17]. - Domestic revenue for the self-owned brand was 523 million yuan, up 5% year-on-year, while overseas revenue reached 64 million yuan, a significant increase of 95% [17]. - In Q4 2024, the self-owned brand revenue was 213 million yuan, with domestic revenue of 193 million yuan (up 21%) and overseas revenue of 20 million yuan (up 210%) [17]. Profitability - The company's gross margin for 2024 was 46.9%, down 3.85 percentage points year-on-year, while the net margin was 9.22%, down 1.5 percentage points [23]. - In Q4 2024, the gross margin was 45.95%, down 8.6 percentage points year-on-year, and the net margin was 12.38%, up 2.54 percentage points [23]. Cash Flow and Financial Health - The company ended 2024 with cash and cash equivalents plus trading financial assets totaling 553 million yuan, a decrease of 127 million yuan year-on-year [25]. - The net cash flow from operating activities for 2024 was 110 million yuan, down 37 million yuan year-on-year [26]. Dividend Policy - The company declared a cash dividend of 1.20 yuan per 10 shares, totaling 64.87 million yuan, with a payout ratio of 93% and a dividend yield of 1.2% [27].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company reported a revenue of 754 million yuan for 2024, representing a year-on-year increase of 13.28%, while the net profit attributable to the parent company was 70 million yuan, a decrease of 2.59% year-on-year [1]. - The fourth quarter of 2024 saw a revenue of 247 million yuan, up 28.17% year-on-year, and a net profit of 31 million yuan, which is a significant increase of 61.20% year-on-year [1]. - The company's overseas sales performance was strong, with a 95.49% year-on-year increase in revenue from its main brand overseas, totaling 64 million yuan [2]. - The gross margin for 2024 decreased by 3.9 percentage points to 46.9%, influenced by changes in revenue structure and accounting standards [3]. Summary by Sections Financial Performance - Revenue for 2024 was 754 million yuan, with a year-on-year growth rate of 13.3% [6]. - The net profit for 2024 was 70 million yuan, reflecting a year-on-year decline of 2.6% [6]. - The gross margin for 2024 was 46.9%, down from the previous year [3]. Business Segments - The company's own brand "BUYDEEM" generated 587 million yuan in revenue, a growth of 11.02% year-on-year [2]. - The OEM/ODM business saw revenue of 167 million yuan, an increase of 21.99% year-on-year [2]. Future Outlook - The company is expected to see net profits of 85 million yuan, 97 million yuan, and 109 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 21.8%, 15.1%, and 12.1% [4].

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company has shown strong performance in overseas sales and stable growth in domestic sales, with a total revenue of 754 million yuan in 2024, representing a year-on-year increase of 13.28%. However, the net profit attributable to the parent company decreased by 2.59% to 70 million yuan [1][4]. - The company's self-owned brand "Buydeem" generated revenue of 587 million yuan, up 11.02% year-on-year, while the overseas revenue surged by 95.49% to 64 million yuan due to strategic focus on more efficient regions and channels [2][4]. - The gross margin decreased by 3.9 percentage points to 46.9% in 2024, influenced by changes in revenue structure and accounting standards [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 247 million yuan, a year-on-year increase of 28.17%, and a net profit of 31 million yuan, up 61.20% year-on-year [1]. - The revenue from OEM/ODM business reached 167 million yuan, reflecting a growth of 21.99% [2]. - The company’s gross margin for Q4 2024 was 45.9%, down 8.6 percentage points year-on-year [3]. Profit Forecast - The company is expected to see a recovery in profit levels, with projected net profits of 85 million yuan, 97 million yuan, and 109 million yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 21.8%, 15.1%, and 12.1% [4][6]. Key Financial Metrics - The company’s revenue for 2024 was 754 million yuan, with a projected revenue of 837 million yuan for 2025, reflecting a growth rate of 11.1% [6]. - The latest diluted EPS for 2024 is 0.21 yuan, with expectations of 0.26 yuan in 2025 [6].

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company achieved a revenue of 754 million yuan in 2024, representing a year-on-year increase of 13.28%, while the net profit attributable to shareholders was 70 million yuan, down 2.59% year-on-year [1] - In Q4 2024, the company reported a revenue of 247 million yuan, up 28.17% year-on-year, and a net profit of 31 million yuan, up 61.2% year-on-year [1] - The company plans to distribute a cash dividend of 1.20 yuan per 10 shares (tax included) [1] Revenue Growth - The company experienced a recovery in both domestic and international sales, with self-owned brand and OEM revenues increasing by 11% and 22% respectively in 2024 [2] - In Q4 2024, self-owned brand and OEM revenues grew by 28% and 30% year-on-year, indicating significant improvement in self-owned brand performance [2] - Domestic sales saw a year-on-year increase of 5%, while international sales surged by 95% in 2024 [2] Product Performance - The revenue growth rates for the company's electrical appliances and other categories in 2024 were 15.6% and 1.05% respectively, with the core product, the steamer, showing a strong performance with a 16.5% increase [3] - In H2 2024, the revenue growth rates for electrical appliances and other categories were 38.6% and 7.4% respectively, with the steamer's revenue increasing by 48.4% [3] Profitability Metrics - The company's gross margin for 2024 was 46.9%, a decrease of 3.85 percentage points year-on-year, while the net margin was 9.22%, down 1.5 percentage points year-on-year [4] - In Q4 2024, the gross margin was 45.95%, down 8.6 percentage points year-on-year, but the net margin improved by 2.54 percentage points to 12.38% [4] Expense Ratios - The company's expense ratios for sales, management, R&D, and financial costs in 2024 were 27.8%, 7.98%, 5.14%, and -0.91% respectively, showing a decline compared to the previous year [5] - In Q4 2024, the expense ratios were 25.91%, 6.48%, 3.54%, and -2.36%, indicating a significant reduction in expenses relative to revenue growth [5] Financial Forecast - The company is expected to achieve net profits of 97 million yuan, 119 million yuan, and 138 million yuan for the years 2025 to 2027 respectively, with corresponding dynamic valuations of 34.2x, 27.8x, and 23.9x [5] - The projected revenue for 2025 is 895 million yuan, reflecting an 18.7% growth rate [6]

Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company achieved a revenue of 754 million yuan in 2024, representing a year-on-year growth of 13.28%, while the net profit attributable to shareholders was 70 million yuan, down 2.59% year-on-year [1] - The company plans to distribute a cash dividend of 1.20 yuan per 10 shares (including tax) [1] - The sales growth is driven by domestic and international recovery, with significant improvements in the core product categories [2] Revenue and Profit Analysis - In Q4 2024, the company reported a revenue of 247 million yuan, up 28.17% year-on-year, and a net profit of 31 million yuan, up 61.2% year-on-year [1] - The self-owned brand and OEM revenues for 2024 are expected to grow by 11% and 22% respectively, with Q4 showing even stronger growth of 28% and 30% [2] - Domestic sales improved significantly, with a year-on-year growth of 21% in Q4, while international sales surged by 210% [2] Product Performance - The revenue growth for the company's electrical appliances and other categories in 2024 was 15.6% and 1.05% respectively, with the core product, the steamer, showing a strong performance with a growth of 16.5% [3] - In the second half of 2024, the electrical appliances category saw a revenue growth of 38.6%, with the steamer's revenue increasing by 48.4% [3] Margin and Cost Structure - The company's gross margin for 2024 was 46.9%, down 3.85 percentage points year-on-year, while the net margin was 9.22%, down 1.5 percentage points [4] - The gross margin for Q4 2024 was 45.95%, down 8.6 percentage points year-on-year, but the net margin improved by 2.54 percentage points to 12.38% [4] - The company experienced a decrease in gross margin due to a higher growth rate in lower-margin electrical products [4] Expense Ratios - The expense ratios for sales, management, R&D, and financial costs in 2024 were 27.8%, 7.98%, 5.14%, and -0.91% respectively, showing a decrease compared to the previous year [5] - In Q4 2024, the expense ratios were significantly lower, with sales expenses at 25.91%, down 7.77 percentage points year-on-year [5] Financial Forecast - The company expects net profits for 2025, 2026, and 2027 to be 97 million, 119 million, and 138 million yuan respectively, with corresponding dynamic valuations of 34.2x, 27.8x, and 23.9x [5] - The projected revenue for 2025 is 895 million yuan, reflecting an 18.7% growth rate [6]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 754 million RMB for 2024, representing a year-on-year increase of 13.28%, while the net profit attributable to the parent company was 70 million RMB, a decrease of 2.59% year-on-year. The fourth quarter of 2024 saw a revenue increase of 28.17% and a net profit increase of 61.2% year-on-year. The company is expected to continue benefiting from domestic business performance in 2025 due to positive marketing, product, and channel investments, along with favorable policies [1][2][5] - The domestic brand business is projected to benefit from trade-in policies and new channel expansions, while overseas brand performance may face challenges due to tariffs and reduced inventory replenishment [2] - The company's gross margin for 2024 was 46.9%, down 3.85 percentage points year-on-year, with expectations for stable domestic margins in 2025 but potential pressure on overseas margins [3] - The overall expense ratio decreased by 2.58 percentage points in 2024, attributed to revenue growth and operational leverage improvements, with expectations for further optimization in sales expenses in 2025 [4] Financial Projections - The forecast for net profit attributable to the parent company for 2025 is 89.45 million RMB, with expected earnings per share (EPS) of 0.27 RMB. The target price has been raised to 12.15 RMB, reflecting a price-to-earnings (PE) ratio of 45 times for 2025 [5][8]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 12.15 [7][8]. Core Views - The company reported a revenue of RMB 754 million for 2024, representing a year-on-year increase of 13.28%, while the net profit attributable to the parent company was RMB 70 million, a decrease of 2.59% year-on-year. The fourth quarter of 2024 saw a revenue increase of 28.17% and a net profit increase of 61.2% year-on-year. The company is optimistic about its domestic business performance in 2025 due to positive contributions from marketing, products, and channels, along with favorable policies [1][2][5]. Summary by Sections Financial Performance - In 2024, the company's domestic brand business revenue grew by 11% year-on-year, driven by national subsidies and platform incentives. The growth rate in Q3 and Q4 of 2024 improved to 19.1% and 18.9%, respectively. The overseas business saw a significant increase, with self-owned brands growing by 95.5% and ODM business increasing by 22% [2][5]. - The gross profit margin for 2024 was 46.9%, a decline of 3.85 percentage points year-on-year. The gross margin is expected to remain stable in the domestic market in 2025, while the overseas ODM gross margin may face more pressure due to weaker tariff transmission capabilities compared to self-owned brands [3][5]. - The overall expense ratio decreased by 2.58 percentage points in 2024, benefiting from revenue growth and operational leverage optimization. The company anticipates further optimization of the sales expense ratio in 2025 due to the expansion of efficient channels [4][5]. Future Outlook - The forecast for net profit attributable to the parent company for 2025-2027 is RMB 89.45 million, RMB 106.49 million, and RMB 115.50 million, respectively. The corresponding EPS is projected to be RMB 0.27, RMB 0.33, and RMB 0.35. The target price has been adjusted to RMB 12.15, reflecting a premium valuation due to the company's position in the high-end small appliance market [5][8][11].