Investment Rating - The investment rating for the company is "Buy-A" with a target price of 10.50 CNY for the next six months [2][3]. Core Views - The company is expected to benefit from the domestic consumption upgrade, with a focus on optimizing product structure and expanding its own brand internationally [2][3]. - The company's revenue for 2024 is projected to be 750 million CNY, representing a year-over-year increase of 13.3%, while the net profit is expected to be 70 million CNY, a decrease of 2.6% year-over-year [1][2]. - The fourth quarter of 2024 showed strong performance with revenue of 250 million CNY, up 28.2% year-over-year, and a net profit of 30 million CNY, up 61.3% year-over-year [1][2]. Summary by Sections Revenue and Profitability - The company's domestic sales in Q4 increased by 20.5% year-over-year, driven by marketing efforts and government subsidies for appliance upgrades [1]. - The overseas sales revenue in Q4 surged by 65.6%, with overseas brand business revenue increasing by 209.9% and OEM business revenue by 30.0% [1]. - The net profit margin for Q4 was 12.4%, an increase of 2.5 percentage points year-over-year, attributed to scale effects and improved gross margins [2]. Financial Projections - The company forecasts revenues of 870 million CNY in 2025 and 970 million CNY in 2026, with corresponding net profits of 90 million CNY and 100 million CNY [3][9]. - The earnings per share (EPS) are projected to be 0.21 CNY for 2024, 0.26 CNY for 2025, and 0.31 CNY for 2026 [2][3]. Market Position and Strategy - The company is positioned in the high-end market segment and is expected to benefit from the trend of quality consumption among consumers [2]. - The strategy includes optimizing product categories and expanding user touchpoints across all channels, which is anticipated to lead to continuous improvement in operational performance [2].

公司董事兼高级管理人员方镇先生、牛文娇女士，董事钟鑫先生及监事陈华 金先生保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 证券代码：300824 证券简称：北鼎股份 公告编号：2025-002 深圳市北鼎晶辉科技股份有限公司 关于部分董事及监事减持股份的预披露公告 持有深圳市北鼎晶辉科技股份有限公司（以下简称"公司"或"北鼎股份"） 股份 11,143,500 股（占公司总股本剔除回购股份后股本的比例 3.44%）的董事兼 高级管理人员方镇先生，计划自本公告发布之日起 15 个交易日后的三个月内， 以集中竞价、大宗交易方式减持本公司股份，拟减持数量合计不超过 2,785,875 股（占公司总股本剔除回购股份后股本的比例 0.8588%）。 持有公司股份 1,875,000 股（占公司总股本剔除回购股份后股本的比例 0.58%） 的董事兼高级管理人员牛文娇女士,计划自本公告发布之日起 15 个交易日后的三 个月内，以集中竞价、大宗交易方式减持公司股份不超过 468,7 ...

Financial Performance - Total revenue for 2024 reached 75,362.21 million, an increase of 13.28% compared to 66,528.38 million in the previous year[3] - Net profit attributable to shareholders was 6,952.89 million, down 2.56% from 7,135.73 million year-on-year[3] - Basic earnings per share decreased to 0.2138 from 0.2187, a decline of 2.24%[3] - The weighted average return on net assets was 9.61%, down 0.21 percentage points from 9.82%[3] Asset and Equity - Total assets at the end of the reporting period were 97,110.20 million, a slight increase of 0.17% from 96,948.25 million at the beginning of the period[3] - The company's equity attributable to shareholders decreased by 5.13% to 70,443.13 million from 74,253.88 million[3] Business Growth - The company's overseas business saw significant growth, with revenue increasing by 95.49% to 6,384.32 million from 3,265.81 million[6] - The domestic business of the company's self-owned brand showed a slight increase in revenue starting from the second quarter of 2024[6] Share Repurchase - The company repurchased a total of 1,968,200 shares during the reporting period, impacting earnings per share and net asset per share calculations[7] Future Reporting - The company plans to disclose detailed financial data in the 2024 annual report, as the current figures are preliminary and unaudited[9]

证券代码：300824 证券简称：北鼎股份 公告编号：2024-051 深圳市北鼎晶辉科技股份有限公司 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 ...

Summary of the Conference Call Company Overview - The conference call involved Beijing Shares, represented by CEO Liu and analyst Xue Han from Fangzheng Appliances. The focus was on the company's performance in the third quarter and future outlook. Key Points Financial Performance - In Q3, the company reported a revenue increase, with self-owned brands growing by 30% and domestic business up by 19% year-on-year. This led to a reduction in the cumulative revenue decline for the first three quarters to 1.73% [1][2] - Overseas business saw a significant revenue increase of 172% year-on-year in Q3, attributed to a low base effect [1] - Operating cash flow for Q3 was 17.55 million, with a total of 24.81 million for the first three quarters [2] - The company undertook a small-scale share buyback and a semi-annual dividend during the first three quarters [2] Market Conditions and Strategies - The fourth quarter is expected to be less pressured due to the traditional sales peak and government subsidies for home appliances [2] - The company is focusing on expanding its product categories, particularly in kitchen appliances, and plans to introduce new products like rice cookers that were previously not offered [6][15] - The company is prioritizing deepening its market presence in existing countries rather than expanding into new markets, which is seen as a more efficient use of resources [6][8] Product Development and Channels - The company is working on both new product development and expanding existing successful product lines, such as steamers and health pots [6][15] - The sales performance across different channels was discussed, with JD.com outperforming Tmall and other platforms in terms of net profit [11] - The company plans to maintain a steady pace of opening new stores, aiming for a higher success rate in new openings [12] Pricing and Promotions - The pricing strategy remains stable, with no significant adjustments to product prices outside of promotional events like Double 11 [14] - The company is leveraging government subsidies to enhance consumer demand, particularly in the fourth quarter [13] Overseas Market Insights - The company is still in the early stages of its overseas expansion, focusing on establishing brand presence and acceptance in new markets rather than being heavily influenced by overseas demand [18] Conclusion - The call concluded with an invitation for further questions and a note of appreciation for the participants' attendance [20] Additional Important Points - The company is adapting to rapid changes in channel dynamics and consumer preferences, emphasizing the need for flexible operational strategies [10] - The collaboration with Sam's Club has been beneficial, although the profit margins are lower due to competitive pricing strategies [17][18]

Investment Rating - The report maintains a "Cautious Accumulate" rating for the company with a target price of 9.50 yuan, up from a previous forecast of 7.72 yuan [1][12]. Core Views - The report anticipates that national subsidy policies will drive a continuous recovery in revenue, alongside improvements in operational efficiency due to cost reduction and efficiency enhancement measures [2]. - The company is in a store expansion phase, leading to significant initial investments, while facing intense industry competition [4]. Summary by Sections Performance Overview - For the first three quarters of 2024, the company achieved a revenue of 506 million yuan, a year-on-year increase of 7.19%, with a net profit attributable to shareholders of 39 million yuan, down 25.74% year-on-year. In Q3 2024, revenue was 184 million yuan, up 22% year-on-year, while net profit was 7 million yuan, down 52.7% year-on-year [15]. Domestic and Overseas Revenue Growth - In Q3 2024, the company's domestic brand business in China grew by 19% year-on-year, while overseas business surged by 172%. The OEM/ODM business remained stable with an 8% year-on-year increase. Increased investment in brand development significantly boosted domestic sales [16]. Margin and Expense Analysis - The gross margin for the first three quarters of 2024 was 47.36%, a decrease of 1.84 percentage points year-on-year, with a net margin of 7.68%, down 3.41 percentage points year-on-year. In Q3 2024, the gross margin was 44.56%, down 1.25 percentage points year-on-year, and the net margin was 3.78%, down 5.98 percentage points year-on-year. The increase in expense ratios was noted, with sales, management, R&D, and financial expense ratios for Q3 2024 being 29.23%, 7.49%, 5.42%, and 1.38%, respectively [17]. Cash Flow and Financial Health - As of Q3 2024, the company had cash and cash equivalents plus trading financial assets totaling 452 million yuan, down 203 million yuan year-on-year. Inventory stood at 115 million yuan, up 7 million yuan year-on-year, and accounts receivable totaled 49 million yuan, up 8 million yuan year-on-year. The turnover days for inventory, accounts receivable, and accounts payable were 112, 19, and 37 days, respectively, showing improvements [18].

Group 1: Financial Performance - The company's revenue from its own brand increased by 30.01% year-on-year in Q3 2024, with domestic sales growing by 19.08% [1] - The overall revenue decline for the domestic business was reduced to 1.73% for the first three quarters of 2024 [1] - The net cash flow from operating activities in Q3 2024 was 17.55 million, while the total for the first three quarters was 24.82 million [2] Group 2: Business Strategy - The company has increased investment in marketing, product development, and talent acquisition to support its brand "BUYDEEM" [1] - The company has adjusted its domestic channel promotion strategy, focusing on platforms like Douyin and JD.com, which have shown significant growth [2][3] - The company plans to continue expanding its store presence across more cities, enhancing overall revenue and profitability [4] Group 3: Challenges and Outlook - Increased promotional efforts for the own brand have led to pressure on profit margins, compounded by foreign exchange losses and efficiency issues in overseas operations [3] - The company anticipates that the profitability of its domestic brand will improve as channel structure and sales scale reach a better balance [4] - National subsidies have positively impacted revenue, particularly in the electrical appliance category, reinforcing existing sales trends [4]

Investment Rating - The investment rating for the company is "Accumulate" with a target price set at 8.82 CNY, maintaining the current rating [5]. Core Views - The company achieved a revenue of 506 million CNY in the first three quarters of 2024, representing a year-on-year increase of 7.19%, while the net profit attributable to the parent company was 39 million CNY, down 25.74% year-on-year [1]. - The growth of the company's own brand in both domestic and international sales is showing marginal improvement, with overseas business progressing smoothly [1]. - The company has increased its expenditure, which has put pressure on profit margins, with a gross margin of 47.36% and a net margin of 7.68% for the first three quarters of 2024, both showing declines compared to the previous year [2]. Financial Performance Summary - For the first three quarters of 2024, the company's revenue from its own brand and OEM/ODM business increased by 3% and 20% respectively, with domestic and international sales showing a year-on-year change of -2% and +67% [1]. - The gross margin for Q3 2024 was 44.56%, down 1.25 percentage points year-on-year, while the net margin was 3.78%, down 5.98 percentage points year-on-year [2]. - The company’s operating cash flow for the first three quarters of 2024 was 2.5 million CNY, a decrease of 68.32% year-on-year, influenced by the payment terms of its OEM/ODM and own brand distribution business [3]. Financial Forecast - The projected revenue for 2024 is 737.41 million CNY, with an expected growth rate of 10.84% [4]. - The net profit attributable to the parent company is forecasted to be 62.19 million CNY for 2024, reflecting a decrease of 12.85% compared to the previous year [4]. - The company’s dynamic valuation for 2024 is estimated at 46.28 times earnings [3].

Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company reported a revenue of 506 million yuan for the first three quarters of 2024, representing a year-on-year increase of 7.19%. However, the net profit attributable to shareholders decreased by 25.74% to 39 million yuan [1]. - The company's overseas expansion of its own brand is progressing rapidly, with overseas revenue for Q1-Q3 2024 reaching 44 million yuan, a year-on-year increase of 67.05%. In Q3 alone, overseas revenue surged by 172.02% to 19 million yuan [1]. - The OEM/ODM business also showed growth, with revenue of 133 million yuan for Q1-Q3 2024, up 20.10% year-on-year, and Q3 revenue increasing by 7.92% to 59 million yuan [1]. - Domestic revenue for the company was 330 million yuan for Q1-Q3 2024, a slight decline of 1.73% year-on-year, but Q3 revenue increased by 19.08% to 107 million yuan [1]. - The report highlights a significant increase in sales expense ratio, leading to a decline in profitability. The gross margin for Q1-Q3 2024 decreased by 1.84 percentage points year-on-year to 47.36%, while the net profit margin fell by 3.41 percentage points to 7.68% [1]. Financial Summary - The company is projected to have net profits of 55 million yuan, 64 million yuan, and 72 million yuan for 2024, 2025, and 2026 respectively, reflecting a year-on-year decrease of 22.6% in 2024, followed by increases of 15.0% and 13.9% in the subsequent years [1][3]. - The financial metrics indicate a decline in earnings per share (EPS) from 0.22 yuan in 2023 to 0.17 yuan in 2024, with a projected recovery to 0.19 yuan in 2025 and 0.22 yuan in 2026 [3][9]. - The company's total revenue is expected to recover from 665 million yuan in 2023 to 723 million yuan in 2024, with further growth to 798 million yuan in 2025 and 883 million yuan in 2026 [3][9].

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 10.26 CNY for the next 12 months [4][2]. Core Views - The company is expected to benefit from domestic consumption upgrades as it optimizes its product structure and expands its categories, pushing its own brand overseas and expanding user touchpoints across all channels [2]. - The company reported a revenue of 5.1 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 7.2%, and a net profit attributable to shareholders of 0.4 billion CNY, up 25.7% year-on-year [1]. - In Q3 2024, the company achieved a revenue of 1.8 billion CNY, a year-on-year increase of 22.0%, while the net profit attributable to shareholders was 6.964 million CNY, down 52.7% year-on-year [1]. Summary by Sections Financial Performance - The company's domestic revenue in Q3 increased by 19.1% year-on-year, driven by enhanced marketing efforts and government subsidies for appliance upgrades [1]. - The overseas revenue in Q3 grew by 26.4%, with overseas brand business revenue increasing by 172.0% and OEM business revenue by 7.9% [1]. - The net profit margin in Q3 was 3.8%, down 6.0 percentage points year-on-year, primarily due to increased marketing expenses and a decrease in gross margin by 1.3 percentage points [1]. Cash Flow and Working Capital - The operating cash flow for Q3 was 0.2 billion CNY, a decrease of 28.9% year-on-year, attributed to increased production and inventory costs [1]. - The accounts receivable balance increased by 19.9% year-on-year, reflecting a higher proportion of revenue from the distribution model for its own brand [1]. Earnings Forecast - The expected earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 0.15 CNY, 0.21 CNY, and 0.26 CNY respectively [2][4]. - The company is anticipated to maintain a dynamic price-to-earnings (P/E) ratio of 50 times for 2025 [2].