Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's Q3 performance slightly exceeded expectations, leading to a minor upward revision of the full-year forecast. For the first three quarters of 2025, the company achieved revenue of 650 million yuan, a year-on-year increase of 28.6%, and a net profit attributable to the parent company of 80 million yuan, up 113.3% [1] - The domestic brand business of Buydeem remains the core driver of the company's growth, showing stable growth. Domestic revenue reached 470 million yuan, a year-on-year increase of 43.0%, significantly outperforming the domestic kitchen appliance industry [2] - The gross margin for Q3 2025 was 46.4%, an increase of 3.5 percentage points year-on-year, with the high-margin domestic business rapidly increasing its share [3] Financial Performance Summary - For Q3 2025, the company reported revenue of 220 million yuan, a year-on-year increase of 19.0%, and a net profit attributable to the parent company of 30 million yuan, up 288.9% [1] - The comprehensive expense ratio decreased significantly to 35.8%, down 6 percentage points year-on-year, with net profit margin reaching 12.4%, an increase of 8.6 percentage points [3] - The company expects net profits attributable to the parent company for 2025, 2026, and 2027 to be 128 million, 156 million, and 186 million yuan respectively, with corresponding dynamic valuations of 31.7x, 25.9x, and 21.8x [3] Financial Data and Valuation - Projected revenue for 2025 is 939.89 million yuan, with a growth rate of 24.72% [4] - The projected net profit attributable to the parent company for 2025 is 127.83 million yuan, reflecting a growth rate of 83.90% [4] - The current price of the stock is 12.4 yuan, with a target price not specified [5]

Core Viewpoint - Beiding Co., Ltd. reported a strong performance in Q3 2025, with revenue of 220 million yuan, a year-on-year increase of 19.0%, and a net profit attributable to shareholders of 30 million yuan, up 289.0% year-on-year, driven by a focus on core self-owned brands and a low base effect [1][2]. Revenue Growth - The revenue growth in Q3 2025 is primarily attributed to the continuous increase in domestic sales of Beiding's self-owned brands, with domestic revenue reaching 140 million yuan, a year-on-year increase of 31.7% [2]. - National subsidies have positively impacted the growth of self-owned brands, enhancing consumer spending and benefiting Beiding due to its mid-to-high-end brand positioning and strong brand reputation [2]. Gross Margin Improvement - Beiding's gross margin in Q3 2025 was 46.4%, reflecting a year-on-year increase of 3.5 percentage points, likely due to the rising proportion of high-margin self-owned brand revenue [2]. - The proportion of self-owned brand revenue increased from 77.0% in H1 2024 to 82.5% in H1 2025, contributing to the improvement in gross margin [2]. Net Profit Margin Growth - The net profit margin attributable to shareholders in Q3 2025 was 12.4%, up 8.6 percentage points year-on-year, driven by both the increase in gross margin and effective cost control [3]. - The company achieved a reduction in sales, management, R&D, and financial expense ratios, with a total decrease of 6.0 percentage points year-on-year, attributed to improved operational efficiency in overseas markets [3]. Investment Outlook - Beiding is positioned as a leading player in the small home appliance segment, with strong R&D capabilities and a focus on mid-to-high-end self-owned brands, which are expected to drive revenue and performance growth [4]. - The profit forecasts for 2025, 2026, and 2027 have been adjusted to 120 million yuan, 140 million yuan, and 160 million yuan respectively, with corresponding price-to-earnings ratios of 33, 28, and 24 times [4]. - The target price has been adjusted to 14.6 yuan, maintaining a "recommended" rating [4].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 14.60 yuan [2][9]. Core Insights - The company's Q3 2025 performance shows significant improvement, with revenue reaching 220 million yuan, a year-over-year increase of 19.0%, and a net profit of 30 million yuan, up 289.0% year-over-year. This growth is attributed to a focus on core self-owned brands and a low base effect [2][9]. - The increase in revenue is primarily driven by the domestic sales of the company's self-owned brands, which amounted to 140 million yuan in Q3 2025, reflecting a 31.7% year-over-year growth. The national subsidy policy continues to positively impact revenue growth [9]. - The gross margin improved to 46.4%, up 3.5 percentage points year-over-year, due to a higher proportion of revenue from self-owned brands. The share of self-owned brand revenue increased from 77.0% in H1 2024 to 82.5% in H1 2025 [9]. - The net profit margin also increased to 12.4%, up 8.6 percentage points year-over-year, supported by both the rise in gross margin and effective cost control measures [9]. - Future projections indicate continued growth in net profit, with estimates of 120 million yuan, 140 million yuan, and 160 million yuan for 2025, 2026, and 2027 respectively, reflecting a corresponding PE ratio of 33, 28, and 24 times [9]. Financial Summary - Total revenue is projected to grow from 754 million yuan in 2024 to 1,204 million yuan in 2027, with year-over-year growth rates of 13.3%, 26.5%, 13.9%, and 10.9% respectively [5]. - The net profit is expected to recover from a decline of 2.6% in 2024 to a growth of 71.5% in 2025, followed by 18.4% and 14.2% in 2026 and 2027 respectively [5]. - The company's earnings per share (EPS) is forecasted to increase from 0.21 yuan in 2024 to 0.49 yuan in 2027 [5].

Market Overview - The small home appliance sector increased by 0.51% on October 24, with Beiding Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Stock Performance - Beiding Co., Ltd. (300824) closed at 12.40, up 4.03% with a trading volume of 92,300 shares and a turnover of 115 million yuan [1] - Liren Technology (001259) closed at 28.51, up 3.90% with a trading volume of 27,100 shares and a turnover of 76.47 million yuan [1] - Ousheng Electric (301187) closed at 26.83, up 2.68% with a trading volume of 25,800 shares and a turnover of 68.55 million yuan [1] - Other notable performers include Beikang (6610Z6) up 2.20%, and Lek Electric (603355) up 1.82% [1] Capital Flow - The small home appliance sector experienced a net outflow of 1.7073 million yuan from institutional investors, while retail investors saw a net outflow of 18.9792 million yuan [2] - Conversely, speculative funds recorded a net inflow of 20.6865 million yuan [2] Individual Stock Capital Flow - Ousheng Electric (301187) had a net inflow of 6.5022 million yuan from institutional investors, while retail investors faced a net outflow of 7.6842 million yuan [3] - Fuhua Co., Ltd. (603219) saw a net inflow of 6.2580 million yuan from institutional investors, with retail investors experiencing a net outflow of 756,600 yuan [3] - Other stocks like Kaineng Health (300272) and Delmar (301332) also showed varying capital flows, indicating mixed investor sentiment [3]

Core Insights - Beiding Co., Ltd. has seen a stock price increase of 5.2% on October 24, reaching 12.54 CNY per share, with a total market capitalization of 4.092 billion CNY [1] - The company has experienced a cumulative increase of 3.83% over the past three days [1] - Beiding specializes in high-quality kitchen small appliances and related products, with 82.49% of its revenue coming from its own brand and 17.51% from OEM/ODM [1] Fund Holdings - Huatai-PB Fund holds a significant position in Beiding Co., with its Huatai-PB CSI 2000 Index Enhanced A fund being the largest shareholder, owning 299,400 shares, which constitutes 0.88% of the fund's net value [2] - The fund has realized a floating profit of approximately 185,600 CNY today, with a total floating profit of 131,700 CNY during the three-day stock price increase [2] - The fund has achieved a year-to-date return of 46.1%, ranking 549 out of 4,218 in its category [2] Fund Manager Performance - The fund managers of Huatai-PB CSI 2000 Index Enhanced A include Sheng Hao, Lei Wenyuan, and Kong Lingye, with varying tenures and performance metrics [3] - Sheng Hao has a tenure of 10 years and 15 days, with a best return of 126.41% during his management [3] - Lei Wenyuan and Kong Lingye both have tenures of 3 years and 82 days, with a best return of 70.54% during their management [3]

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 14.83 yuan for the next six months [3][4]. Core Insights - The company reported a revenue of 650 million yuan for the first three quarters of 2025, representing a year-on-year increase of 28.6%, and a net profit attributable to shareholders of 80 million yuan, up 113.3% year-on-year [1]. - In Q3 alone, the company achieved a revenue of 220 million yuan, a 19.0% increase year-on-year, and a net profit of 30 million yuan, which is a remarkable 288.9% increase year-on-year [1][2]. - Domestic sales continued to show strong growth, increasing by 31.7% year-on-year in Q3, driven by national subsidy policies that stimulated high-end small appliance consumption [1][2]. - The company's gross profit margin improved to 46.4% in Q3, up 3.5 percentage points year-on-year, attributed to enhanced efficiency in expense management and an increase in the proportion of high-margin proprietary brand sales [2]. Financial Performance Summary - The company is expected to achieve revenues of 940 million yuan, 1.1 billion yuan, and 1.27 billion yuan in 2025, 2026, and 2027 respectively, with net profits projected at 120 million yuan, 150 million yuan, and 180 million yuan for the same years [4][8]. - The earnings per share (EPS) are forecasted to be 0.37 yuan, 0.45 yuan, and 0.55 yuan for 2025, 2026, and 2027 respectively [3][4]. - The net profit margin is expected to improve from 12.8% in 2025 to 14.2% in 2027, indicating a positive trend in profitability [4][8].

Core Insights - Beiding Co., Ltd. (300824.SZ) released its Q3 2025 report, indicating that as of October 23, 2025, four institutional investors held a total of 107 million shares, representing 32.89% of the company's total equity [1] - The institutional holding ratio increased by 0.18 percentage points compared to the previous quarter [1] - One new public fund was disclosed during this period, while 105 public funds were not disclosed compared to the previous quarter [1] Institutional Holdings - The institutional investors include Jinghui Electric Group Co., Ltd., National Social Security Fund 503 Portfolio, China Merchants Fund Management Co., Ltd. - Social Security Fund 1903 Portfolio, and Industrial and Commercial Bank of China - Da Cheng CSI 360 Internet + Big Data 100 Index Securities Investment Fund [1] - The National Social Security Fund 503 Portfolio increased its holdings by 0.92% during this period [1] Public Fund Activity - The newly disclosed public fund is Da Cheng CSI 360 Internet + Index A [1] - The funds that were not disclosed in this period include notable names such as Xin'ao Health China Mixed A, Yongying Growth Navigation Mixed A, and others [1] Foreign Investment - UBS AG was the foreign institution that did not disclose holdings in this period compared to the previous quarter [2]

Core Insights - The company reported a revenue of 219,117,205.27 yuan for the third quarter of 2025, representing a year-on-year growth of 18.98% [2] - The net profit attributable to shareholders of the listed company reached 27,086,989.99 yuan, showing a significant year-on-year increase of 288.95% [2] Financial Performance - Revenue for Q3 2025: 219.12 million yuan, up 18.98% year-on-year [2] - Net profit for Q3 2025: 27.09 million yuan, up 288.95% year-on-year [2]

Core Insights - Beiding Co., Ltd. reported a revenue of 651 million yuan for the first three quarters of 2025, representing a year-on-year growth of 28.57% [1] - The net profit attributable to shareholders of the listed company reached 82.92 million yuan, marking a year-on-year increase of 113.25% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 79.31 million yuan, reflecting a year-on-year growth of 132.46% [1] - The basic earnings per share stood at 0.2556 yuan [1]

Core Viewpoint - Beiding Co., Ltd. (300824.SZ) reported a significant increase in both revenue and net profit for Q3 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 219 million yuan, representing an 18.98% year-on-year increase [1] - The net profit attributable to shareholders was 27.087 million yuan, showing a substantial year-on-year increase of 288.95% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 26.117 million yuan, reflecting a remarkable year-on-year growth of 372.20% [1]