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].

Core Viewpoint - The document provides a special explanation regarding the non-operating fund occupation and other related fund transactions of Shenzhen Beiding Crystal Technology Co., Ltd. for the year 2024, ensuring compliance with regulatory requirements and the accuracy of financial reporting [1]. Summary by Sections Special Explanation - The special explanation is prepared in accordance with the auditing standards and regulatory guidelines, detailing the non-operating fund occupation and related transactions for the year 2024 [1]. - The audit report issued on March 26, 2025, confirms that there are no inconsistencies in the financial data reviewed [1]. Non-operating Fund Occupation Summary - The summary table includes details of non-operating fund occupation, indicating that there were no amounts recorded for the major shareholders and their subsidiaries for the year 2024 [1]. - The total amounts for non-operating fund occupation and related transactions are summarized, with specific figures provided for the year-end balances [1]. Related Fund Transactions - The document outlines the related fund transactions with subsidiaries, specifically noting the amounts involved in operational funding and the nature of these transactions [1]. - The total amount for related fund transactions at the end of 2024 is detailed, with specific figures for each subsidiary involved [1].

Core Viewpoint - The internal control audit report for Shenzhen Beiding Crystal Technology Co., Ltd. indicates that the company maintained effective internal controls over financial reporting as of December 31, 2024, in accordance with relevant regulations and standards [2][4]. Group 1: Responsibilities - The responsibility for establishing and implementing effective internal controls lies with the company's board of directors [1]. - The registered accountants are responsible for expressing an opinion on the effectiveness of internal controls based on the audit [1][2]. Group 2: Internal Control Limitations - Internal controls have inherent limitations and may not prevent or detect misstatements [1][4]. - Changes in circumstances may render internal controls inappropriate or reduce adherence to control policies and procedures [4]. Group 3: Evaluation Conclusion - As of the evaluation date, there were no significant deficiencies in financial reporting internal controls identified [4][6]. - The company also reported no significant deficiencies in non-financial reporting internal controls [4][9]. Group 4: Evaluation Scope and Methodology - The evaluation covered all major units, businesses, and high-risk areas, with total assets and revenues included in the evaluation scope accounting for 100% of the consolidated financial statements [5][6]. - High-risk areas included challenges from increasing consumer demands, intensified market competition, and risks associated with product quality and safety [5]. Group 5: Deficiency Recognition Standards - The company established quantitative and qualitative standards for recognizing internal control deficiencies, with specific thresholds based on revenue and total assets [6][8]. - A deficiency is classified as significant if it could lead to a misstatement exceeding 2% of revenue or total assets [7][8].

Core Viewpoint - The company has decided to terminate the implementation of the 2021 and 2022 restricted stock incentive plans due to significant changes in the industry market environment and the inability to meet the performance targets set for these plans [10][11][12] Summary by Sections Termination of Incentive Plans - The company held meetings on March 26, 2025, where the board and supervisory committee approved the termination of the 2021 and 2022 restricted stock incentive plans, including the cancellation of unvested restricted stocks [1][10] - The decision to terminate these plans will be submitted for shareholder approval [11] Approval Procedures - The 2021 restricted stock incentive plan was approved in a temporary shareholders' meeting in 2021, with the board authorized to determine the grant date and manage related matters [2][3] - The 2022 plan followed a similar approval process, with independent directors and legal opinions provided [6][7] Reasons for Termination - The company cited that it has not met the performance targets for 2023 and 2024, making it difficult to achieve the goals set in the incentive plans [10] - The board concluded that continuing the plans would not yield the intended motivational effects for the incentive recipients [10] Impact on Company Performance - The termination of the incentive plans aligns with relevant laws and regulations, and the company will recognize the related incentive expenses immediately [10][11] - The company anticipates that the number of equity instruments that can meet the conditions for exercise will be zero, leading to no impact on net profit from the incentive expenses [10] Future Arrangements - Following the termination, the company plans to optimize its compensation system and improve performance evaluation methods to motivate management and key personnel [10][11] - The company will not review any new stock incentive plans within three months after the termination [11] Supervisory Committee Opinion - The supervisory committee agrees that terminating the plans is in compliance with relevant regulations and will not significantly impact the company's daily operations or future development [12]