天风证券给予北鼎股份增持评级，内销受益以旧换新，费用压降盈利改善

Group 1 - The core viewpoint of the report is that Beiding Co., Ltd. (300824.SZ) is rated as a "buy" due to its strong domestic subsidy benefits and resilience against overseas tariff disruptions [2] - The company has significantly reduced costs, leading to a substantial improvement in profitability from a low base [2] Group 2 - The report highlights the potential risks, including underperformance in self-owned brand sales and foreign order volumes, as well as rising raw material and shipping costs impacting profit margins [2]