Buydeem Group(SZ:300824) Xin Lang Cai Jing·2025-10-24 12:34Core 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].