Buydeem Group(SZ:300824) GOLDEN SUN SECURITIES·2024-10-25 12:15Investment 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].