Buydeem Group(300824) 天风证券·2025-02-25 10:09Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company's revenue for 2024 is projected to be 750 million yuan, representing a year-on-year increase of 13.28%. The net profit attributable to the parent company is expected to be 70 million yuan, a decrease of 2.56% year-on-year [1][3] - The company has seen significant growth in both domestic and international sales, with domestic sales increasing by 5% and international sales by 95% in 2024. In Q4 2024, domestic sales grew by 21% and international sales surged by 210% [2] - The company has adjusted its overseas business model, focusing on more efficient regions and channels, which has started to yield positive results [3] Financial Data and Valuation - Revenue (million yuan): 2022: 804.74, 2023: 665.28, 2024E: 753.62, 2025E: 868.38, 2026E: 988.62 [4] - Net profit attributable to the parent company (million yuan): 2022: 46.97, 2023: 71.36, 2024E: 69.53, 2025E: 90.03, 2026E: 113.27 [4] - The company’s net profit margin for 2024 is expected to be 9%, with a significant increase to 12% in Q4 2024 [2] - The projected earnings per share (EPS) for 2024 is 0.21 yuan, with a price-to-earnings (P/E) ratio of 42.57 [4][9]