Buydeem Group(300824) 天风证券·2025-02-25 10:23Investment Rating - The investment rating for the company is "Buy" with a target price of 9.07 CNY, maintaining the "Increase" rating for the next six months [4]. Core Views - The company reported a revenue of 750 million CNY for 2024, representing a year-on-year increase of 13.28%. The net profit attributable to the parent company was 70 million CNY, down 2.56% year-on-year [1][3]. - The fourth quarter of 2024 saw a revenue of 250 million CNY, up 28.2% year-on-year, and a net profit of 31 million CNY, up 61.3% year-on-year, indicating significant improvement in performance [1][2]. - The company is experiencing growth in both domestic and international sales, with domestic sales supported by government subsidies and international sales benefiting from channel clarifications [2][3]. Summary by Sections Financial Performance - The company achieved a revenue of 750 million CNY in 2024, with a growth rate of 13.28%. The net profit attributable to the parent company was 70 million CNY, reflecting a decrease of 2.56% year-on-year [4]. - In Q4 2024, the company reported a revenue of 250 million CNY, a 28.2% increase year-on-year, and a net profit of 31 million CNY, which is a 61.3% increase year-on-year [1][2]. Business Segments - For 2024, the self-owned brand revenue grew by 11%, while the OEM (Original Equipment Manufacturer) revenue increased by 22%. In Q4 2024, the self-owned brand and OEM revenues grew by 28% and 30% respectively [2]. - The domestic sales for self-owned brands increased by 5% year-on-year, while international sales surged by 95%. In Q4 2024, domestic sales rose by 21% and international sales skyrocketed by 210% [2]. Profitability - The company's net profit margin for 2024 was 9%, down 1 percentage point year-on-year. However, the net profit margin in Q4 2024 improved to 12%, up 3 percentage points year-on-year, indicating a significant enhancement in profitability [2]. - The adjustments made in the overseas channels and products contributed positively to the improvement in net profit margins [2]. Future Outlook - The company has adjusted its forecasts for net profit attributable to the parent company for 2024-2026 to 70 million CNY, 90 million CNY, and 110 million CNY respectively, reflecting an optimistic outlook [3].