Buydeem Group(300824) 华泰证券·2025-03-27 03:09Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 12.15 [7][8]. Core Views - The company reported a revenue of RMB 754 million for 2024, representing a year-on-year increase of 13.28%, while the net profit attributable to the parent company was RMB 70 million, a decrease of 2.59% year-on-year. The fourth quarter of 2024 saw a revenue increase of 28.17% and a net profit increase of 61.2% year-on-year. The company is optimistic about its domestic business performance in 2025 due to positive contributions from marketing, products, and channels, along with favorable policies [1][2][5]. Summary by Sections Financial Performance - In 2024, the company's domestic brand business revenue grew by 11% year-on-year, driven by national subsidies and platform incentives. The growth rate in Q3 and Q4 of 2024 improved to 19.1% and 18.9%, respectively. The overseas business saw a significant increase, with self-owned brands growing by 95.5% and ODM business increasing by 22% [2][5]. - The gross profit margin for 2024 was 46.9%, a decline of 3.85 percentage points year-on-year. The gross margin is expected to remain stable in the domestic market in 2025, while the overseas ODM gross margin may face more pressure due to weaker tariff transmission capabilities compared to self-owned brands [3][5]. - The overall expense ratio decreased by 2.58 percentage points in 2024, benefiting from revenue growth and operational leverage optimization. The company anticipates further optimization of the sales expense ratio in 2025 due to the expansion of efficient channels [4][5]. Future Outlook - The forecast for net profit attributable to the parent company for 2025-2027 is RMB 89.45 million, RMB 106.49 million, and RMB 115.50 million, respectively. The corresponding EPS is projected to be RMB 0.27, RMB 0.33, and RMB 0.35. The target price has been adjusted to RMB 12.15, reflecting a premium valuation due to the company's position in the high-end small appliance market [5][8][11].