Buydeem Group(300824) 华泰证券·2025-03-27 06:25Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a revenue of 754 million RMB for 2024, representing a year-on-year increase of 13.28%, while the net profit attributable to the parent company was 70 million RMB, 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 expected to continue benefiting from domestic business performance in 2025 due to positive marketing, product, and channel investments, along with favorable policies [1][2][5] - The domestic brand business is projected to benefit from trade-in policies and new channel expansions, while overseas brand performance may face challenges due to tariffs and reduced inventory replenishment [2] - The company's gross margin for 2024 was 46.9%, down 3.85 percentage points year-on-year, with expectations for stable domestic margins in 2025 but potential pressure on overseas margins [3] - The overall expense ratio decreased by 2.58 percentage points in 2024, attributed to revenue growth and operational leverage improvements, with expectations for further optimization in sales expenses in 2025 [4] Financial Projections - The forecast for net profit attributable to the parent company for 2025 is 89.45 million RMB, with expected earnings per share (EPS) of 0.27 RMB. The target price has been raised to 12.15 RMB, reflecting a price-to-earnings (PE) ratio of 45 times for 2025 [5][8]