Buydeem Group(300824) 天风证券·2025-03-27 06:45Investment Rating - The investment rating for the company is "Accumulate" [7] Core Views - The company achieved a revenue of 754 million yuan in 2024, representing a year-on-year growth of 13.28%, while the net profit attributable to shareholders was 70 million yuan, down 2.59% year-on-year [1] - The company plans to distribute a cash dividend of 1.20 yuan per 10 shares (including tax) [1] - The sales growth is driven by domestic and international recovery, with significant improvements in the core product categories [2] Revenue and Profit Analysis - In Q4 2024, the company reported a revenue of 247 million yuan, up 28.17% year-on-year, and a net profit of 31 million yuan, up 61.2% year-on-year [1] - The self-owned brand and OEM revenues for 2024 are expected to grow by 11% and 22% respectively, with Q4 showing even stronger growth of 28% and 30% [2] - Domestic sales improved significantly, with a year-on-year growth of 21% in Q4, while international sales surged by 210% [2] Product Performance - The revenue growth for the company's electrical appliances and other categories in 2024 was 15.6% and 1.05% respectively, with the core product, the steamer, showing a strong performance with a growth of 16.5% [3] - In the second half of 2024, the electrical appliances category saw a revenue growth of 38.6%, with the steamer's revenue increasing by 48.4% [3] Margin and Cost Structure - The company's gross margin for 2024 was 46.9%, down 3.85 percentage points year-on-year, while the net margin was 9.22%, down 1.5 percentage points [4] - The gross margin for Q4 2024 was 45.95%, down 8.6 percentage points year-on-year, but the net margin improved by 2.54 percentage points to 12.38% [4] - The company experienced a decrease in gross margin due to a higher growth rate in lower-margin electrical products [4] Expense Ratios - The expense ratios for sales, management, R&D, and financial costs in 2024 were 27.8%, 7.98%, 5.14%, and -0.91% respectively, showing a decrease compared to the previous year [5] - In Q4 2024, the expense ratios were significantly lower, with sales expenses at 25.91%, down 7.77 percentage points year-on-year [5] Financial Forecast - The company expects net profits for 2025, 2026, and 2027 to be 97 million, 119 million, and 138 million yuan respectively, with corresponding dynamic valuations of 34.2x, 27.8x, and 23.9x [5] - The projected revenue for 2025 is 895 million yuan, reflecting an 18.7% growth rate [6]