北鼎股份：内外销修复性增长，电器品类表现较好-20250327

Investment 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 increase of 13.28%, while the net profit attributable to shareholders was 70 million yuan, down 2.59% year-on-year [1] - 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 company plans to distribute a cash dividend of 1.20 yuan per 10 shares (tax included) [1] Revenue Growth - The company experienced a recovery in both domestic and international sales, with self-owned brand and OEM revenues increasing by 11% and 22% respectively in 2024 [2] - In Q4 2024, self-owned brand and OEM revenues grew by 28% and 30% year-on-year, indicating significant improvement in self-owned brand performance [2] - Domestic sales saw a year-on-year increase of 5%, while international sales surged by 95% in 2024 [2] Product Performance - The revenue growth rates for the company's electrical appliances and other categories in 2024 were 15.6% and 1.05% respectively, with the core product, the steamer, showing a strong performance with a 16.5% increase [3] - In H2 2024, the revenue growth rates for electrical appliances and other categories were 38.6% and 7.4% respectively, with the steamer's revenue increasing by 48.4% [3] Profitability Metrics - The company's gross margin for 2024 was 46.9%, a decrease of 3.85 percentage points year-on-year, while the net margin was 9.22%, down 1.5 percentage points year-on-year [4] - In Q4 2024, the gross margin 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] Expense Ratios - The company's 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 decline compared to the previous year [5] - In Q4 2024, the expense ratios were 25.91%, 6.48%, 3.54%, and -2.36%, indicating a significant reduction in expenses relative to revenue growth [5] Financial Forecast - The company is expected to achieve net profits of 97 million yuan, 119 million yuan, and 138 million yuan for the years 2025 to 2027 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]