Buydeem Group(300824) 国盛证券·2025-03-27 10:55Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company has shown strong performance in overseas sales and stable growth in domestic sales, with a total revenue of 754 million yuan in 2024, representing a year-on-year increase of 13.28%. However, the net profit attributable to the parent company decreased by 2.59% to 70 million yuan [1][4]. - The company's self-owned brand "Buydeem" generated revenue of 587 million yuan, up 11.02% year-on-year, while the overseas revenue surged by 95.49% to 64 million yuan due to strategic focus on more efficient regions and channels [2][4]. - The gross margin decreased by 3.9 percentage points to 46.9% in 2024, influenced by changes in revenue structure and accounting standards [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved revenue of 247 million yuan, a year-on-year increase of 28.17%, and a net profit of 31 million yuan, up 61.20% year-on-year [1]. - The revenue from OEM/ODM business reached 167 million yuan, reflecting a growth of 21.99% [2]. - The company’s gross margin for Q4 2024 was 45.9%, down 8.6 percentage points year-on-year [3]. Profit Forecast - The company is expected to see a recovery in profit levels, with projected net profits of 85 million yuan, 97 million yuan, and 109 million yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 21.8%, 15.1%, and 12.1% [4][6]. Key Financial Metrics - The company’s revenue for 2024 was 754 million yuan, with a projected revenue of 837 million yuan for 2025, reflecting a growth rate of 11.1% [6]. - The latest diluted EPS for 2024 is 0.21 yuan, with expectations of 0.26 yuan in 2025 [6].