北鼎股份：外销表现亮眼，内销稳定增长-20250327

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company reported a revenue of 754 million yuan for 2024, representing a year-on-year increase of 13.28%, while the net profit attributable to the parent company was 70 million yuan, a decrease of 2.59% year-on-year [1]. - The fourth quarter of 2024 saw a revenue of 247 million yuan, up 28.17% year-on-year, and a net profit of 31 million yuan, which is a significant increase of 61.20% year-on-year [1]. - The company's overseas sales performance was strong, with a 95.49% year-on-year increase in revenue from its main brand overseas, totaling 64 million yuan [2]. - The gross margin for 2024 decreased by 3.9 percentage points to 46.9%, influenced by changes in revenue structure and accounting standards [3]. Summary by Sections Financial Performance - Revenue for 2024 was 754 million yuan, with a year-on-year growth rate of 13.3% [6]. - The net profit for 2024 was 70 million yuan, reflecting a year-on-year decline of 2.6% [6]. - The gross margin for 2024 was 46.9%, down from the previous year [3]. Business Segments - The company's own brand "BUYDEEM" generated 587 million yuan in revenue, a growth of 11.02% year-on-year [2]. - The OEM/ODM business saw revenue of 167 million yuan, an increase of 21.99% year-on-year [2]. Future Outlook - The company is expected to see net profits of 85 million yuan, 97 million yuan, and 109 million yuan for 2025, 2026, and 2027 respectively, with growth rates of 21.8%, 15.1%, and 12.1% [4].