Buydeem Group(300824) 国泰君安·2025-03-29 13:20Investment Rating - The investment rating for the company is "Cautious Accumulate" with a target price of 11.40 [7][28]. Core Views - The company's performance in both domestic and international sales is stable, and its profitability is expected to continue improving [3][28]. - The report maintains earnings forecasts for 2025-2026 and adds a new forecast for 2027, projecting EPS of 0.26, 0.30, and 0.34 yuan for those years, respectively [28]. Financial Summary - In 2024, the company achieved operating revenue of 754 million yuan, a year-on-year increase of 13.28%, and a net profit attributable to the parent company of 70 million yuan, a decrease of 2.59% [16]. - The fourth quarter of 2024 saw operating 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 [16]. Revenue Breakdown - The company's self-owned brand business revenue in 2024 was 587 million yuan, accounting for 78% of total revenue, with a year-on-year increase of 11% [17]. - Domestic revenue for the self-owned brand was 523 million yuan, up 5% year-on-year, while overseas revenue reached 64 million yuan, a significant increase of 95% [17]. - In Q4 2024, the self-owned brand revenue was 213 million yuan, with domestic revenue of 193 million yuan (up 21%) and overseas revenue of 20 million yuan (up 210%) [17]. Profitability - 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 [23]. - In Q4 2024, the gross margin was 45.95%, down 8.6 percentage points year-on-year, and the net margin was 12.38%, up 2.54 percentage points [23]. Cash Flow and Financial Health - The company ended 2024 with cash and cash equivalents plus trading financial assets totaling 553 million yuan, a decrease of 127 million yuan year-on-year [25]. - The net cash flow from operating activities for 2024 was 110 million yuan, down 37 million yuan year-on-year [26]. Dividend Policy - The company declared a cash dividend of 1.20 yuan per 10 shares, totaling 64.87 million yuan, with a payout ratio of 93% and a dividend yield of 1.2% [27].