Buydeem Group(300824) 东方证券·2025-04-02 06:23Investment Rating - The report maintains a "Buy" rating for the company with a target price of 11.04 CNY [3][6][11]. Core Insights - The company reported a revenue of 754 million CNY for 2024, representing a year-on-year growth of 13.28%, while the net profit attributable to the parent company was 70 million CNY, a decrease of 2.59% [2][5]. - In Q4 2024, the company achieved a revenue of 247 million CNY, marking a 28.17% increase year-on-year, and a net profit of 31 million CNY, which is a 61.20% increase year-on-year [2][10]. - The company is expected to see net profits of 84 million CNY, 95 million CNY, and 106 million CNY for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.26 CNY, 0.29 CNY, and 0.32 CNY [3][11]. Financial Performance Summary - Revenue for 2023 was 665 million CNY, with a year-on-year decline of 17.3%, while the forecast for 2024 is 754 million CNY, reflecting a growth of 13.3% [5][14]. - The company's gross margin for 2024 is projected to be 46.9%, down from 50.7% in 2023, while the net margin is expected to be 9.2% [5][14]. - The return on equity (ROE) is forecasted to be 9.6% in 2024, with an upward trend expected in subsequent years [5][14]. Business Segment Performance - The company's self-owned brand revenue in 2024 reached 523 million CNY domestically and 64 million CNY overseas, with year-on-year growth of 5% and 95% respectively [10]. - The OEM business generated 167 million CNY in revenue, reflecting a year-on-year increase of 22% [10]. - The company has seen a sequential recovery in revenue growth, with Q1 to Q4 growth rates of -7%, +8%, +22%, and +28% respectively [10].