BIEM(SZ:002832) Tianfeng Securities·2025-05-05 14:23Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5][16] Core Views - The company is implementing a youth-oriented strategy to reshape its brand image, transitioning from being recognized as the "first association brand in golf" to a multi-brand strategy in the apparel sector [3] - The company has reported a revenue of 1.3 billion yuan in Q1 2025, a year-on-year increase of 1%, while the net profit attributable to the parent company was 300 million yuan, down 8% year-on-year [1] - The company plans to distribute a cash dividend of 5 yuan per 10 shares, totaling 290 million yuan, with a payout ratio of 37% [1] Financial Performance Summary - For the year 2024, the company reported a revenue of 4 billion yuan, a 13% increase year-on-year, and a net profit of 800 million yuan, down 14% year-on-year [1] - The company's direct sales revenue for 2024 was 2.6 billion yuan, up 7% year-on-year, with a gross margin of 81% [1] - The franchise revenue for 2024 was 1.1 billion yuan, up 24% year-on-year, with a gross margin of 70% [1] - E-commerce revenue reached 300 million yuan, a 35% increase year-on-year, with a gross margin of 75% [1] Profitability Adjustments - The profit forecast for 2025-2027 has been adjusted, with expected revenues of 4.2 billion, 4.4 billion, and 4.8 billion yuan respectively [4] - The net profit attributable to the parent company is projected to be 820 million, 880 million, and 960 million yuan for 2025-2027 [4] - The earnings per share (EPS) is expected to be 1.4, 1.5, and 1.7 yuan for the same period [4]