Buydeem Group(300824) 华创证券·2025-05-13 15:38Investment Rating - The report maintains a "Recommendation" rating for the company with a target price of 13.5 yuan [2][8]. Core Insights - The company achieved a revenue of 754 million yuan in 2024, representing a year-on-year increase of 13.28%. The net profit attributable to the parent company was 70 million yuan, down 2.59% year-on-year. In Q1 2025, the company reported a revenue of 213 million yuan, up 33.41% year-on-year, and a net profit of 33 million yuan, up 47.71% year-on-year, indicating strong performance that exceeded market expectations [2][4][8]. - The revenue growth in Q1 2025 is attributed to the domestic self-owned brands benefiting from national subsidies, with domestic market revenue reaching 523 million yuan, up 5.45% year-on-year, and overseas market revenue for self-owned brands soaring by 95.49% to 64 million yuan [8]. - The gross margin improved to 49.87% in Q1 2025, up 1.15 percentage points year-on-year, driven by a higher proportion of revenue from self-owned brands and ongoing cost reduction measures [8]. - The company has a strong brand presence and product innovation capabilities, with 267 patents, including 68 domestic invention patents and 33 overseas invention patents. The company has received multiple design awards, enhancing its brand reputation [8]. Financial Summary - The total revenue forecast for 2024 is 754 million yuan, with expected growth rates of 15.7% in 2025, 12.3% in 2026, and 9.9% in 2027. The net profit attributable to the parent company is projected to be 91 million yuan in 2025, 107 million yuan in 2026, and 125 million yuan in 2027, with corresponding growth rates of 31.6%, 17.5%, and 16.7% respectively [4][8]. - The earnings per share (EPS) are expected to be 0.28 yuan in 2025, 0.33 yuan in 2026, and 0.38 yuan in 2027, with price-to-earnings (P/E) ratios of 44, 37, and 32 respectively [4][8].