Buydeem Group(SZ:300824) Tianfeng Securities·2025-08-11 03:14Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [5] Core Views - The company has shown significant revenue growth, with a 34% year-on-year increase in H1 2025, reaching 430 million yuan, and a 75% increase in net profit, totaling 56 million yuan [1][2] - The domestic market has benefited from government subsidies, while the overseas market remains resilient against tariff disruptions [1] - The company has successfully optimized its cost structure, leading to improved profitability, with a gross margin of 49.7% in H1 2025, up 2.2 percentage points year-on-year [2] Summary by Sections Financial Performance - In H1 2025, the company generated 330 million yuan from domestic sales, a 48.4% increase year-on-year, while overseas sales were 25 million yuan, a 0.7% increase [1] - The gross margin for the domestic segment was 57.6%, while the overseas segment was 33.7% [2] - The company plans to distribute a cash dividend of 0.85 yuan per 10 shares, totaling 27.57 million yuan, with a payout ratio of 49.4% [1] Future Projections - The company expects net profits of 119.25 million yuan, 141.31 million yuan, and 164.06 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding dynamic valuations of 34.0x, 28.7x, and 24.7x [3] - The report anticipates an increase in domestic sales growth rates based on H1 2025 performance [3] Market Position - The company has established a differentiated high-end brand positioning, with ongoing product innovation and channel development in the domestic market [3] - The company has added five new offline stores, contributing to a 49% revenue increase [1]