BIEM(SZ:002832) Shenwan Hongyuan Securities·2025-08-27 08:11Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a significant revenue growth of 22.3% year-on-year in Q2 2025, driven by strong performance in its main brand and e-commerce channels [7] - The company has demonstrated resilience in a challenging market environment, with a high gross margin of 75.9% in H1 2025, despite a slight decline compared to the previous year [7][12] - The company is actively cultivating a second growth curve while maintaining leadership in its main brand, indicating strong long-term growth potential [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected to be 4,406 million yuan, with a year-on-year growth rate of 10.0% [6] - The net profit attributable to the parent company is expected to be 701 million yuan in 2025, reflecting a decrease of 10.2% year-on-year [6] - The company’s earnings per share (EPS) is forecasted to be 1.23 yuan in 2025, with a projected price-to-earnings (PE) ratio of 14 [6] Channel Performance - E-commerce revenue surged by 71.8% year-on-year to 210 million yuan in H1 2025, maintaining a high gross margin of 77.9% [7] - Direct sales revenue reached 1,410 million yuan in H1 2025, with a year-on-year growth of 10.6% [7] - The company has expanded its store network to 1,328 locations, enhancing its channel structure for long-term development [7] Asset Quality and Financial Strength - The company reported a significant cash inflow of 3.4 billion yuan in operating cash flow for H1 2025, with available funds exceeding 2.6 billion yuan [7] - Inventory increased to 1.04 billion yuan, with a healthy age structure, indicating strong inventory management [7]