BIYI(SH:603215) GOLDEN SUN SECURITIES·2025-08-28 02:54Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a significant revenue increase of 34.5% year-on-year for H1 2025, reaching 1.16 billion yuan, although net profit decreased by 21.0% to 50 million yuan [1][2] - The growth in revenue is primarily attributed to an increase in order volume, with domestic sales showing a remarkable growth of 532.8% year-on-year [2] - Despite the revenue growth, the company's profitability remains under pressure, with a gross margin decline of 2.5 percentage points to 14.4% in H1 2025 [2] Financial Performance Summary - Revenue Breakdown: In H1 2025, revenue from air fryers and ovens was 980 million yuan (+25.6%), coffee machines 50 million yuan (-6.4%), and environmental appliances 10 million yuan (+405.8%) [2] - Profitability Metrics: The net profit margin for H1 2025 was 4.3%, down 3.4 percentage points year-on-year, while the net profit for Q2 2025 was 40 million yuan, a decrease of 33.1% [2] - Expense Ratios: The selling, general, and administrative expenses increased, with sales expenses at 2.8%, management expenses at 3.5%, and R&D expenses at 2.7% [2] Earnings Forecast and Investment Advice - The earnings forecast for 2025-2027 has been adjusted, with expected net profits of 138 million yuan in 2025, 166 million yuan in 2026, and 195 million yuan in 2027, reflecting a year-on-year change of -1.3%, +20.4%, and +17.7% respectively [2]