Buydeem Group(SZ:300824) Guotou Securities·2025-10-24 01:06Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 14.83 yuan for the next six months [3][4]. Core Insights - The company reported a revenue of 650 million yuan for the first three quarters of 2025, representing a year-on-year increase of 28.6%, and a net profit attributable to shareholders of 80 million yuan, up 113.3% year-on-year [1]. - In Q3 alone, the company achieved a revenue of 220 million yuan, a 19.0% increase year-on-year, and a net profit of 30 million yuan, which is a remarkable 288.9% increase year-on-year [1][2]. - Domestic sales continued to show strong growth, increasing by 31.7% year-on-year in Q3, driven by national subsidy policies that stimulated high-end small appliance consumption [1][2]. - The company's gross profit margin improved to 46.4% in Q3, up 3.5 percentage points year-on-year, attributed to enhanced efficiency in expense management and an increase in the proportion of high-margin proprietary brand sales [2]. Financial Performance Summary - The company is expected to achieve revenues of 940 million yuan, 1.1 billion yuan, and 1.27 billion yuan in 2025, 2026, and 2027 respectively, with net profits projected at 120 million yuan, 150 million yuan, and 180 million yuan for the same years [4][8]. - The earnings per share (EPS) are forecasted to be 0.37 yuan, 0.45 yuan, and 0.55 yuan for 2025, 2026, and 2027 respectively [3][4]. - The net profit margin is expected to improve from 12.8% in 2025 to 14.2% in 2027, indicating a positive trend in profitability [4][8].