Buydeem Group(SZ:300824) Huachuang Securities·2025-10-24 11:22Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 14.60 yuan [2][9]. Core Insights - The company's Q3 2025 performance shows significant improvement, with revenue reaching 220 million yuan, a year-over-year increase of 19.0%, and a net profit of 30 million yuan, up 289.0% year-over-year. This growth is attributed to a focus on core self-owned brands and a low base effect [2][9]. - The increase in revenue is primarily driven by the domestic sales of the company's self-owned brands, which amounted to 140 million yuan in Q3 2025, reflecting a 31.7% year-over-year growth. The national subsidy policy continues to positively impact revenue growth [9]. - The gross margin improved to 46.4%, up 3.5 percentage points year-over-year, due to a higher proportion of revenue from self-owned brands. The share of self-owned brand revenue increased from 77.0% in H1 2024 to 82.5% in H1 2025 [9]. - The net profit margin also increased to 12.4%, up 8.6 percentage points year-over-year, supported by both the rise in gross margin and effective cost control measures [9]. - Future projections indicate continued growth in net profit, with estimates of 120 million yuan, 140 million yuan, and 160 million yuan for 2025, 2026, and 2027 respectively, reflecting a corresponding PE ratio of 33, 28, and 24 times [9]. Financial Summary - Total revenue is projected to grow from 754 million yuan in 2024 to 1,204 million yuan in 2027, with year-over-year growth rates of 13.3%, 26.5%, 13.9%, and 10.9% respectively [5]. - The net profit is expected to recover from a decline of 2.6% in 2024 to a growth of 71.5% in 2025, followed by 18.4% and 14.2% in 2026 and 2027 respectively [5]. - The company's earnings per share (EPS) is forecasted to increase from 0.21 yuan in 2024 to 0.49 yuan in 2027 [5].