北鼎股份（300824）：内销持续高增长，盈利能力明显改善

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown significant growth in domestic sales, with a revenue increase of 28.6% year-on-year for the first three quarters of 2025, reaching 650 million yuan [1] - The net profit attributable to the parent company for the same period increased by 113.3% year-on-year, amounting to 80 million yuan [1] - The company’s gross margin improved, with a gross margin of 48.6% for the first three quarters of 2025, up 1.2 percentage points year-on-year [3] Business Performance - Domestic sales have recovered significantly, with revenue from the company's own brand in China reaching 470 million yuan, a year-on-year increase of 43%, accounting for 72.5% of total revenue [2] - The overseas brand business faced challenges due to complex international trade environments, resulting in a revenue decline of 16.6% year-on-year [2] - The OEM/ODM business demonstrated resilience with a revenue growth of 7.6% year-on-year [2] Profitability Metrics - The company’s net profit margin for the first three quarters of 2025 was 12.7%, an increase of 5.1 percentage points year-on-year [3] - The report forecasts net profits for 2025-2027 to be 115 million, 142 million, and 165 million yuan respectively, reflecting growth rates of 66.0%, 23.3%, and 16.3% [3] Financial Projections - The projected revenue for 2025 is 944 million yuan, with a year-on-year growth rate of 25.2% [4] - The earnings per share (EPS) for 2025 is estimated at 0.35 yuan [4] - The company’s return on equity (ROE) is expected to reach 14.6% in 2025 [4]