Buydeem Group(SZ:300824) GUOTAI HAITONG SECURITIES·2026-03-30 07:08Investment Rating - The investment rating for the company is "Accumulate" [5][21]. Core Insights - The company reported a significant revenue growth of 26.13% year-on-year, achieving total revenue of 951 million yuan in 2025, with a net profit of 114 million yuan, reflecting a 63.35% increase [12]. - The company's self-owned brand business continues to grow robustly, with domestic sales reaching 720 million yuan, up 37.76% year-on-year, while overseas sales showed a recovery in Q4 [12]. - The overall profitability improved, with a gross margin of 50.03% for the year, an increase of 3.1 percentage points compared to the previous year [12]. Financial Summary - Total revenue for 2025 was 951 million yuan, with projections for 2026, 2027, and 2028 at 1,118 million yuan, 1,279 million yuan, and 1,464 million yuan respectively, indicating a compound annual growth rate [4]. - The net profit attributable to the parent company for 2025 was 114 million yuan, with forecasts of 132 million yuan, 154 million yuan, and 178 million yuan for the following years [4]. - Earnings per share (EPS) for 2025 was 0.35 yuan, expected to rise to 0.40 yuan in 2026 and 0.55 yuan by 2028 [4]. Market Data - The target price for the company's stock is set at 14.00 yuan, based on a 35x price-to-earnings ratio for 2026 [12]. - The stock has a market capitalization of 3,306 million yuan, with a 52-week price range between 8.71 yuan and 13.92 yuan [6]. Profitability Metrics - The company's net profit margin for 2025 was 11.94%, an increase of 2.7 percentage points year-on-year [12]. - The return on equity (ROE) is projected to improve from 15.1% in 2025 to 18.4% by 2028 [4].