Buydeem Group(SZ:300824) GUOTAI HAITONG SECURITIES·2026-03-30 10:50Investment 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, reaching 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 show strong growth, with domestic revenue increasing by 37.76% to 720 million yuan, while overseas revenue showed signs of recovery in Q4 [12]. - The overall profitability improved, with a gross margin of 50.03% for the year, up by 3.1 percentage points, and a net profit margin of 11.94%, up by 2.7 percentage points [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 grow to 0.40 yuan in 2026, 0.47 yuan in 2027, and 0.55 yuan in 2028 [4]. Market Data - The company's target price 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 of 8.71 to 13.92 yuan [6]. Profitability Metrics - The company achieved a return on equity (ROE) of 15.1% in 2025, with projections of 16.4%, 17.6%, and 18.4% for the subsequent years [4]. - The net profit margin for 2025 was 11.94%, with expectations for slight improvements in the following years [12].