Buydeem Group(300824) 国泰君安·2024-04-26 04:32Investment Rating - The report maintains an "Accumulate" rating for the company, with a target price raised to 9.90 yuan, based on a 27x PE for 2024 [7][17]. Core Insights - The company's performance in Q1 2024 met expectations, with a revenue of 159 million yuan, down 6.52% year-on-year, and a net profit of 23 million yuan, up 28.25% year-on-year [8][22]. - The overseas business of the company's own brand, "BUYDEEM," is steadily recovering, while the OEM/ODM business has seen significant growth [8][22]. - The gross margin for Q1 2024 was 49.68%, a decrease of 2.02 percentage points year-on-year, while the net margin increased by 3.84 percentage points to 14.18% [9][22]. Summary by Sections 1. Earnings Forecast and Investment Advice - The report forecasts EPS for 2024-2026 to be 0.30, 0.37, and 0.45 yuan, representing year-on-year growth of 35%, 26%, and 20% respectively [7][22]. 2. Performance Overview - The company's Q1 2024 revenue and net profit figures indicate a mixed performance, with a decline in revenue but a significant increase in net profit [8][22]. 3. Recovery of Own Brand Overseas Business and High Growth in OEM Business - The company's own brand revenue accounted for 76% of total revenue in Q1 2024, with a notable increase in overseas sales [8][22]. 4. Significant Recovery in Profitability - The report highlights that the increase in the proportion of lower-margin OEM and overseas business has impacted the overall gross margin negatively [9][22]. 5. Healthy Cash Flow and Sufficient Monetary Funds - The company reported a cash and cash equivalents balance of 614 million yuan at the end of Q1 2024, indicating a stable cash flow situation [10][22].