上 市 公 司 2025 年 08 月 26 日 比依股份 (603215) ——2025 年中报点评：Q2 业绩符合预期，新品类持续 放量 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 25 日 | | --- | --- | | 收盘价（元） | 21.52 | | 一年内最高/最低（元） | 23.60/12.21 | | 市净率 | 3.4 | | 股息率%（分红/股价） | 1.39 | | 流通 A 股市值（百万元） | 4,029 | | 上证指数/深证成指 | 3,883.56/12,441.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 6.27 | | 资产负债率% | 61.52 | | 总股本/流通 A 股（百万） | 188/187 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 家用电器 08-26 09-26 10-26 11-26 12-26 01-26 02-26 03-26 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [7]. Core Views - The company is expected to achieve significant revenue growth in 2024, with a projected revenue of CNY 1.0 billion, representing a year-on-year increase of 22%, and a net profit of CNY 190 million, reflecting a 42% increase [1]. - The company is actively expanding its product categories, with new products anticipated to drive rapid growth in 2025 [3]. - The company has a competitive advantage due to its integrated domestic supply chain and successful international production base expansion [4]. - The financial forecasts for 2025 to 2027 indicate strong growth in both revenue and net profit, with net profit expected to reach CNY 272 million in 2025, a 47.1% increase year-on-year [5][6]. Summary by Sections Financial Performance - In 2024, the company is projected to have a gross margin of 33.7%, with a net profit margin of 18.9% [1]. - For Q1 2025, the company reported a revenue of CNY 360 million, a 30% increase year-on-year, and a net profit of CNY 100 million, marking a 148% increase [2]. - The company plans to distribute cash dividends totaling CNY 28 million in 2024, with a payout ratio of approximately 15% [1]. Product and Market Expansion - The company has established stable long-term partnerships with major clients, including Decathlon, and expects its international sales to grow significantly [3]. - The revenue breakdown for 2024 shows that inflatable mattresses, bags, and other categories are expected to contribute significantly, with respective year-on-year growth rates of 14%, 31%, and 48% [3]. Operational Efficiency - The company is enhancing its production capabilities in various regions, including China, Vietnam, and Cambodia, which is expected to improve profitability [4]. - Inventory levels have increased, with a year-on-year rise of 34.4% by the end of 2024, but inventory turnover days have decreased, indicating effective inventory management [4]. Future Outlook - The company anticipates continued strong growth in its core inflatable mattress business and expects production capacity in overseas subsidiaries to ramp up smoothly [5]. - The financial projections suggest a robust growth trajectory, with expected revenues of CNY 1.37 billion in 2025, a 36.7% increase from 2024 [6].