从业务构成看，北鼎中国业务在政府以旧换新等促消费政策的积极效应及公司自身策略优化的共同作用 下，同比增长37.63%，成为集团收入增长主要驱动；自主品牌海外业务受公司本年更为审慎的海外经 营策略影响，叠加国际贸易格局中关税壁垒与地缘政治冲突等因素持续演化，业务收入有所承压，但盈 利能力明显改善；OEM/ODM业务则展现出较强韧性，实现小幅增长。利润增速高于收入增速，主要受 益于业务结构及产品结构变化带动的毛利率提升和期间费用率的有效控制，公司在复杂外部环境下对成 本与效率的持续聚焦效果有所显现。同时，上年同期利润基数相对较低，亦对本期同比增幅产生一定影 响。 格隆汇1月15日丨北鼎股份(300824.SZ)公布2025年度业绩快报，报告期内，公司实现营业总收入 94,987.25万元，较上年同期增长26.04%；实现归属于上市公司股东的净利润11,055.24万元，同比增长 59.05%；扣除非经常性损益后归属于上市公司股东的净利润为10,678.17万元，同比增长69.90%。 ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company's Q3 performance slightly exceeded expectations, leading to a minor upward revision of the full-year forecast. For the first three quarters of 2025, the company achieved revenue of 650 million yuan, a year-on-year increase of 28.6%, and a net profit attributable to the parent company of 80 million yuan, up 113.3% [1] - The domestic brand business of Buydeem remains the core driver of the company's growth, showing stable growth. Domestic revenue reached 470 million yuan, a year-on-year increase of 43.0%, significantly outperforming the domestic kitchen appliance industry [2] - The gross margin for Q3 2025 was 46.4%, an increase of 3.5 percentage points year-on-year, with the high-margin domestic business rapidly increasing its share [3] Financial Performance Summary - For Q3 2025, the company reported revenue of 220 million yuan, a year-on-year increase of 19.0%, and a net profit attributable to the parent company of 30 million yuan, up 288.9% [1] - The comprehensive expense ratio decreased significantly to 35.8%, down 6 percentage points year-on-year, with net profit margin reaching 12.4%, an increase of 8.6 percentage points [3] - The company expects net profits attributable to the parent company for 2025, 2026, and 2027 to be 128 million, 156 million, and 186 million yuan respectively, with corresponding dynamic valuations of 31.7x, 25.9x, and 21.8x [3] Financial Data and Valuation - Projected revenue for 2025 is 939.89 million yuan, with a growth rate of 24.72% [4] - The projected net profit attributable to the parent company for 2025 is 127.83 million yuan, reflecting a growth rate of 83.90% [4] - The current price of the stock is 12.4 yuan, with a target price not specified [5]

Core Viewpoint - Beiding Co., Ltd. reported a strong performance in Q3 2025, with revenue of 220 million yuan, a year-on-year increase of 19.0%, and a net profit attributable to shareholders of 30 million yuan, up 289.0% year-on-year, driven by a focus on core self-owned brands and a low base effect [1][2]. Revenue Growth - The revenue growth in Q3 2025 is primarily attributed to the continuous increase in domestic sales of Beiding's self-owned brands, with domestic revenue reaching 140 million yuan, a year-on-year increase of 31.7% [2]. - National subsidies have positively impacted the growth of self-owned brands, enhancing consumer spending and benefiting Beiding due to its mid-to-high-end brand positioning and strong brand reputation [2]. Gross Margin Improvement - Beiding's gross margin in Q3 2025 was 46.4%, reflecting a year-on-year increase of 3.5 percentage points, likely due to the rising proportion of high-margin self-owned brand revenue [2]. - The proportion of self-owned brand revenue increased from 77.0% in H1 2024 to 82.5% in H1 2025, contributing to the improvement in gross margin [2]. Net Profit Margin Growth - The net profit margin attributable to shareholders in Q3 2025 was 12.4%, up 8.6 percentage points year-on-year, driven by both the increase in gross margin and effective cost control [3]. - The company achieved a reduction in sales, management, R&D, and financial expense ratios, with a total decrease of 6.0 percentage points year-on-year, attributed to improved operational efficiency in overseas markets [3]. Investment Outlook - Beiding is positioned as a leading player in the small home appliance segment, with strong R&D capabilities and a focus on mid-to-high-end self-owned brands, which are expected to drive revenue and performance growth [4]. - The profit forecasts for 2025, 2026, and 2027 have been adjusted to 120 million yuan, 140 million yuan, and 160 million yuan respectively, with corresponding price-to-earnings ratios of 33, 28, and 24 times [4]. - The target price has been adjusted to 14.6 yuan, maintaining a "recommended" rating [4].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has shown significant recovery in domestic sales, leading to a notable improvement in profitability [1][3] - The revenue for H1 2025 reached 430 million yuan, a year-on-year increase of 34.0%, while the net profit attributable to shareholders was 60 million yuan, up 74.9% year-on-year [1] - The report projects a substantial increase in net profit for 2025-2027, with estimates of 115 million yuan, 141 million yuan, and 163 million yuan respectively, reflecting growth rates of 64.8%, 22.7%, and 15.9% [3] Revenue Breakdown - In H1 2025, the company's proprietary brand business generated 360 million yuan, a 43.6% increase year-on-year, accounting for 82.5% of total revenue [2] - The domestic business in China contributed 330 million yuan, growing by 48.4% year-on-year, primarily due to the implementation of the old-for-new policy and internal adjustments [2] - Overseas revenue was stable at 25 million yuan, with a slight increase of 0.71% year-on-year, while OEM/ODM business revenue grew by 2.05% [2] Profitability Metrics - The gross margin for H1 2025 was 49.7%, an increase of 0.8 percentage points year-on-year, with proprietary brand gross margin at 55.9% [3] - The net profit margin for H1 2025 was 12.9%, up 3.0 percentage points year-on-year, indicating improved profitability [3] - The report highlights a significant optimization in management expenses, with a management expense ratio decrease of 3.6 percentage points [3]