Breo(688793) 华鑫证券·2024-12-30 14:10Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for the stock over the next 12 months [10][13]. Core Insights - The company is a pioneer in the massage device segment, with a strong focus on product innovation and channel development. It has a significant number of patents and has established its own brands, "breo" and "倍轻松," which are marketed internationally [11]. - Despite facing short-term revenue pressure, the company is expected to recover as it enhances its product offerings and expands its online and offline sales channels. The introduction of award-winning products is anticipated to boost market share, especially during peak seasons [12]. - Revenue projections for 2024-2026 are estimated at 11.5 billion, 14.3 billion, and 17.2 billion respectively, with corresponding EPS of 0.14, 0.29, and 0.52. The current stock price reflects a PE ratio of 227, 106, and 59 for the respective years [13]. Financial Summary - The company's revenue for 2024 is projected to be 1,147 million, reflecting a decrease of 10% from the previous year. However, net profit is expected to recover to 12 million, showing a significant increase from a loss of 51 million in 2023 [15]. - Key financial metrics indicate a gross margin of 61.2% for 2024, with a projected net profit margin of 1.0% [15]. - The company has a total market capitalization of 26 billion, with a current stock price of 30.59 yuan, and a 52-week price range between 25 and 45.1 yuan [10].