BIYI(603215) 申万宏源证券·2025-04-25 07:12Investment Rating - The investment rating for the company is "Outperform" [1] Core Insights - The company reported a revenue of 2.059 billion yuan in 2024, a year-on-year increase of 32%, while the net profit attributable to shareholders decreased by 31% to 140 million yuan [4][7] - In Q1 2025, the company achieved a revenue of 530 million yuan, representing a 66% year-on-year growth, and a net profit of 15 million yuan, up 48% year-on-year [4][7] - The company is expanding its product lines, particularly in air fryers, and has initiated production for new products such as coffee machines and ice makers [7] - The gross margin for Q1 2025 was 12.7%, a slight decrease of 0.25 percentage points year-on-year, but is expected to improve as new products gain traction [7] Financial Summary - The total revenue for 2025 is projected to be 2.441 billion yuan, with a year-on-year growth rate of 18.6% [6] - The net profit for 2025 is estimated at 195 million yuan, reflecting a growth of 39.4% compared to 2024 [6] - The earnings per share for 2025 is forecasted to be 1.03 yuan, with a projected price-to-earnings ratio of 15 [6]