BIEM(002832) 国盛证券·2025-04-29 09:22Investment Rating - The report maintains a "Buy" rating for the company, with a target PE of 14 times for 2025 [6][8]. Core Views - The company's revenue is projected to grow by 13% year-on-year in 2024, reaching 4 billion yuan, while net profit is expected to decline by 14% to 780 million yuan [1]. - The company is focusing on enhancing its main brand's competitiveness and nurturing a second growth curve through the development of sub-brands [4][6]. - E-commerce is experiencing high-quality and rapid growth, while offline stores are expanding steadily [3]. Revenue and Profitability - In 2024, the company's revenue is expected to be 4 billion yuan, with a net profit of 780 million yuan, resulting in a net profit margin of 19.5%, down 6.3 percentage points year-on-year [1]. - For Q1 2025, revenue is projected to be 1.29 billion yuan, with a net profit of 330 million yuan, reflecting a year-on-year decline of 8% [2]. Sales Channels - In 2024, sales revenue from various channels is expected to be: e-commerce 263 million yuan (+35%), direct sales 2.568 billion yuan (+7.2%), franchise 1.139 billion yuan (+24.1%), and others 34 million yuan (+19.9%) [3]. - The company plans to open approximately 100 new stores in 2025, contributing to its growth strategy [3]. Brand Strategy - The main brand is focusing on youth-oriented marketing and product differentiation, while the sub-brand K&C is progressing well in store openings [4]. - The company is enhancing its brand image through strategic partnerships and sponsorships in sports [4]. Cash Flow and Inventory Management - The company has maintained healthy cash flow management, with operating cash flow of 750 million yuan in 2024, approximately 1.0 times the net profit [5]. - Inventory levels increased by 34.3% year-on-year to 950 million yuan by the end of 2024, with inventory turnover days improving [5]. Financial Projections - The company expects steady revenue growth of over 10% in 2025, driven by ongoing store expansion and new brand investments [5]. - Projected net profits for 2025-2027 are 707 million yuan, 797 million yuan, and 890 million yuan, respectively [6].