分业务看。1）国内OBM，Q2 实现收入1.1 亿元，同比持平，上半年在持续门店开拓和爬坡的支撑下，公司国内线下渠道自营/ 经销收入分别同比增长27%/ 330%，但线上渠道受需求低迷影响整体承压；2）外销OBM，Q2 实现收入1321 万元，同比增长31%，延续Q1 的高增趋势；3）ODM/OEM 业务，Q2 实现收入3625 万元，同比继续大幅增长31%，延续23Q2 以来的高增长趋势，但收入环比Q1 小幅下滑。On the evening of August 15, 2024, Beiding Co., Ltd. released its 2024 interim report.
Beiding Co., Ltd. released its 2024 interim report. The company achieved revenue of 0.32 billion yuan in the first half of the year, a year-on-year increase of 0.2%, and realized net profit of 31.92 million yuan, a year-on-year decrease of 15%. Among them, Q2 achieved operating income of 0.16 billion yuan, an increase of 7.8% year-on-year, and achieved net profit to mother of 9.32 million yuan, a year-on-year decrease of 53%. The revenue side corrected for the first time since 2022/Q3.
In addition, the company plans to distribute an interim dividend of 0.08 yuan per share (tax included).
Look at it by business. 1) Domestic OBM and Q2 achieved revenue of 0.11 billion yuan, the same year on year. In the first half of the year, with the support of continuous store development and climbing, the company's domestic offline channel self-operation/ distribution revenue increased 27%/330% year over year, respectively, but online channels were affected by sluggish demand; 2) Export OBM and Q2 achieved revenue of 13.21 million yuan, an increase of 31% year on year, continuing the high growth trend of Q1; 3) ODM/OEM business, Q2 achieved revenue of 36.25 million yuan year on year, and continued year on year There was a sharp increase of 31%, continuing the high growth trend since 23Q2, but revenue declined slightly compared to Q1.
On the profit side, the company's H1/Q2 gross margins were 49.0%/48.3%, respectively, down 1.8 pct/1.0 pct from year to year. We estimate that the increase in revenue share of overseas ObM business and OEM business had a negative impact of 2.8 pct on the company's gross margin in the first half of the year, while the gross margin of the OEM business increased sharply by 9.0 pct year on year. On the cost side, the company's expense ratio increased by 6.8 pct to 47.0% year-on-year in the second quarter. Among them, the sales/management/ R&D/finance expenses ratio changed by +5.4pct/ -2.2pct/ +0.6pct/ +3.0pct year-on-year, respectively. In addition, a 40% year-on-year decrease in investment income had a negative impact on the company's Q2 operating profit margin of 0.6 pct, and tax rebates from the additional deduction of R&D expenses in income tax contributed 1.21 million yuan to Q2 net profit positively. Taken together, the company's Q2 net profit margin fell 7.5 pct year on year to 5.7%. In terms of cash flow, the company achieved a net operating cash flow of 9.35 million yuan in Q2, which was a month-on-month correction, but there was a slight decrease of 5.3% year over year, mainly affected by a 20% year-on-year increase in cash payments to employees.
Profit forecasting and investment ratings. We expect the company's revenue for 2024-2026 to be 0.73 billion yuan, 0.81 billion yuan and 0.89 billion yuan, respectively, up 10% year on year. The net profit to mother is expected to be 0.08 billion yuan, 0.09 billion yuan and 0.1 billion yuan respectively, up 15%, 11%, and 11% year over year, respectively. Corresponding PE is 28.8 times, 26.0 times and 23.4 times, respectively, maintaining the “plus” investment rating.
Risk warning: demand recovery for small household appliances falls short of expectations, industry competition intensifies, demand in major markets in Europe and the US falls short of expectations
