Beiding shares: On April 26, it accepted institutional research, and many institutions such as Guotai Junan Securities and Guolian Securities participated

According to Securities Star News, on April 28, 2024, Beiding Co., Ltd. (300824) announced that the company would accept institutional research on April 26, 2024, Guotai Junan Securities, Guolian Securities, Guosheng Securities, Haitong Securities, Heyuan Fund, Huatai Securities, Huaxi Securities, Huaxia Fund, Invesco Great Wall Fund, Southern Fund, Penghua Fund, Chengquan Capital, Capital Securities, Tianfeng Securities, Southwest Securities, Cinda Securities, Industrial Securities, Yuancheng Investment, Changjiang Securities, China Merchants Securities, Zheshang Securities, CICC, Debang Securities, Zhongtai Securities, CITIC Securities, CITIC Securities, China Post Securities, Individuals, Dingxin Investment, Orient Fund, Orient Securities, Founder Securities, GF Securities, and Guojin Securities participated.

The details are as follows:

Q: From a business perspective, how do you see the next rhythm?

A: It may take time for the brand's domestic business to recover. At present, the domestic business is under great pressure, not only due to the impact of the general environment, but also due to its own reasons. On our own, we are making multi-dimensional adjustments to our product line, channel structure, and team, which will take some time to complete.

The brand's overseas business is slower to achieve results than in China, because some channels need to be built from 0 to 1. As a strategic focus of our entire group, we will continue to launch new products to the world at a faster pace.

The foundry business has been in a low stage of the cycle in the past two years, and global brands are depleting inventory, and now it has clearly seen a recovery from the perspective of revenue, and there has been some year-on-year increase in foundry orders, and this trend is likely to continue in the next period of time.

Q: What is the overall expansion idea of overseas in the future?

Answer: While continuing to penetrate the North American market, the company actively expands the markets of Japan, South Korea, France, Russia, Southeast Asia and other markets, opens up a more flexible cooperation model, and launches the sales of Beiding's products in more modes with more partners as soon as possible. In the short term, because the B-end customer orders and the C-end sales rhythm is different, and the current volume is relatively small, the fluctuation of revenue between quarters is objective, but as the scale increases, this impact will gradually become smaller.

Q: What is the impact of the significant increase in raw material prices on gross profit?

A: The rise in raw material prices is very clear, because the recovery of OEM orders is a common industry phenomenon, which has also led to the recovery of bulk raw material prices, and this change may be more drastic in the foreseeable second quarter. On the one hand, our dependence on a single raw material is relatively low, and on the other hand, whether we are independent brands or OEM orders, we still have relatively high independent pricing power.

Q: What's next for the category?

A: In addition to the research and development of new categories, more of our energy will be spent on more complete coverage and optimization of original categories this year. Taking the steamer as an example, from the launch of the first steamer in Beiding to the present, most of the sales come from one SKU, which is actually not the most ideal appearance of a reasonably planned category. Therefore, we will spend more time this year to cover more complete specifications in the category, including functional differentiation, and version coverage of more categories to adapt to more countries and market standards.

Q: Is there room for margin optimization?

Answer: We have been reducing costs and increasing efficiency, in fact, we are promoting various tasks in an efficiency-oriented manner in all dimensions. In the context of the current environment, China will still take a more cautious attitude to do all kinds of investment, and the operating efficiency is controllable. Overseas is the only business where we are increasing our investment efforts in exchange for an increase in revenue. The foundry business itself does not need to be put on too much, and it is more due to the recovery of overseas markets to bring room for optimization of overall manufacturing efficiency and cost.

Q: What are the considerations for the overseas business of independent brands to be fully converted from direct sales to distribution in 23 years?

A: There are pros and cons to the direct sales and distribution models of overseas business

Direct sales means that the company can operate more flexibly and efficiently according to its own wishes, and will have a faster response result. At the same time, this also requires a very mature management system, a very professional team, and a very familiar style of play with the local market. If these capabilities are in place, direct sales are a faster way for brands to gain access to the market.

The advantage of distribution is that it is relatively easy to find partners with more mature experience and play in the local market, and some of its experience in the past can be our help. The downside, however, is that it often takes more time to find these partners and manage such partnerships.

We made this model conversion at the end of 22 because from the perspective of the company's management radius and time and energy, it is difficult to achieve the construction from scratch in so many countries, so many channels and so many categories in foreign countries from the perspective of our own team capabilities, so we hope to increase the coverage of more countries and channels at a faster speed through the distribution model.

The main business of Beiding Co., Ltd. (300824) is an innovative enterprise committed to comprehensively improving the quality of life, providing high-quality small kitchen appliances and supporting products and services in order to meet the needs of consumers for improved diet. The company's main business mainly includes "Beiding BUYDEEM" independent brand business and OEM/ODM business, and the main products and services provided include high-quality small kitchen appliances, such as health pots, electric kettles, toasters, ovens, water dispensers, steamers, etc., as well as health ingredients and peripheral products launched around health pots and ovens.

According to the first quarter report of Beiding Co., Ltd. in 2024, the company's main revenue was 159 million yuan, a year-on-year decrease of 6.52%, the net profit attributable to the parent company was 22.5941 million yuan, an increase of 28.25% year-on-year, the non-net profit was 20.7369 million yuan, an increase of 29.04% year-on-year, the debt ratio was 15.75%, the investment income was 3.7994 million yuan, the financial expenses were -1.5864 million yuan, and the gross profit margin was 49.68%.

A total of 12 institutions have rated the stock in the last 90 days, with 7 having a buy rating and 5 having an overweight rating, with an average institutional price target of 9.07 over the last 90 days.

Here's the detailed earnings forecast information:

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