证券代码：300957 证券简称：贝泰妮 公告编号：2024-055 持股5%以上的股东天津红杉聚业股权投资合伙企业（有限合伙）保证向本 公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 云南贝泰妮生物科技集团股份有限公司（以下简称"公司"）于2024年10 月14日发布《关于持股5%以上股东减持股份的预披露公告》（公告编号： 2024-052，以下简称"减持公告"），披露了公司持股5%以上股东天津红杉聚 业股权投资合伙企业（有限合伙）（以下简称"红杉聚业"）的股份减持计划。 红杉聚业已于2022年2月27日通过中国证券投资基金业协会的政策备案申请 ，符合《上市公司创业投资基金股东减持股份的特别规定》《深圳证券交易所 上市公司创业投资基金股东减持股份实施细则》中的减持规定，具体如下：截 至首次公开发行上市日，投资期限已满60个月的，创业投资基金通过集中竞价、 大宗交易方式减持其持有的首次公开发行前股份的，减持股份总数不受比例限 制。 公司于近日收到红杉聚业出具的《关于贝泰妮股份减持计划实施完毕暨权 益变动情况的告知函 ...

公司报告 | 季报点评 24Q1-3 营收同增 17%，静期业绩拐点 公司发布 24 年三季报。24 年 Q1-3 营收 40.2 亿，yoy+17%，；归母净利 4.1 亿元，yoy-28%。24 年 Q3 公司实现营收 12.1 亿，yoy+14%，归母净利-0.69 亿，yoy-153%。 ■Za 和泊美 24Q1-3 营收 3.8 亿元，销售毛利率约为 58.37%；按去年同期 统计范围，薇诺娜及其他主要品牌 24Q1-3 营收 36.37 亿元，同比增长约 5.98%，销售毛利率约为 75.34%。 投资建议：自公司内部改革&渠道经营调整以来，产品打造逻辑愈发清晰， 修白系列&特护系列上新优化，数据呈现整体改善趋势，新品牌贝芙汀延 续集团"医研"属性&提供祛痘系统化解决方案，精准性&科学性持续验证， 随着多渠道营销逐步延伸，有望结合私域和公域两端抢占消费者心智，打 造第二成长曲线！收购 ZA&泊美补全公司大众护肤品领域布局，有望加强 TOC 运营能力。考虑外部环境及三季度业绩情况，下调盈利预测，预计 24-26 年归母净利润 7.1/8.5/9.6 亿元（原为 10.3/12.7/13.8 亿元）， ...

证 券 研 究 报 告 贝泰妮（300957）2024 年三季报点评 中性（下调） 扩渠道导致费用率提升，短期利润率承压 目标价：52.83 元 当前价：52.34 元 事项： ❖ 贝泰妮 24 年 3 季度实现营收 12.13 亿元，同比+14%；实现归母净利润-0.7 亿 元，yoy-153%；实现扣非归母净利润-0.78 亿元，yoy-158%；24 年 1-3 季度实 现营收 40.18 亿元，同比+17%，（其中悦江旗下姬芮 Za 和泊美品牌贡献营收 3.8 亿元，剔除收购悦江的影响，同比+6%）；实现归母净利润 4.15 亿元，同比 -28%，扣非归母净利润 3.41 亿元，同比-33%。 评论： ❖ 薇诺娜新品与收购品牌支撑增长。根据通联数据，3Q 薇诺娜淘天与抖音两大 平台合计 GMV6.8 亿元，yoy+20%，其中淘天+4%/抖音+55%，主品牌扩渠道 扩人群，虽单月数据波动较大，料与达播带货探索相关；薇诺娜主品牌在天猫 快消抢先购中排名 Top12（10.21-10.24）、在天猫快消狂欢节中 Top10（10.31 20-24 点）。3Q 薇诺娜 Baby 增速不弱+64%，但总量较小 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with adjusted net profit forecasts for 2024-2026 at 736.38 million, 966.60 million, and 1.17 billion respectively, corresponding to EPS of 1.74, 2.28, and 2.76 [9]. Core Views - The company reported a revenue of 4.018 billion yuan for the first three quarters of 2024, a year-on-year increase of 17.09%, but the net profit attributable to shareholders decreased by 28.39% to 415 million yuan [1]. - In Q3 2024, the company achieved a revenue of 1.213 billion yuan, a year-on-year increase of 14.04%, but incurred a net loss of 68.99 million yuan, a decline of 153.41% year-on-year [1][2]. - The revenue growth was primarily driven by the new brands acquired, contributing 380 million yuan, while the main brand, Winona, showed stable performance with a revenue of 3.64 billion yuan, a year-on-year increase of 5.98% [1][2]. Financial Performance Summary - The gross margin for the first three quarters of 2024 decreased by 2.7 percentage points to 73.73%, mainly due to the lower gross margins of the newly acquired brands, which stood at 58.37% compared to over 70% for the original brands [2]. - The company’s net profit margin for the first three quarters was 10.07%, down by 6.4 percentage points year-on-year, attributed to rising expense ratios [2]. - In Q3 2024, the sales expense ratio increased significantly by 12.78 percentage points to 60.43%, reflecting increased marketing investments for upcoming promotional activities [2]. Market Position and Strategy - Despite intensified competition from international beauty brands, the company maintains a relatively stable market position, with its main brand Winona ranking in the top 10 on Tmall during the pre-sale period [3]. - The company has been expanding its brand matrix through acquisitions and internal incubation, covering various segments including skincare, baby care, and light medical aesthetics [3]. - The establishment of a Southeast Asia headquarters in Bangkok is part of the company's strategy to enhance its overseas market presence, potentially unlocking new growth opportunities [3].

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported a revenue of 1.213 billion yuan in Q3 2024, representing a year-on-year increase of 14.04%. However, it experienced a net loss attributable to shareholders of 69 million yuan, a shift from profit to loss compared to the previous year [1]. - The revenue for the first three quarters of 2024 reached 4.018 billion yuan, up 17.09% year-on-year, while the net profit attributable to shareholders decreased by 29.39% to 415 million yuan [1]. - The integration of the new brand, Yujing, contributed significantly to revenue growth, but changes in brand structure led to a decline in gross margin year-on-year [1]. - The gross margin for Q3 2024 was 76.35%, down 2.37 percentage points year-on-year but up 3.44 percentage points quarter-on-quarter [1]. - The increase in sales expenses was a major factor contributing to the net loss in Q3 2024, with sales, management, R&D, and financial expense ratios at 60.41%, 13.55%, 7.04%, and 0.21%, respectively [1]. - The company is expected to achieve stable growth through self-incubation and acquisitions, maintaining a positive outlook despite the current challenges [1]. Financial Summary - For 2024, the company is projected to have a net profit attributable to shareholders of 735 million yuan, a decrease of 2.9% year-on-year, with further projections of 1.011 billion yuan and 1.179 billion yuan for 2025 and 2026, respectively [2]. - The gross margin is expected to decline slightly to 72.6% in 2024 and stabilize at 72.7% in the following years [2]. - The company's P/E ratio is projected to be 30.81 in 2024, decreasing to 19.19 by 2026 [2].

Investment Rating - The report downgrades the company's rating to "Overweight" with a DCF target valuation of 58.84 RMB [1][6] Core Views - The company reported 24Q3 revenue of 40.18 billion RMB, up 17.1% YoY, but net profit attributable to shareholders dropped 28.3% YoY to 4.15 billion RMB [1] - 24Q3 revenue grew 14% YoY, but net profit was -0.69 billion RMB, below market expectations [1] - Revenue growth was driven by the acquisition of Yuejiang Investment, contributing 3.8 billion RMB, while organic growth was only 5.98% [1] - Gross margin declined 2.69pct to 73.7% due to changes in business structure, with Yuejiang Investment's brands having a lower margin of 58.37% [1] - The main brand "Winona" and other major brands saw a gross margin increase of 5.98pct to 75.34% [1] - Rising expense ratios, particularly in sales and management, pressured profitability [1] - The company is transitioning "Winona" to a 2.0 era, focusing on comprehensive sensitive skin care solutions [1] Financial Performance - 24Q3 sales expense ratio surged 12.7pct YoY to 60.4%, driven by increased marketing and promotional activities [1] - Management expense ratio rose 4.9pct YoY to 13.5% in 24Q3 due to employee stock incentive plans [1] - Revenue is expected to grow from 6.407 billion RMB in 2024E to 8.252 billion RMB in 2026E, with a CAGR of 13.3% [2] - Net profit attributable to shareholders is projected to increase from 724 million RMB in 2024E to 1.157 billion RMB in 2026E [2] - Gross margin is forecasted to decline slightly from 71.2% in 2024E to 70.6% in 2026E [2] Valuation and Metrics - The company's PE ratio is expected to decrease from 31.1 in 2024E to 19.5 in 2026E [2] - PB ratio is projected to decline from 3.5 in 2024E to 2.8 in 2026E [2] - ROE is forecasted to improve from 11.8% in 2024E to 15.2% in 2026E [2] Market Performance - The stock's absolute performance over the past 12 months was -28.22%, underperforming the CSI 300 index by -41.12% [4] - Over the past month, the stock gained 24.59%, outperforming the CSI 300 index by 8.28% [4]

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Views - The company reported a revenue of 4.02 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.1%, while the net profit attributable to shareholders was 410 million yuan, a decrease of 28.4% year-on-year. In Q3 2024, revenue was 1.21 billion yuan, up 14.0% year-on-year, but the net profit was -70 million yuan, down from a profit in the same period last year [2][3]. - The revenue growth in Q3 was driven by the integration of Douyin and Yuejiang Investment, with Q1, Q2, and Q3 revenue growth rates of 27.1%, 13.5%, and 14.0% respectively. The main brand's online growth was supported by Douyin's promotional efforts, and the consolidation of Yuejiang Investment contributed an additional 380 million yuan in revenue [3]. - The gross margin decreased, and the expense ratio increased, leading to a decline in net profit margin. The gross margin for the first three quarters of 2024 was 73.7%, down 2.87 percentage points year-on-year, while the Q3 gross margin was 76.4%, up 2.4 percentage points year-on-year. The net profit margin for the first three quarters was 10.3%, down 6.6 percentage points year-on-year, and -5.7% in Q3, down 17.8 percentage points year-on-year [3][4]. - The company faces short-term pressure from rising traffic costs but is expected to expand its ceiling by launching new products while solidifying its position in the dermatology field. The profit forecast for 2024-2026 has been revised down, with expected net profits of 730 million yuan, 870 million yuan, and 1.01 billion yuan, corresponding to P/E ratios of 31x, 26x, and 22x respectively [3][4]. Financial Summary - For 2024E, the company is projected to achieve a revenue of 6.41 billion yuan, with a growth rate of 16.06%. The net profit attributable to shareholders is expected to be 730 million yuan, reflecting a decrease of 3.60% year-on-year [4][5]. - The earnings per share (EPS) for 2024E is estimated at 1.72 yuan, with a P/E ratio of 30.86 [4][5].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][6] Core Views - The company's main brand, Winona, has maintained stable performance, and the overall revenue, including the consolidated results from Yuejiang Investment, has shown steady double-digit growth. However, increased spending on low-margin channels like Douyin has led to temporary pressure on profits [2][4][6] - The company is expected to see improved profitability in Q4 due to the positive impact of pre-event marketing for the Double 11 shopping festival and the anticipated reduction in high spending [2][4][6] - Revenue for the first three quarters reached 4.018 billion, a year-on-year increase of 17.09%, while net profit attributable to the parent company was 415 million, down 28.39% year-on-year [4][6] Revenue and Profitability - In Q3, the company achieved revenue of 1.213 billion, a year-on-year increase of 14.04%, but reported a net profit of -69 million, marking the first quarterly loss since its listing [4][6] - The gross margin for Q3 was 76.35%, down 2.4 percentage points year-on-year, primarily due to the consolidation of low-margin Yuejiang Investment. Excluding Yuejiang Investment, the gross margin was 78.24% [4][6] - The company has increased its sales, management, and R&D expense ratios, with sales expenses rising significantly due to heightened marketing efforts for brand visibility ahead of the Double 11 event [4][6] Financial Forecasts - The company has adjusted its net profit forecasts for 2024-2026 to 649 million, 826 million, and 942 million, respectively, down from previous estimates [2][6] - The projected revenue growth rates for 2024 and 2025 are 15.2% and 7.5%, respectively, reflecting pressures from traditional channels and regulatory factors [6][7] Operational Efficiency - Inventory turnover days decreased to 232 days, down 42 days year-on-year, while accounts receivable turnover days increased to 45 days, up 11 days year-on-year, due to proactive credit sales in preparation for the Double 11 event [6][7] - The operating cash flow for Q3 was -135 million, showing improvement compared to -161 million in the same period last year [6][7]

Investment Rating - The report maintains a "Hold" rating for Betaini (300957.CH) with a target price of CNY 55.5, reflecting a potential upside of 4.3% from the current price of CNY 53.2 [4]. Core Insights - Betaini's revenue for Q3 2024 grew by 14.0% year-on-year, primarily driven by the revenue from the acquired brands Za and Pomei under Yuejiang, contributing CNY 120 million. However, excluding Yuejiang's impact, the organic revenue growth was only 3.1% [1][2]. - The increase in marketing activities, new employee stock ownership plan expenses, and negative operating leverage led to a significant rise in selling and administrative expense ratios, resulting in the company recording a loss for the first time in a single quarter [1][2]. - The report highlights that the adjustment effects of the main brand, Winona, have yet to materialize, and the revenue structure changes have led to a decrease in gross margin [2]. Financial Summary - For 2024E, the projected revenue is CNY 6,327 million, reflecting a year-on-year growth of 14.6%. The net profit is expected to decline to CNY 658 million, a decrease of 13.0% compared to the previous year [3][9]. - The gross margin is projected to decrease to 71.2% in 2024E, down from 72.7% in 2023A, while the operating profit margin is expected to drop to 9.3% [3][7]. - The report indicates a significant increase in selling expense ratio to 60.4% in Q3 2024, up 12.7 percentage points year-on-year, primarily due to increased marketing efforts and operational leverage [2][8].

Investment Rating - The report maintains a "Buy" rating for the company [3] - The target price is adjusted to 62.00 CNY, up from the previous 57.27 CNY [3] Core Insights - The company increased marketing investments in Q3 to enhance brand visibility, leading to short-term pressure on profitability but potential long-term sales growth [2] - The EPS forecasts for 2024-2026 have been revised down to 1.79 CNY (-0.7), 2.48 CNY (-0.51), and 2.97 CNY (-0.53) respectively [2] - The company reported Q1-3 2024 revenues of 40.18 billion CNY, with a year-on-year growth of 17%, but a decline in net profit attributable to shareholders by 28% [2] Financial Performance Summary - For Q3 2024, the company achieved revenues of 12.13 billion CNY, a 14% year-on-year increase, but reported a net loss of 0.69 billion CNY [2] - The gross margin for Q1-3 2024 was 73.73%, down 2.69 percentage points year-on-year, while the net profit margin was 10.07%, an increase of 6.4 percentage points year-on-year [2] - The company’s marketing expenses increased significantly, impacting profitability, with sales expense ratio rising due to heightened brand marketing efforts [2] Brand and Market Strategy - The main brand, Winona, showed resilience with a revenue increase of 6% year-on-year, while the newly consolidated brands contributed to a decline in overall gross margin [2] - The company is focusing on enhancing its presence on Douyin (TikTok) with increased marketing efforts, including sponsorships and collaborations with influencers [2] - The brand matrix is gradually forming, with sub-brands like AOXMED gaining traction through live-stream promotions [2] Financial Forecasts - The company’s revenue is projected to grow from 6.56 billion CNY in 2024 to 8.32 billion CNY in 2026, reflecting a compound annual growth rate (CAGR) of 18.8% [9] - The net profit attributable to shareholders is expected to stabilize at around 760 million CNY in 2024, with a recovery to 1.26 billion CNY by 2026 [9] - The projected EPS for 2024 is 1.79 CNY, with an increase to 2.97 CNY by 2026 [9]