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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [3][4]. Core Views - The company reported Q3 revenue of 1.213 billion yuan, a year-on-year increase of 14.04%, but the net profit attributable to shareholders was a loss of 69 million yuan, down 153.41% year-on-year [3][4]. - The revenue for the first three quarters of 2024 reached 4.018 billion yuan, a year-on-year increase of 17.09%, primarily driven by the acquisition of Yuejiang Investment [3][4]. - The gross profit margin for Q1-Q3 2024 was 73.73%, a decrease of 2.69 percentage points year-on-year, while the net profit margin was 10.32%, down 6.56 percentage points year-on-year [3][4]. Financial Summary - For Q1-Q3 2024, the company achieved a gross revenue of 4.018 billion yuan, with a year-on-year growth rate of 17.1% [5]. - The net profit attributable to shareholders for the same period was 415 million yuan, reflecting a decline of 28.4% year-on-year [5]. - The company’s operating expenses included a sales expense ratio of 50.03%, a management expense ratio of 8.45%, and a research and development expense ratio of 4.97% [3][4]. Brand Performance - The main brand, Winona, along with other key brands, generated a total revenue of 3.637 billion yuan, a year-on-year increase of approximately 5.98% [3][4]. - The brands under Yuejiang Investment, including Jirui and Bomei, achieved a revenue of 381 million yuan, with a sales gross margin of approximately 58.37% [3][4]. Future Projections - The profit forecast for 2024-2026 has been revised downwards, with expected net profits of 757 million yuan, 1.023 billion yuan, and 1.3 billion yuan respectively [4][5]. - The projected price-to-earnings (PE) ratios for 2024-2026 are 30, 22, and 17 times, respectively, indicating a relatively low valuation compared to historical levels [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][3] Core Views - The company reported a revenue growth of 14% year-on-year in Q3 2024, but profits were under pressure due to high sales investment and brand structure adjustments [2] - For the first three quarters of 2024, the company achieved a total revenue of 4.018 billion yuan, representing a year-on-year increase of 17.09%, while the net profit attributable to the parent company was 415 million yuan, a decrease of 28.39% [2] - The gross margin for the first three quarters of 2024 was 73.73%, down 2.69 percentage points year-on-year, primarily due to brand structure adjustments after the consolidation of Yuejiang [2] - The company is focusing on continuous iteration and upgrading of core products, with multi-brand collaborative development [2] Summary by Sections Financial Performance - In Q3 2024, the company recorded a revenue of 1.213 billion yuan, a year-on-year increase of 14.04%, but a net profit of -69 million yuan [2] - The total revenue for the first three quarters of 2024 was 4.018 billion yuan, with a net profit of 415 million yuan, reflecting a decline in profitability [2] - The gross margin for Q3 was 76.35%, showing a narrowing decline compared to H1 [2] Business Segments - The main brand "Winona" and others generated a revenue of 3.637 billion yuan in the first three quarters, a growth of 5.98% [2] - The company launched the second generation of Winona's special essence, which has shown initial success in the market [2] Profit Forecast - The company is projected to have an EPS of 1.79, 2.49, and 3.01 yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 30, 21, and 18 times [3]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 4.018 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 17.09%. However, the net profit attributable to shareholders decreased by 28.39% to 415 million yuan [2]. - The company is focusing on developing sensitive skin products and has established a multi-brand strategy to drive growth, with brands including Winona, AOXMED, Beforteen, and others [2]. - The report forecasts revenue growth for 2024-2026, estimating revenues of 6.407 billion, 7.175 billion, and 7.899 billion yuan, with corresponding year-on-year growth rates of 16.0%, 12.0%, and 10.1% respectively [2][3]. Revenue Breakdown - In Q3 2024, the company reported revenue of 1.213 billion yuan, a year-on-year increase of 14.04%. The revenue from the brands "Jirui" and "Bomei" was 117 million yuan, while Winona and other major brands generated 1.096 billion yuan, reflecting a 3.1% increase year-on-year [2]. - The gross profit margin for the first three quarters of 2024 was 73.73%, down 2.69 percentage points year-on-year. The gross profit margin for Q3 2024 was 76.35%, down 2.37 percentage points year-on-year [2]. Financial Performance - The company’s net profit margin for the first three quarters of 2024 was 10.07%, a decrease of 6.40 percentage points year-on-year. In Q3 2024, the net profit margin was -5.86%, down 17.56 percentage points year-on-year [2]. - The report projects the net profit attributable to shareholders for 2024, 2025, and 2026 to be 645 million, 932 million, and 1.053 billion yuan, with year-on-year growth rates of -14.8%, 44.5%, and 13.0% respectively [3][5]. Investment Recommendations - The company is expected to optimize its product matrix centered around the Winona brand, driving long-term growth. The closing price on October 25 corresponds to a PE ratio of 35, 24, and 21 times for the years 2024, 2025, and 2026 respectively [2][3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported steady revenue growth in Q3 2024, with a total revenue of 4.018 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 17.1%. However, the net profit attributable to shareholders decreased by 28.4% to 410 million yuan due to increased marketing efforts in preparation for major promotions [1][2] - The report anticipates a recovery in growth for the company's leading skincare brand, Winona, as brand awareness strengthens and the overall brand matrix improves. The valuation is considered reasonable, supporting the "Buy" rating [1] Revenue and Profitability - For Q1-Q3 2024, the company's main brands, including Winona, achieved a total revenue of 3.637 billion yuan, with a steady growth of 6.0% and a gross margin of approximately 75.34%. The overall gross margin for the company was 73.73%, down by 2.69 percentage points, influenced by the inclusion of lower-margin brands and promotional policies [2] - The sales expense ratio for Q1-Q3 2024 was 50.0%, an increase of 3.3 percentage points, primarily due to heightened marketing and brand promotion efforts [2] Future Projections - The company expects net profits attributable to shareholders to be 836 million yuan, 1.034 billion yuan, and 1.266 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.97 yuan, 2.44 yuan, and 2.99 yuan. The current stock price corresponds to P/E ratios of 26.9, 21.8, and 17.8 for the respective years [1][3] Market Position and Strategy - Winona ranked 10th in the Tmall beauty category during the Double Eleven shopping festival, indicating strong market performance. The company is also expanding its presence in the Southeast Asian market by establishing a regional headquarters in Bangkok [2] - The company is diversifying its brand portfolio with new brands such as Winona Baby, Aikeman, Beifuting, Jirui, and Pomei, while focusing on strengthening the Winona brand [2]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has faced significant pressure on performance due to changes in brand structure and increased marketing investments, leading to a decline in profitability [3] - The company reported a revenue of 4.018 billion yuan for Q1-Q3 2024, a year-on-year increase of 17.09%, but a net profit attributable to shareholders of 415 million yuan, a year-on-year decrease of 28.39% [2][3] - The gross margin for Q1-Q3 2024 was 73.73%, down 2.7 percentage points year-on-year, while the net margin was 10.07%, down 6.4 percentage points year-on-year [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.213 billion yuan, a year-on-year increase of 14.04%, but reported a net loss of 69 million yuan, a year-on-year decrease of 153.41% [2] - The company’s sales, management, and R&D expense ratios for Q1-Q3 2024 were 50.03%, 8.45%, and 4.97%, respectively, with sales expenses increasing due to heightened marketing efforts [3] - The company expects revenues of 6.474 billion yuan, 7.656 billion yuan, and 8.955 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 771 million yuan, 1.060 billion yuan, and 1.275 billion yuan for the same years [4][5] Strategic Initiatives - The company is implementing a multi-brand strategy, focusing on its main brand, Winona, which targets sensitive skin, while also launching new products and expanding into high-potential markets [3] - The company is increasing its marketing investments to enhance brand visibility and prepare for major promotional activities in Q4 2024 [3] Valuation Metrics - The projected PE ratios for 2024, 2025, and 2026 are 23, 17, and 14 times, respectively [3][4] - The expected EPS for 2024, 2025, and 2026 are 1.82 yuan, 2.50 yuan, and 3.01 yuan, respectively [4][5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue increase of 14% year-on-year in Q3 2024, with expectations for gradual performance recovery [2] - The net profit for Q3 2024 was a loss of 0.7 billion, a significant decline of 153.4% year-on-year, primarily due to a substantial increase in the expense ratio [2] - The company is recognized as a leading skincare brand in China, with a solid brand image and successful multi-platform expansion [2] Financial Performance Summary - For the first three quarters of 2024, total revenue reached 40.2 billion, up 17.1% year-on-year, while net profit was 4.1 billion, down 28.4% year-on-year [2] - Q3 2024 revenue was 12.1 billion, reflecting a 14.0% year-on-year increase, but the net profit was a loss of 0.7 billion [2] - The gross margin for Q1-3 2024 was 73.7%, down 2.7 percentage points year-on-year, while the gross margin for Q3 2024 was 76.4%, down 2.4 percentage points year-on-year [2] - The expense ratio for Q1-3 2024 increased by 4.7 percentage points to 66.4%, and for Q3 2024, it surged by 18.5 percentage points to 81.2% [2] Earnings Forecast and Valuation - The company's net profit forecasts for 2024-2026 have been revised down to 7.6 billion, 10.4 billion, and 13.4 billion respectively, with corresponding P/E ratios of 30, 22, and 17 times [2]

2024 年 10 月 25 日 市场数据 总股本(亿股) 4.24 总市值(亿元)： 225.69 一年最低/最高(元)： 39.30/90.55 近 3 月换手率： 56.38% 公司研究 利润阶段性承压，业务多元化探索中 ——贝泰妮（300957.SZ）2024 年三季报点评 增持（下调） 当前价：53.28 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 股价相对走势 -55% -35% -16% 3% 23% 10/23 01/24 04/24 07/24 贝泰妮 沪深300 收益表现 % 1M 3M 1Y 相对 9.49 3.88 -52.30 绝对 26.71 18.82 -39.63 资料来源：Wind 相关研报 23 年收入增长而业绩承压，24 年期待经营 质量提升——贝 ...

贝泰妮：前三季度实现营业收入40.2亿元 同比增长17% 财联社10月24日电，贝泰妮（300957.SZ）24日 晚间发布2024年三季报。 公司前三季度实现营业收入40.18亿元，同比增长17.09%；前三季度实现归母净利润4.15亿元。 其中，Q3单季度营业收入稳健增长至12.13亿元，同比增长14.04%。 前三季度贝泰妮毛利率环比持续增长，Q3单季度高达76.35%。 公司着眼长远，在研发创新方面取得显著成效，研发费用率Q3单季度创新高达7.04%。 ...

云南贝泰妮生物科技集团股份有限公司（以下简称"公司"）第二届董事 会第十六次会议于2024年10月23日上午以现场及通讯会议方式举行，现场会议 地点为上海市长宁区金钟路968号天会2号楼公司会议室。本次会议通知已于 2024年10月18日以邮件方式向全体董事发出。本次会议应出席董事9人，实际出 席董事9人，其中现场出席董事3名，通讯出席董事6名，通讯出席董事为周逵先 生、高绍阳先生、周薇女士、姚荣辉女士、李宁先生、汪鳌先生。公司监事、 高级管理人员列席了会议。本次会议的召开符合《公司法》及《公司章程》的 规定。本次会议由董事长GUO ZHENYU（郭振宇）先生主持，与会董事审议并 表决通过了如下决议： 经审议，公司董事会认为公司《2024年第三季度报告》编制程序符合法律、 行政法规及中国证监会的有关规定，报告内容真实、准确、完整地反映了公司 的实际情况，不存在虚假记载、误导性陈述或者重大遗漏。 具体内容详见公司同日刊登于巨潮资讯网的公司《2024年第三季度报告》。 表决结果：同意票9票，反对票0票，弃权票0票。 证券代码：300957 证券简称：贝泰妮 公告编号：2024-054 本公司及董事会全体成员保证公 ...