公司报告 | 半年报点评 24H1 业绩稳健增长，企业经营韧性和增长动能进一 步显现 贝泰妮（300957） 证券研究报告 2024 年 09 月 08 日 投资评级 行业 美容护理/化妆品 6 个月评级 买入（维持评级） 当前价格 41.2 元 目标价格 元 事件：公司发布 24 年半年报。24H1 营收 28.05 亿，yoy+18.45%；归母净 利 4.84 亿元，yoy+7.5%，扣非归母净利 4.20 亿，yoy+12.29%。24Q2 公司 实现营收 17.08 亿，yoy+13.51%，归母净利 3.07 亿，yoy+5.20%，扣非归母 净利 2.65 亿，yoy+7.34%。 财报重点： ■产品结构优化，多品牌协同发展。①薇诺娜 24H1 营收 23.89 亿元，同增 5.69%，敏感plus破圈初显成效；②薇诺娜baby 营收1.01 亿元，同增39.68%； ③AOXMED 营收 26.55 百万元，同增 64.98%；④Za 营收 2.39 亿元，消费降 级承接大众美护需求；⑤泊美营收 25.01 百万元，胶原抗皱系列重磅推新。 ■线上线下共振发力，持续拓展多元增长。24H1 线上营 ...

证券研究报告 | 公司动态点评 2024 年 09 月 04 日 贝泰妮（300957.SZ） 24H1 收入增长 18%，多品牌矩阵日益完善 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-----------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 5,014 | 5,522 | 6,586 | 7,656 | 8,837 | 股票信息 | | | 增长率 yoy （ % ） | 24.6 | 10.1 | 19.3 | 16.3 | 15.4 | | | | 归母净利润（百万元） | 1,051 | 757 | 995 | 1,202 | 1,448 | 行业 | 基础化工 | | 增长率 yoy （ % ） | 21.8 | - ...

Investment Rating - The report maintains a "Hold" rating for the company with a target price of RMB 43.0, reflecting a potential upside of 5.7% from the current price of RMB 40.7 [3][6]. Core Insights - The company's revenue in Q2 2024 grew by 13.5% year-on-year, primarily driven by the contribution from the newly acquired brands Za and Bo Mei, which generated RMB 130 million. However, excluding this contribution, the comparable revenue growth was only 5.1%, indicating that the main brand, Winona, has yet to show significant improvement from its strategic adjustments [2][3]. - The integration of the new brands has enhanced the company's multi-brand matrix but has not yet led to a substantial increase in overall revenue, as the new brands only accounted for 7.4% of total revenue [2][3]. - The gross margin has declined due to the increased proportion of mass-market products, with the overall gross margin dropping by 2.8 percentage points to 72.6% in the first half of 2024 [2][3]. - Cost control measures have started to show results, with a decrease in sales and R&D expense ratios, which helped mitigate the impact of lower gross margins on operating profit margins [2][3]. Financial Forecast Adjustments - The revenue forecast for 2024 has been adjusted downwards to RMB 6,476 million, reflecting a 2.1% decrease from previous estimates. The forecasts for 2025 and 2026 have also been reduced by 5.1% and 7.1%, respectively [3][6]. - The gross profit forecast for 2024 is now RMB 4,605 million, down 2.7% from prior estimates, with gross margins expected to decline further in the second half of 2024 due to promotional activities during peak sales periods [3][6]. - The net profit forecast for 2024 has been revised down to RMB 910 million, representing a 7.9% decrease from previous estimates, with net profit margins expected to decline as well [3][6].

浦银国际研究 浦银国际 财务模型更新 财务模型更新 | 消费行业 贝泰妮（300957.CH）：并购子品牌驱动 收入增长，主品牌调整成效仍需时间 贝泰妮 2Q24 收入同比录得增长 13.5%，主要是 2023 年收购的悦江旗 下品牌 Za 和泊美收入共人民币 1.3 亿元带动。如剔除悦江收入，贝泰 妮可比口径在 2Q24 仅同比增长 5.1%，薇诺娜品牌的战略调整效果尚 未展现。我们下调贝泰妮 2024-2026E 盈利预测，下调目标价至人民币 43.0 元，维持贝泰妮"持有"评级。 悦江为收入带来增量，主品牌增长乏力：尽管贝泰妮 2Q24 收入同比 增长 13.5%，但这主要是因为悦江旗下 Za 和泊美两品牌录得收入人民 币 1.3 亿元。由于悦江仅仅是在 2023 年 10 月 31 日并入公司，因此 上年同期无此项收入。如剔除悦江带来的收入，贝泰妮自有品牌 2Q24 收入仅同比增长 5.1%，低于 1Q24 自有品牌 11.1%的同比增长。虽然 悦江的加入有力地提高了公司多品牌矩阵的成熟度，并增加了收入来 源，但是目前悦江的收入贡献占比仍较少，仅占公司收入的 7.4%，尚 未能有效地拉动公司整体收入的 ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 贝泰妮（300957.SZ）：24 年上半年 业绩改善，重回增长通道 事件：公司发布 2024 年中报，2024 年上半年实现营业收入 28.05 亿元，同比 +18.45%；实现归母净利润 4.84 亿元，同比+7.5%，扣非归母净利润 4.2 亿元， 同比+12.29%。24 年 Q2 实现营业收入 17.08 亿元，同比+13.51%；实现归母 净利润 3.07 亿元，同比+5.2%。 主品牌稳健增长，子品牌对营收增长贡献增强。分品牌看，24 年上半年主品 牌薇诺娜实现营收 23.89 亿元，同比+5.71%，在行业需求较为疲软的背景下 稳健增长；子品牌薇诺娜 baby 和 AOXMED 分别实现营收 1.01 和 0.265 亿元， 分别同比+39.7%和 64.6%，随着子品牌孵化成熟，在低基数下实现高增，对 营收增长的拉动作用增强。23 年新收购品牌姬芮（ZA）和泊美 24 年上半年分 别实现营收 2.39 和 0.25 亿元，带来新的收入贡献，由此也带来公司彩妆品类 营收实现超 8 倍增长。 线下渠道增长动力依旧强劲 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 63.33 CNY [3][5][7] Core Insights - The company reported a revenue of 2.805 billion CNY for the first half of 2024, representing a year-on-year growth of 18.5%, and a net profit attributable to the parent company of 484 million CNY, up 7.5% year-on-year [2] - The growth in revenue is primarily attributed to the consolidation of the brands Jirui and Bomei, acquired last year [2] - The company is entering the 2.0 era for its "Winona" brand, shifting focus from "focusing on sensitive skin" to "researching sensitive skin" [2] Financial Performance - For the first half of 2024, the online channel revenue grew by 16.8%, with notable growth from Douyin (43%) and JD (56.1%) [2] - The OMO channel saw a revenue increase of 23.6%, with the self-built "Winona Specialty Service Platform" generating 182 million CNY, a 15.3% increase [2] - Offline channel revenue increased by 21%, with OTC distribution channels generating 355 million CNY, a 20% increase [2] - The gross margin for the first half of 2024 decreased by 2.8 percentage points to 72.6%, mainly due to the lower margins of the newly consolidated brands [2] - The net profit margin decreased by 1.8 percentage points to 17.2% [2] Brand Performance - Revenue growth for the brands in the first half of 2024 was as follows: Winona (6%), Winona Baby (40%), and Aikeman (65%) [2] - The newly consolidated brands Jirui and Bomei generated revenues of 239 million CNY and 25 million CNY, respectively [2] Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are adjusted to 2.36 CNY, 2.82 CNY, and 3.27 CNY, respectively [3][7] - The DCF target valuation is set at 63.33 CNY [3][7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 2.805 billion yuan in the first half of 2024, representing an 18.45% year-on-year increase, and a net profit attributable to shareholders of 484 million yuan, up 7.5% year-on-year [4][5] - The main brand, Winona, showed steady growth, while sub-brands experienced strong performance, contributing to a diversified revenue stream [5] - The company is focusing on research and development, with new raw materials and products being introduced to strengthen its competitive edge [5][7] Financial Summary - Revenue and Profit Forecasts: The company is expected to achieve revenues of 6.616 billion yuan, 7.621 billion yuan, and 8.703 billion yuan for 2024E, 2025E, and 2026E respectively, with net profits projected at 1.087 billion yuan, 1.229 billion yuan, and 1.356 billion yuan for the same years [4][8] - Earnings Per Share (EPS) is forecasted to be 2.57 yuan, 2.90 yuan, and 3.20 yuan for 2024E, 2025E, and 2026E respectively, with corresponding Price-to-Earnings (P/E) ratios of 16.48, 14.58, and 13.21 [4][8] - The company’s gross margin for the first half of 2024 was 72.59%, a decrease of 2.79 percentage points year-on-year, while the net profit margin was 16.96%, down 1.65 percentage points year-on-year [5] Market Position and Strategy - The company is enhancing its brand portfolio with the integration of newly acquired brands, which is expected to drive future growth [5][7] - The introduction of innovative products, such as the upgraded "Special Care Cream 2.0" and the "Time Repair Sunscreen" series, reflects the company's commitment to product development and market responsiveness [7]

证券代码：300957 证券简称：贝泰妮 公告编号：2024-048 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 云南贝泰妮生物科技集团股份有限公司（ 以下简称（ 公司"）于2023年8月30日 召开第二届董事会第十次会议，审议通过了（ 关于回购公司股份方案的议案》，同意 公司使用自有资金通过集中竞价交易方式回购公司股份（ 以下简称（ 本次回购"）， 回购的股份将全部用于实施股权激励计划或员工持股计划。本次回购原计划的资金 总额不低于人民币10,000万元（ 含），且不超过人民币20,000万元（ 含），回购价格 不超过130元/股（ 含），回购股份的实施期限为自董事会审议通过回购方案之日起12 个月内。具体内容详见公司分别于2023年8月30日、2023年9月5日在巨潮资讯网 www.cninfo.com.cn）披露的（ 关于回购公司股份方案的公告》 公告编号：2023- 051）和 回购报告书》 公告编号：2023-056）。 根据市场和公司实际情况，结合对公司未来发展前景的信心，为切实维护广大投 资者利益，助力公司的长远发展，在综合考虑公司财务状况 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 2.805 billion yuan in H1 2024, representing an 18.45% increase year-on-year, with a net profit of 484 million yuan, up 7.50% [5] - The company is focusing on a multi-brand strategy and expanding its global presence, with significant growth in both online and offline sales channels [6] - The projected revenue for 2024-2026 is 6.754 billion yuan, 7.990 billion yuan, and 8.923 billion yuan respectively, with net profits expected to be 1.008 billion yuan, 1.367 billion yuan, and 1.610 billion yuan [6] Financial Performance - In H1 2024, the company reported a gross margin of 72.59%, a slight decrease of 2.79 percentage points due to the consolidation of a lower-margin investment [5] - R&D expenses reached 114 million yuan, reflecting a 4.97% increase, while the sales expense ratio was 45.54%, down 0.8 percentage points [5] - The company’s online sales in H1 2024 amounted to 1.852 billion yuan, a 16.83% increase, with significant contributions from platforms like Douyin and JD [5] Strategic Developments - The company is enhancing its brand matrix by focusing on its main brand while expanding sub-brands, and it has established a Southeast Asia headquarters in Bangkok [6] - The launch of new products under the Winona brand marks the beginning of its 2.0 era, with a focus on skincare and sun protection [6] - The company plans to continue its global expansion with R&D centers being established in key international markets [6]

2024 年 08 月 29 日 贝泰妮 (300957) —— 业绩符合预期，关注主品牌后续表现 报告原因：有业绩公布需要点评 买入（维持）投资要点： ⚫ 公司发布 24H1 中报，业绩符合预期。1）24H1 营收 28.05 亿元，同增 18.45%， 主要系公司销售规模较上年同期增加和悦江投资于 2023 年 10 月 31 日起纳 入公司合并范围的综合影响所致；归母净利润 4.84 亿元，同增 7.5%；扣非净利 润 4.20 亿元，同增 12.29%；2）24Q2 营收 17.08 亿元，同增 13.51%，归母净 利润 3.07 亿元，同增 5.2%，扣非净利润 2.65 亿元，同增 7.34%。 ⚫ 盈利端：1）盈利能力：24H1 毛利率 72.59%（-2.79pct），归母净利率 17.25% （-1.76pct）。2）费用率：销售费用率 45.54%（-0.8pct）；管理费用率 6.25% （-0.18pct）；研发费用率 4.08%（-0.52pct）。 ⚫ 分品牌看，24H1 薇诺娜收入 23.89 亿元，同增 5.69%,"敏感 PLUS"破圈初显 成效；薇诺娜宝贝收入 1.01 ...