Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7]. Core Insights - The company reported a revenue of 5.52 billion yuan in 2023, representing a 10.1% increase, while the net profit attributable to shareholders was 760 million yuan, down 28.0% [2]. - In Q1 2024, the company achieved a revenue of 1.1 billion yuan, up 27.1%, and a net profit of 180 million yuan, up 11.7%, indicating an improvement in profitability margins [2]. - The company is focusing on sensitive skin products, with successful launches in soothing creams and sunscreens, and steady expansion in whitening and anti-aging lines [2]. Financial Performance Summary - The gross margin for Q1 2024 was 72.09%, down 4.02 percentage points year-on-year, primarily due to product formulation and packaging upgrades [2]. - The sales, management, and R&D expense ratios for Q1 2024 were 47.26%, 7.48%, and 5.41%, respectively, reflecting an increase in online customer acquisition costs and production costs [2]. - The net profit margin for 2023 and Q1 2024 was 13.75% and 15.72%, respectively, showing a decline of 7.20 and 2.24 percentage points [2]. Revenue Breakdown - In 2023, the company's skincare, medical devices, and cosmetics generated revenues of 4.87 billion yuan, 460 million yuan, and 170 million yuan, respectively, with year-on-year growth of 7%, 20%, and 217% [2]. - The brand "Winona" generated 5.2 billion yuan in revenue, marking a 6% increase, and has consistently ranked in the top 10 for beauty products on Tmall during the Double 11 shopping festival [2]. - The company has established a Southeast Asia business headquarters in Bangkok and is expected to form a localized operational team in 2024 [3]. Future Earnings Forecast - The company expects net profits of 1.13 billion yuan, 1.32 billion yuan, and 1.53 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 49.3%, 17.2%, and 15.8% [7][8]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.67 yuan, 3.12 yuan, and 3.62 yuan, respectively [8].

Investment Rating - The report has downgraded the investment rating of the company to "Recommended" due to short-term performance pressure during the adjustment period [3][6][8]. Core Views - The company's performance in 2023 was weak, with a revenue of 5.52 billion yuan, a year-on-year increase of 10.1%, and a net profit of 760 million yuan, a year-on-year decrease of 28% [2][3]. - In Q1 2024, the company showed signs of marginal improvement, achieving a revenue of 1.097 billion yuan, a year-on-year increase of 27.1%, and a net profit of 180 million yuan, a year-on-year increase of 11.7% [2][3]. - The main brand, Winona, achieved a revenue of 5.192 billion yuan in 2023, a year-on-year increase of 9%, while the sub-brand Winona Baby saw a significant growth of 47.5% [2][3]. - The online sales channel faced challenges, with revenue growth stagnating and a decline in market share, while offline channels, particularly OTC pharmacies, experienced robust growth [2][3]. - The company's gross margin decreased by 1.31 percentage points to 73.9% in 2023, primarily due to product formulation and packaging upgrades, alongside increased marketing expenses [2][3]. Financial Performance Summary - The company reported a total revenue of 5.52 billion yuan in 2023, with a net profit of 760 million yuan, reflecting a decline in profitability [2][3]. - The forecast for net profit from 2024 to 2026 is 1.055 billion yuan, 1.265 billion yuan, and 1.488 billion yuan, respectively, with corresponding EPS of 2.49, 2.99, and 3.51 yuan [3][8]. - The PE ratios for 2024 to 2026 are projected to be 23, 19, and 16 times, respectively, indicating a recovery in the beauty and personal care industry [3][8]. Brand and Market Strategy - The company is focusing on enhancing its competitive advantage through R&D and expanding its brand matrix via acquisitions, including the purchase of Yuejiang Group [3][8]. - The establishment of a Southeast Asia business headquarters in Bangkok aims to support the company's international expansion efforts [3][8]. - The company is committed to deepening its presence in the beauty and health sector, laying a foundation for long-term growth [3][8].

证券研究报告 公司点评 贝泰妮(300957.SZ) 美容护理｜ 化妆品 业绩暂时性承压，期待多品牌协同发力驱动增长 2024年 04月 30日 预测指标 2022A 2023A 2024E 2025E 2026E 评级 买入 主营收入(百万元) 5,013.87 5,522.17 6,703.38 7,838.81 9,016.98 评级变动 维持 归母净利润(百万元) 1,051.23 756.80 1,212.31 1,325.77 1,489.18 交易数据 每股收益（元） 2.48 1.79 2.86 3.13 3.52 当前价格（元） 57.16 每股净资产（元） 13.11 13.84 16.11 18.60 21.39 52周价格区间（元） 54.58-112.93 P/E 23.03 31.99 19.97 18.26 16.26 总市值（百万） 24213.00 P/B 4.36 4.13 3.55 3.07 2.67 流通市值（百万） 24213.00 资料来源：iFinD，财信证券 总股本（万股） 42360.00 流通股（万股） 42360.00 投资要点：  业绩概览：1）202 ...

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）。按 照本次回购金额下限人民币10,000万元测算，回购数量约为76.9231万股，回购 股份比例约占公司总股本的0.1816%；按照本次回购金额上限人民币20,000万元 测算，回购数量约为153.8461万股，回购股份比例约占公司总股本的0.3632%。 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）。 证券代码：300957 证券简称：贝泰妮 公告编号：2024-027 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 ...

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨贝泰妮（ ） 300957.SZ [贝Ta泰b妮le_2T0it2le3]年年报和 2024 年一季报点评：主 品牌增长逐渐企稳，今年有望夯实经营质量 报告要点 [公Ta司bl发e_布Su2m0m23ar年y]年报及一季报，2023年公司实现营业收入55亿元，同比增长10%，实现归 母净利润 7.6 亿元，同比下滑 28%。2024 年一季度，公司实现营业收入 11 亿元，同比增长 27%，实现归母净利润1.77亿，同比增长12%，实现扣非净利润1.54亿元，同比增长22%。 ...

公司报告 | 年报点评报告 贝泰妮（300957） 证券研究报告 2024年05月 03日 投资评级 2024Q1归母净利润yoy+11.7%，静期 24年业绩向好 行业 美容护理/化妆品 6个月评级 买入（维持评级） 当前价格 57.16元 事件：公司发布23年报及24年一季报。2023年营收55.22亿，yoy+10.1%； 目标价格 元 归母净利7.57亿元，yoy-28.0%，扣非归母净利6.18亿，yoy-35.2%。23Q4 公司实现营收20.91亿，yoy-1.3%，归母净利1.78亿，yoy-66.7%。24Q1公 基本数据 司实现营收10.97亿，yoy+27.1%，归母净利1.77亿，yoy+11.7%。 A股总股本(百万股) 423.60 本期财报重点： 流通A股股本(百万股) 423.60 A股总市值(百万元) 24,212.98 ■营收方面，分渠道，23年线上营收35.5亿元，yoy-0.37%，营收占比64.57%； 流通A股市值(百万元) 24,212.98 OMO 渠道营收5.2亿元，yoy+10.30%，营收占比9.50%；线下营收14.3亿 元，yoy+48.9%，营收占比 ...

公司研 究 证 券研究 报 告 日用化学品 2024年04月30日 贝 泰妮（300957）2023年报及2024 年一季报点评 推 荐 （维持） 收入稳步修复，品牌矩阵丰富，渠道与组织 目标价：68.2元 架构调整见效 当前价：57.30元 事项： 华创证券研究所  公司23年实现营收55亿元，yoy+10%；实现归母净利润7.6亿元，yoy-28%， 证券分析师：王薇娜 实现扣非归母6.18亿元，yoy-35%；公司24Q1实现营收10.97亿元，yoy+27%， 实现归母净利润 1.77 亿元，yoy+12%；实现扣非归母净利润 1.54 亿元， 电话：010-66500993 yoy+22%。 邮箱：wangweina@hcyjs.com 执业编号：S0360517040002  公司 4季度成功收购悦江投资 51%股权，获得“Za姬芮”与“泊美”两个大 众彩妆与护肤品牌，23年悦江投资实现营收5.48亿元，yoy+76.66%，实现归 证券分析师：姚婧 属悦江投资股东净利润4310.22万元，未完成业绩承诺，主要系双十一线上大 邮箱：yaojing@hcyjs.com 促不及预期，部分重点单品原 ...

公司研究 | 年报点评 贝泰妮 300957.SZ 买入 （维持） 2023 年盈利承压，24Q1 业绩企稳回升 股价（2024年04月26日） 55.35元 目标价格 64.17元 52周最高价/最低价 115.01/51.5元 总股本/流通A股（万股） 42,360/42,360 A股市值（百万元） 23,446 核心观点 国家/地区 中国 行业 纺织服装 ⚫ 公司2023年实现营业收入55.2亿，同比增长10.1%，实现归母净利润7.6亿，同 报告发布日期 2024年04月29日 比下滑28%。24Q1公司的收入和归母净利润分别同比增长27.1%和11.7%，业绩 企稳回升。公司拟分红2.52亿，分红率约为33.4%。 1周 1月 3月 12月 ⚫ 分渠道来看，线下OTC渠道是最大增长亮点。2023年线上、OMO和线下收入分别 绝对表现% 0 -9.68 -9.91 -48.32 同比增长-0.4%、10.3%和48.9%。线上拆分来看，2023年线上自营和线上经销/代 相对表现% -1.2 -10.82 -17.42 -38.85 销分别同比增长0.6%和-3.5%；OMO渠道是此次年报中的新分类，采 ...

浦银国际研究 公司研究 | 消费行业 贝泰妮 （300957.CH）：低谷或已过去， 桑若楠，CFA 但利润率回归仍需时间 浦 消费分析师 银 serena_sang@spdbi.com 国 贝泰妮 4Q23收入同比录得负增长，导致 2023 年收入和净利润表现低 (852) 2808 6439 于市场预期。但在公司薇诺娜 2.0 战略对产品、渠道和组织架构的调 际 林闻嘉 整后，1Q24 收入重回快速增长渠道，但大促和营销投放仍令利润率承 压。我们维持贝泰妮“持有”评级，下调目标价至人民币 60.6元。 首席消费分析师 richard_lin@spdbi.com  收入增长失速或已成过去式：贝泰妮 4Q23 收入同比下跌 1.3%，令 (852) 2808 6433 公 2023 年收入仅同比增长 10.1%，这主要是由于尽管 2023 年线下 OTC 司 渠道收入同比快速增长 66%，但去年“双十一”大促期间的投入未达 2024年4月29日 研 预期，造成线上收入同比持平（抖音同比+47%，天猫同比-14%）。我 究 们欣喜地看到，贝泰妮 1Q24 收入重回快速正增长通道，同比增长 评级 27.1%。管 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 67.45 RMB, based on a 28x target PE for 2024 [4][7]. Core Insights - The company experienced a revenue of 5.522 billion RMB in 2023, a year-on-year increase of 10.1%, but a decline in net profit by 28.0% to 757 million RMB. In Q1 2024, revenue rose to 1.097 billion RMB, reflecting a 27.1% year-on-year growth, with net profit increasing by 11.7% to 177 million RMB [1][2]. Financial Performance Summary - 2023 revenue was 5.522 billion RMB, with a growth rate of 10.14%. The net profit was 757 million RMB, down 28.02% from the previous year. For 2024, projected revenues are 6.889 billion RMB, with a growth rate of 24.74%, and net profit is expected to be 1.020 billion RMB, reflecting a growth rate of 34.83% [5][12]. - The company’s EPS for 2023 was 1.79 RMB, with projections of 2.41 RMB for 2024, 2.95 RMB for 2025, and 3.48 RMB for 2026 [4][5]. Strategic Developments - The company is implementing a strategic upgrade and organizational optimization, focusing on enhancing brand awareness and expanding into new markets, including establishing a Southeast Asia headquarters in Bangkok [3][4]. - The launch of the 2.0 strategy for the brand Winona aims to address the needs of sensitive skin consumers, with a focus on product line simplification and multi-channel pricing control [3]. Market Position and Future Outlook - The company is positioned as a leading player in the dermatological skincare sector, with expectations of continued growth driven by strategic acquisitions and brand integration [4][5]. - Revenue forecasts for 2024-2026 are 6.889 billion RMB, 8.320 billion RMB, and 9.570 billion RMB, respectively, indicating a robust growth trajectory [4][5].