 公司 4 月 25 日公告 23 年营收/归母净利润/扣非净利润 55.2/7.57/6.18 亿元、同比+10.1%/-28%/-35.2%；单 Q4 营收 /归母净利润同比-1.3%/-66.7%，表现不及预期主要系双十一 未达成销售目标+中央工厂投产增加折旧摊销+线上流量成本 上升，投放加码、销售费用率48.1%、同比+14.5PCT，毛利率 69.8%、同比-3.3PC（主要系产品配方、生产工艺以及外包装 升级），管理费用率8.08%、同比+1.46PCT，扣非净利率5.26%、 同比-18.33PCT。 人民币(元) 成交金额(百万元)  1Q24营收10.97 亿元、同比+27%，表现亮眼主要系特护霜2.0 134.00 1,200 上新拉动主品牌薇诺娜销售+纳入姬芮&泊美（4Q23 收购），同 118.00 1,000 口径收入9.6 亿元（同增 11%）；归母净利润1.77 亿元、同比 800 102.00 +11.7%，扣非净利润1.54 亿元、同比+22%。 600 86.00 400 70.00 200  分渠道看，23 年线下收入延续快增（同比+48.9%）、占主营比 54.0 ...

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 75.20 CNY for the next six months [5]. Core Views - The company experienced a temporary pressure on performance in 2023 but is expected to drive growth through a long-term multi-brand matrix strategy [4][9]. - The revenue growth rates for 2024 to 2026 are projected at 40.0%, 30.1%, and 21.5% respectively, with net profit growth rates of 40.3%, 42.3%, and 29.1% [9][10]. Financial Performance Summary - In 2023, the company achieved a total revenue of 55.22 billion CNY, representing a 10.14% increase year-on-year. However, the net profit decreased by 28.01% to 7.57 billion CNY [1]. - For Q4 2023, the revenue was 20.91 billion CNY, down 1.31% from the previous year, and net profit fell significantly by 66.74% to 1.78 billion CNY [1]. - In Q1 2024, the company reported a revenue of 10.97 billion CNY, an increase of 27.06%, and a net profit of 1.77 billion CNY, up 11.74% [1]. Margin and Expense Analysis - The net profit margin for 2023 was 13.70%, down 7.26 percentage points, while the gross margin was 73.90%, down 1.31 percentage points [2]. - The sales expense ratio increased to 47.26%, up 6.41 percentage points for the year [2]. - In Q1 2024, the net profit margin improved to 15.72%, although the gross margin decreased to 72.09% [2]. Product and Channel Performance - The color cosmetics category saw rapid growth, with a revenue increase of 217.28% to 1.69 billion CNY in 2023. Skincare products generated 48.70 billion CNY, up 6.86% [3]. - Offline channel revenue increased by 48.87% to 14.27 billion CNY, while online channel revenue slightly decreased by 0.37% [3]. Strategic Outlook - The company is focusing on building a multi-brand matrix, leveraging its expertise in functional cosmetics, with brands targeting specific market segments such as sensitive skin and children's skincare [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [4][6]. Core Views - The company reported a revenue of 5.522 billion yuan in 2023, an increase of 10.14% year-on-year, but the net profit attributable to shareholders decreased by 28.02% to 757 million yuan [4][6]. - The main brand, Winona, generated revenue of 5.192 billion yuan in 2023, up 6.28%, while the sub-brand Winona Baby saw a significant increase in revenue by 47.54% to 149 million yuan [5][6]. - The company has successfully acquired brands Za and Pure&Mild, enhancing its product offerings in the mass skincare and makeup segments [5][6]. Financial Summary - In 2023, the company's gross margin was 73.90%, with a net profit margin of 13.70%, reflecting a decrease of 7.26 percentage points from the previous year [5][6]. - For Q1 2024, the company achieved a revenue of 1.097 billion yuan, a year-on-year increase of 27.06%, with a net profit of 177 million yuan, up 11.74% [4][6]. - The company forecasts net profits of 980 million yuan, 1.138 billion yuan, and 1.323 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 24x, 21x, and 18x [6][7].

【东吴商社】贝泰妮2023年+2024Q1业绩说明会 交流实录 时间：2024年4月26日 嘉宾：董事长总裁 郭总、副总裁兼CFO兼董秘 王总、副总裁COO张总、副总裁徐总、副总裁边总、 IR总监 张总 联系人：东吴商社 吴劲草/张家璇/郗越 一、业绩介绍： 1）营收利润：2023Q1公司实现营收8.63亿元，同比增长6.8%；实现归母净利润1.58亿元，同比增长 8.4%；扣非归母净利润1.3亿元，同比增长1.7%。 2）费用率：线上渠道的话依赖度逐渐降低，尤其是OTC渠道整个收入达到了8.2亿元，同比有66%增 长。研发费用，在23年持续高投入，23年整体研发费用达到2.9亿元，占营业收入比例的5.4%，夯实 了长期的竞争优势。 营销费用结构性微增，主品牌复购率得到一个很好的提升。薇诺娜天猫旗舰店以及薇诺娜抖音旗舰店 复购率都提升了4pct，分别达到了35%、17%。 3）公司成功并购了悦江投资，获得了“姬芮（Za）”和“泊美（PURE&MILD）”两个品牌，承接了大众 的美妆护肤的需求。 二、财务数据： 1）渠道：23Q4大促的占比在持续下降，符合行业和线上的发展的趋势,四季度的占比从47.5逐步下降 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a revenue of 5.522 billion yuan in 2023, representing a year-on-year increase of 10.14%, while the net profit attributable to the parent company was 757 million yuan, a decrease of 28.02% year-on-year [1] - The core brand, Winona, maintains a leading position in its segment, with a market share of 20.4% in the dermatological skincare market, ranking first [1] - The company faced challenges in 2023 due to unmet sales expectations during major promotional events and increased customer acquisition costs [1] Financial Performance Summary - In 2023, the company achieved total revenue of 55.22 billion yuan, with a net profit of 7.57 billion yuan, and a non-recurring net profit of 6.18 billion yuan, reflecting year-on-year changes of +10.14%, -28.02%, and -35.20% respectively [1] - For Q4 2023, the company reported revenue of 20.91 billion yuan, a decrease of 1.31% year-on-year, and a net profit of 1.78 billion yuan, down 66.74% year-on-year [1] - In Q1 2024, the company achieved revenue of 10.97 billion yuan, an increase of 27.1% year-on-year, with a net profit of 1.77 billion yuan, up 11.7% year-on-year [1] Sales Channel Performance - In 2023, the company's online, offline, and OMO channels generated revenues of 35.52 billion yuan, 14.27 billion yuan, and 5.23 billion yuan, with year-on-year changes of -0.37%, +48.87%, and +10.30% respectively [1] - The online channel faced pressure, particularly on platforms like Alibaba and Douyin, while offline channels showed strong growth, particularly in OTC channels [1] Profitability Metrics - The company's gross margin for 2023 was 73.9%, a decrease of 1.3 percentage points year-on-year, with net profit margin at 13.7%, down 7.2 percentage points year-on-year [1] - The report forecasts net profits of 1.15 billion yuan, 1.39 billion yuan, and 1.63 billion yuan for 2024, 2025, and 2026 respectively, indicating growth rates of 52%, 21%, and 17% [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 71.06 CNY, indicating an expected upside of over 20% within the next six months [4][6][16]. Core Views - The company is transitioning from a leader in sensitive skin care to a broader "sensitive+" category, enhancing its multi-brand matrix to create a skin health ecosystem. The operational optimization is expected to lead to a turning point in performance [4][3]. - The company reported a revenue of 5.52 billion CNY in 2023, a year-on-year increase of 10%, but a decline in net profit by 28% due to various factors including lower online sales during the Double 11 shopping festival and increased costs [2][4]. - The first quarter of 2024 showed a revenue of 1.1 billion CNY, a year-on-year increase of 27%, with a net profit of 180 million CNY, reflecting a 12% increase [2][4]. Financial Performance Summary - In 2023, the company's revenue was 5.52 billion CNY, with a gross margin of 73.9%, and a net profit margin of 13.7% [2][5]. - The company expects revenues of 6.7 billion CNY in 2024, 8.0 billion CNY in 2025, and 9.3 billion CNY in 2026, with corresponding net profits of 1.0 billion CNY, 1.3 billion CNY, and 1.6 billion CNY respectively [4][5][13]. - The gross margin is projected to remain stable around 73.8% for the next few years, while the net profit margin is expected to improve gradually [13]. Brand and Market Position - The main brand, Winona, generated 5.19 billion CNY in revenue in 2023, accounting for 94% of total revenue, with a gross margin of 74.5% [3]. - The company is expanding its product offerings from sensitive skin repair to sensitive skin PLUS, with notable growth in sub-brands such as Winona Baby and Beifuting [3][4]. - Online sales channels, particularly through platforms like Douyin and OTC, have shown significant growth, with online revenue contributing 35.5 billion CNY in 2023 [3][4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 78.04 CNY per share, based on a 30x PE ratio for 2024 [4][24]. Core Insights - The company reported a revenue of 5.522 billion CNY in 2023, a year-on-year increase of 10.14%, but the net profit attributable to shareholders decreased by 28.01% to 757 million CNY due to various factors including unmet sales targets during major promotional events and increased costs [2][8]. - In Q1 2024, the company showed signs of recovery with a revenue of 1.097 billion CNY, up 27.06% year-on-year, and a net profit of 177 million CNY, up 11.74% year-on-year [2][8]. Financial Performance - The company's gross margin for 2023 was 73.90%, a decrease of 1.31 percentage points year-on-year, while the net profit margin fell by 7.26 percentage points to 13.71% [2][17]. - The revenue breakdown for 2023 shows that online sales accounted for 64.57% of total revenue, with a slight decline of 0.37% year-on-year, while offline sales grew significantly by 48.87% [2][13]. Revenue Forecast - The company expects to achieve net profits of 1.102 billion CNY, 1.340 billion CNY, and 1.619 billion CNY for the years 2024, 2025, and 2026 respectively, indicating a recovery trajectory [2][24]. - The projected revenue growth rates for 2024 to 2026 are 22.0%, 20.7%, and 19.3% respectively [3][27]. Brand and Product Development - The company is focusing on brand building and continuous R&D innovation, with plans to enhance its product offerings in sensitive skin care and expand its market presence through strategic partnerships and new product launches [22][23]. - The company has successfully acquired brands that will help expand its product portfolio and reach a broader customer base [22][23]. Channel Performance - The online channel's revenue is expected to recover, with growth rates projected at 23%, 21%, and 20% for the years 2024 to 2026 [24][25]. - The OMO (Online-Merge-Offline) channel is anticipated to maintain a steady growth rate of 10% annually, reflecting strong customer loyalty and engagement [24][25]. Conclusion - The report indicates a cautious optimism for the company's future performance, driven by strategic initiatives in brand development, product innovation, and channel expansion, despite the challenges faced in 2023 [2][22].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company achieved a revenue of 5.522 billion yuan in 2023, representing a year-on-year increase of 10.14%, while the net profit attributable to shareholders decreased by 28.02% to 757 million yuan [2]. - In Q1 2024, the company reported a revenue of 1.097 billion yuan, a year-on-year increase of 27.06%, and a net profit of 177 million yuan, up 11.74% year-on-year [2]. - The company is focusing on developing products for sensitive skin and has successfully expanded its multi-brand strategy, which includes the acquisition of brands like "Jirui" and "Bomei" [2]. Financial Performance - The company's gross margin for 2023 was 73.90%, slightly down by 1.31 percentage points year-on-year, while the net profit margin was 13.75%, down by 7.20 percentage points [2]. - The sales expenses increased due to higher brand promotion and e-commerce channel investments, leading to a sales expense ratio of 47.26% in 2023 [2]. - The company forecasts revenues of 7.105 billion, 8.816 billion, and 10.865 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 1.120 billion, 1.415 billion, and 1.765 billion yuan [3][7]. Product and Market Strategy - The company is committed to expanding its product lines for sensitive skin, with brands like "Winona" achieving significant market presence [2]. - The acquisition of "Jirui" and "Bomei" brands is expected to enhance the company's offerings in the mass skincare and cosmetics segments [2]. - The company is also focusing on high-end anti-aging products and personalized acne treatment solutions through AI technology [2]. Shareholder Returns - The profit distribution plan for 2023 includes a cash dividend of 6.00 yuan per 10 shares, totaling approximately 252 million yuan, representing a cash dividend ratio of 33.3% [2].

上 市 公 司 美容护理 公 2024年04月27日 贝泰妮 (300957) 司 研 究 —— 23 年业绩低于市场预期，24Q1 势头拐点向上 公 司 点 报告原因：有业绩公布需要点评 评 投资要点： 买入 （维持） ⚫ 公司发布 23 年财报及 24Q1 季报，23 年业绩低于市场预期，24Q1 业绩符合预期，迎 业绩增速拐点。1）23 年营收 55.22 亿元，同比增长 10.14%；归母净利润 7.57 亿元， 证 同比下滑 28.02%；扣非净利润 6.18 亿元，同比下滑 35.2%；2）24Q1 营收 10.97 亿 券 研 市场数据： 2024年04月26日 元，同比增长 27.06%，归母净利润 1.77 亿元，同比增长 11.74%，扣非净利润 1.54 亿 究 收盘价（元） 55.35 元，同比增长21.94%。3）每10股派发现金红利6.00元（含税）。 一年内最高/最低（元） 114.3/51.5 报 市净率 3.9 ⚫ 费用率上升致盈利能力下滑，运营表现短期承压。1）盈利能力：23 年毛利率 73.90%， 告 息率（分红/股价） - 同比下降 1.31pct，归母净利率 13. ...

2024年4月27日 公司研究 23 年收入增长而业绩承压，24 年期待经营质量提升 ——贝泰妮（300957.SZ）2023 年年报及 2024 年一季报点评 买入（维持） 要点 当前价：55.35元 23年收入、归母净利润同比+10%、-28%，24Q1同比+27%、+12% 作者 贝泰妮发布2023年年报及2024年一季报。公司2023年实现营业收入55.22亿元、 分析师：唐佳睿 CFA FCPA(Aust.) 同比增长10.14%，归母净利润7.57亿元、同比下滑28.01%，扣非净利润6.18亿 ACCA CAIA FRM 元、同比下滑35.02%，EPS为1.79元，拟每股派发现金红利0.60元（含税）。 执业证书编号：S0930516050001 021-52523866 23年公司收入增长而利润下滑，主要系毛利率下降1.31PCT、费用率提升7.29PCT tangjiarui@ebscn.com 所致，归母净利率同比下降7.26PCT至13.70%。分季度来看，23Q1~Q4公司单季 分析师：孙未未 度收入分别同比+6.78%、+21.21%、+25.77%、-1.31%，归母净利润分别同 ...