Core Insights - The company reported a revenue of 5.736 billion yuan for 2024, a year-on-year increase of 3.87%, while the net profit attributable to shareholders was 503 million yuan, down 33.53% year-on-year [1] - In Q1 2025, the revenue was 949 million yuan, a decrease of 13.51% year-on-year, and the net profit attributable to shareholders was 28.34 million yuan, down 83.97% year-on-year [1] - The decline in profit for 2024 and Q1 2025 is attributed to multiple factors including pressure from online promotions, intensified market competition leading to increased marketing expenses, asset impairment provisions, and rising operational costs [1] - The company is focusing on core product categories, resulting in a significant improvement in gross margin in Q1 2025, laying a solid foundation for product performance [1] Revenue and Profit Analysis - The main brand experienced a temporary slowdown in growth, while the sub-brands Aikeman and Winona Baby saw rapid growth, with Winona's revenue for 2024 at 4.909 billion yuan, down 5.41% year-on-year; Aikeman (AOXMED) targeting the high-end anti-aging market saw a revenue increase of 66% year-on-year to 59.92 million yuan; Winona Baby, focusing on effective skincare for infants and children, achieved a revenue of 201 million yuan, up 34.03% year-on-year [1] - The revenue from the acquired brands Jirui and Pomei in 2023 was 467 million yuan and 515 million yuan, respectively [1] Margin and Expense Overview - In Q1 2025, the gross margin improved significantly, increasing by 5.39 percentage points to 77.47% due to category structure optimization [2] - The sales expense ratio was 56.04%, up 9.30 percentage points year-on-year, primarily due to increased marketing investments; the management expense ratio was 12.44%, up 5.54 percentage points year-on-year, mainly due to fixed cost increases from organizational expansion; the R&D expense ratio was 6.10%, up 3.13 percentage points year-on-year, reflecting ongoing investment in innovation [2] - In 2024, the company's sales revenue from Alibaba, Douyin, and JD.com reached 1.73 billion yuan, 827 million yuan, and 527 million yuan, respectively, with year-on-year changes of -2.07%, +30.96%, and +40.69% [2] Profit Forecast and Valuation - The company is still in the phase of restructuring product categories and channel strategies, with brand building and marketing investments likely to continue, although results remain to be seen [3] - The profit forecast for 2025-2026 has been lowered, with expected net profits attributable to shareholders of 769 million yuan, 949 million yuan, and 1.048 billion yuan for 2025-2027, respectively, down from previous estimates of 1.069 billion yuan and 1.332 billion yuan [3] - The target price has been adjusted to 56.11 yuan, down from 60.48 yuan, corresponding to a 31 times PE for 2025, considering the ongoing adjustments in product categories and the performance of major online channels [3]
贝泰妮(300957)：于变革调整中锻造韧性