Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.8 billion yuan for H1 2024, representing a year-on-year increase of 18.5%. The net profit attributable to shareholders was 480 million yuan, up 7.5% year-on-year [3] - The company has a multi-brand strategy with rapid growth in sub-brands such as Winona Baby and AOXMED. The skincare segment generated 2.27 billion yuan in revenue, a 10.7% increase year-on-year, accounting for 81.42% of total revenue [3] - Online sales showed stable growth, while offline expansion was rapid, with a total of 105 new stores opened in H1 2024, bringing the total number of offline stores to 228 [3] Financial Performance - The total revenue for 2022 was 5.014 billion yuan, with a year-on-year growth of 24.65%. The projected revenue for 2024 is 6.608 billion yuan, reflecting a growth rate of 19.67% [2] - The net profit attributable to shareholders for 2022 was 1.051 billion yuan, with a year-on-year growth of 21.83%. The forecast for 2024 is 1.003 billion yuan, indicating a growth of 32.50% [2] - The company's gross margin for H1 2024 was 72.59%, a decrease of 2.8 percentage points year-on-year, primarily due to product mix changes and inventory adjustments [4] Brand and Market Strategy - The company has established a brand matrix with significant contributions from Winona, Winona Baby, and AOXMED, which saw revenue increases of 5.7%, 39.7%, and 65.0% respectively [3] - The company acquired brands Za and PURE&MILD in 2023, which generated revenues of 240 million yuan and 30 million yuan respectively [3] Future Outlook - The company is expected to benefit from the launch of new products in the whitening and anti-aging categories, which are anticipated to contribute positively to revenue growth [4] - The net profit forecasts for 2024-2026 have been slightly adjusted to 1.000 billion yuan, 1.280 billion yuan, and 1.560 billion yuan respectively, with corresponding P/E ratios of 18, 14, and 11 [4]
贝泰妮：2024年半年报点评：24H1收入同增18%，子品牌快速成长