Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has demonstrated steady growth driven by both organic and external factors, with 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 of 484 million yuan, up 7.50% year-on-year [3] - The multi-brand strategy is showing positive results, with significant contributions from various brands, particularly Winona, which achieved a revenue of 2.389 billion yuan, a 5.69% increase year-on-year [4] - The company is expanding its online and offline channels, with notable growth in sales through Douyin and JD, and a total online sales revenue of 1.852 billion yuan, up 16.83% [5] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 2.805 billion yuan, a year-on-year increase of 18.45%, and a net profit of 484 million yuan, up 7.50%. The gross margin was 72.59%, down 2.79 percentage points from the previous year [3] - The second quarter saw revenues of 1.707 billion yuan, a 13.51% increase year-on-year, and a net profit of 307 million yuan, up 5.20% [3] Brand Performance - Winona brand generated 2.389 billion yuan in revenue, a 5.69% increase year-on-year, with new product launches contributing to its growth. Winona Baby achieved 101 million yuan, up 39.68%, while other brands like Aikeman and Jirui also showed significant growth [4] Channel Performance - Online sales reached 1.852 billion yuan, a 16.83% increase, with Douyin and JD channels growing significantly at 43.03% and 56.07% respectively. The OMO channel also saw a 23.64% increase in revenue [5] Investment Outlook - The company is projected to have EPS of 2.42, 2.88, and 3.38 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 17, 15, and 12 times [6]
贝泰妮：2024年半年报点评：业绩稳健增长，多品牌协同发展