Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's H1 2024 performance met expectations, with revenue of 2.805 billion yuan, a year-on-year increase of 18.45%, and a net profit of 484 million yuan, up 7.5% [4] - The report highlights the growth of various brands under the company, with significant increases in revenue for specific product lines, indicating a strong market presence [4][5] - The company is focusing on the domestic skincare market, particularly in sensitive skin care, and is expected to benefit from organizational adjustments [5] Financial Summary - H1 2024 revenue: 2.805 billion yuan, up 18.45% year-on-year; Q2 2024 revenue: 1.708 billion yuan, up 13.51% [4] - H1 2024 gross margin: 72.59%, net profit margin: 17.25% [4] - Revenue by brand in H1 2024: Winona 2.389 billion yuan (up 5.69%), Winona Baby 101 million yuan (up 39.68%), AOXMED 27 million yuan (up 64.98%), Za 239 million yuan, and Pomei 25 million yuan [4] - Revenue by category in H1 2024: Skincare 2.273 billion yuan (up 10.9%), Medical devices 262 million yuan (down 5.88%), Makeup 257 million yuan (up 743.73%) [4] - Online channel revenue in H1 2024: 1.852 billion yuan (up 16.83%), with the top five online self-operated stores accounting for approximately 60.34% of online sales [5] Future Projections - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 1.044 billion yuan, 1.229 billion yuan, and 1.520 billion yuan respectively, with corresponding PE ratios of 17, 14, and 12 [5][6]
贝泰妮：业绩符合预期，关注主品牌后续表现