Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 2.805 billion yuan in H1 2024, representing an 18.45% increase year-on-year, with a net profit of 484 million yuan, up 7.50% [5] - The company is focusing on a multi-brand strategy and expanding its global presence, with significant growth in both online and offline sales channels [6] - The projected revenue for 2024-2026 is 6.754 billion yuan, 7.990 billion yuan, and 8.923 billion yuan respectively, with net profits expected to be 1.008 billion yuan, 1.367 billion yuan, and 1.610 billion yuan [6] Financial Performance - In H1 2024, the company reported a gross margin of 72.59%, a slight decrease of 2.79 percentage points due to the consolidation of a lower-margin investment [5] - R&D expenses reached 114 million yuan, reflecting a 4.97% increase, while the sales expense ratio was 45.54%, down 0.8 percentage points [5] - The company’s online sales in H1 2024 amounted to 1.852 billion yuan, a 16.83% increase, with significant contributions from platforms like Douyin and JD [5] Strategic Developments - The company is enhancing its brand matrix by focusing on its main brand while expanding sub-brands, and it has established a Southeast Asia headquarters in Bangkok [6] - The launch of new products under the Winona brand marks the beginning of its 2.0 era, with a focus on skincare and sun protection [6] - The company plans to continue its global expansion with R&D centers being established in key international markets [6]
贝泰妮：24H1业绩符合预期，推进全球化及薇诺娜2.0时代