Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported 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 attributable to shareholders of 484 million yuan, up 7.5% year-on-year [4][5] - The main brand, Winona, showed steady growth, while sub-brands experienced strong performance, contributing to a diversified revenue stream [5] - The company is focusing on research and development, with new raw materials and products being introduced to strengthen its competitive edge [5][7] Financial Summary - Revenue and Profit Forecasts: The company is expected to achieve revenues of 6.616 billion yuan, 7.621 billion yuan, and 8.703 billion yuan for 2024E, 2025E, and 2026E respectively, with net profits projected at 1.087 billion yuan, 1.229 billion yuan, and 1.356 billion yuan for the same years [4][8] - Earnings Per Share (EPS) is forecasted to be 2.57 yuan, 2.90 yuan, and 3.20 yuan for 2024E, 2025E, and 2026E respectively, with corresponding Price-to-Earnings (P/E) ratios of 16.48, 14.58, and 13.21 [4][8] - The company’s gross margin for the first half of 2024 was 72.59%, a decrease of 2.79 percentage points year-on-year, while the net profit margin was 16.96%, down 1.65 percentage points year-on-year [5] Market Position and Strategy - The company is enhancing its brand portfolio with the integration of newly acquired brands, which is expected to drive future growth [5][7] - The introduction of innovative products, such as the upgraded "Special Care Cream 2.0" and the "Time Repair Sunscreen" series, reflects the company's commitment to product development and market responsiveness [7]
贝泰妮：24H1营收同增18.45%，多品牌势能持续提升