Investment Rating - The report maintains a "Buy" rating for the company with a target price of 63.33 CNY [3][5][7] Core Insights - The company reported a revenue of 2.805 billion CNY for the first half of 2024, representing a year-on-year growth of 18.5%, and a net profit attributable to the parent company of 484 million CNY, up 7.5% year-on-year [2] - The growth in revenue is primarily attributed to the consolidation of the brands Jirui and Bomei, acquired last year [2] - The company is entering the 2.0 era for its "Winona" brand, shifting focus from "focusing on sensitive skin" to "researching sensitive skin" [2] Financial Performance - For the first half of 2024, the online channel revenue grew by 16.8%, with notable growth from Douyin (43%) and JD (56.1%) [2] - The OMO channel saw a revenue increase of 23.6%, with the self-built "Winona Specialty Service Platform" generating 182 million CNY, a 15.3% increase [2] - Offline channel revenue increased by 21%, with OTC distribution channels generating 355 million CNY, a 20% increase [2] - The gross margin for the first half of 2024 decreased by 2.8 percentage points to 72.6%, mainly due to the lower margins of the newly consolidated brands [2] - The net profit margin decreased by 1.8 percentage points to 17.2% [2] Brand Performance - Revenue growth for the brands in the first half of 2024 was as follows: Winona (6%), Winona Baby (40%), and Aikeman (65%) [2] - The newly consolidated brands Jirui and Bomei generated revenues of 239 million CNY and 25 million CNY, respectively [2] Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are adjusted to 2.36 CNY, 2.82 CNY, and 3.27 CNY, respectively [3][7] - The DCF target valuation is set at 63.33 CNY [3][7]
贝泰妮：业绩稳健增长，“薇诺娜”品牌进入2.0时代