Investment Rating - The report maintains a "Recommended" rating for the company, with projected net profits for 2024-2026 being 10.05 billion, 12.15 billion, and 14.03 billion respectively, corresponding to EPS of 2.37, 2.87, and 3.31 [7]. Core Viewpoints - The company has shown significant improvement in performance for the first half of 2024, with revenue reaching 2.805 billion, a year-on-year increase of 18.45%, and a net profit of 484 million, up 7.5% year-on-year [2][3]. - The main brand, Winona, has achieved stable growth, while sub-brands have contributed increasingly to revenue growth, with notable increases of 39.7% and 64.6% for Winona Baby and AOXMED respectively [2]. - The company is expanding its brand matrix through acquisitions and is actively pursuing overseas market opportunities, establishing a Southeast Asia headquarters in Bangkok [3]. Revenue and Profitability - In the first half of 2024, the company's gross margin decreased by 2.79 percentage points to 72.59%, primarily due to the inclusion of newly acquired brands with lower margins [3]. - The company’s net profit margin for the first half of 2024 was 16.96%, reflecting a slight decline of 1.65 percentage points year-on-year [3]. Channel Performance - Online channels generated revenue of 1.85 billion, accounting for 66.35% of total revenue, while offline channels contributed 727 million, with a year-on-year growth of 20.99% [2]. - The OMO channel (online and offline integration) has shown the fastest growth, with revenue of 212 million, up 23.64% year-on-year [2]. Financial Forecast - The company’s projected revenue for 2024 is 6.684 billion, with a growth rate of 21.05%, and net profit is expected to reach 1.005 billion, reflecting a growth rate of 32.85% [8]. - The company’s PE ratios for 2024-2026 are projected to be 18, 15, and 13 respectively, indicating a favorable valuation trend [7].
贝泰妮：24年上半年业绩改善，重回增长通道