Investment Rating - The report maintains a "Hold" rating for Betaini with a target price of RMB 43.0, reflecting a potential upside of 5.7% from the current price of RMB 40.7 [2][3]. Core Insights - Betaini's revenue for Q2 2024 grew by 13.5% year-on-year, primarily driven by the contribution of the newly acquired sub-brands Za and Pomei, which generated RMB 130 million in revenue. Excluding this contribution, the comparable revenue growth was only 5.1%, indicating that the main brand, Winona, has yet to show the expected results from its strategic adjustments [2][3]. - The integration of the new brands has improved the company's multi-brand matrix maturity but has not significantly boosted overall revenue, as these brands currently account for only 7.4% of total revenue. The recovery of the main brand's revenue is crucial for a genuine revenue rebound [2][3]. - The increase in the proportion of mass-market products has negatively impacted the gross margin, which fell by 2.8 percentage points year-on-year to 72.6% in the first half of 2024. The gross margin is expected to continue declining in the second half of 2024 due to promotional activities during major sales events [2][3]. - Cost control measures have started to show results, with a decrease in sales and R&D expense ratios, leading to a smaller decline in operating profit margin compared to the previous year [2][3]. Financial Summary - Revenue projections for 2024E have been adjusted downwards to RMB 6,476 million, reflecting a 2.1% decrease from previous estimates. For 2025E and 2026E, revenue estimates have been reduced by 5.1% and 7.1%, respectively [3][6]. - Gross profit for 2024E is now projected at RMB 4,605 million, down 2.7% from prior estimates, with a gross margin of 71.1% [3][6]. - The net profit attributable to shareholders for 2024E is revised to RMB 910 million, a decrease of 7.9% from previous forecasts, with a net profit margin of 14.0% [3][6].
贝泰妮：：并购子品牌驱动收入增长，主品牌调整成效仍需时间