Investment Rating - The report maintains a "Hold" rating for the company with a target price of RMB 43.0, reflecting a potential upside of 5.7% from the current price of RMB 40.7 [3][6]. Core Insights - The company's revenue in Q2 2024 grew by 13.5% year-on-year, primarily driven by the contribution from the newly acquired brands Za and Bo Mei, which generated RMB 130 million. However, excluding this contribution, the comparable revenue growth was only 5.1%, indicating that the main brand, Winona, has yet to show significant improvement from its strategic adjustments [2][3]. - The integration of the new brands has enhanced the company's multi-brand matrix but has not yet led to a substantial increase in overall revenue, as the new brands only accounted for 7.4% of total revenue [2][3]. - The gross margin has declined due to the increased proportion of mass-market products, with the overall gross margin dropping by 2.8 percentage points to 72.6% in the first half of 2024 [2][3]. - Cost control measures have started to show results, with a decrease in sales and R&D expense ratios, which helped mitigate the impact of lower gross margins on operating profit margins [2][3]. Financial Forecast Adjustments - The revenue forecast for 2024 has been adjusted downwards to RMB 6,476 million, reflecting a 2.1% decrease from previous estimates. The forecasts for 2025 and 2026 have also been reduced by 5.1% and 7.1%, respectively [3][6]. - The gross profit forecast for 2024 is now RMB 4,605 million, down 2.7% from prior estimates, with gross margins expected to decline further in the second half of 2024 due to promotional activities during peak sales periods [3][6]. - The net profit forecast for 2024 has been revised down to RMB 910 million, representing a 7.9% decrease from previous estimates, with net profit margins expected to decline as well [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