Investment Rating - The report assigns an "Outperform" rating to the company [1] Core Views - The company achieved revenue of 2.805 billion yuan in 1H24, a YoY increase of 18.45%, with net profit attributable to shareholders of 484 million yuan, up 7.50% YoY [3] - The company's marketing efficiency has accelerated, and its performance is expected to steadily recover [3] - The company's online channel sales reached 1.852 billion yuan in 1H24, accounting for 66.35% of total revenue, with the TikTok channel contributing 380 million yuan, a YoY increase of 43.03% [4] - The company's skincare products generated 2.273 billion yuan in revenue in 1H24, accounting for 81.04% of total revenue, while the cosmetics category saw a significant YoY increase of 743.73% [4] - The company's main brand, Winona, contributed 2.389 billion yuan in revenue in 1H24, accounting for 85.17% of total revenue [4] - The company's operating expense ratio decreased by 1.23 percentage points in 1H24, with optimization in sales, management, and R&D expense ratios [5] Financial Performance and Forecast - The company's revenue is expected to grow to 6.697 billion yuan in 2024, 7.706 billion yuan in 2025, and 8.617 billion yuan in 2026, with YoY growth rates of 21.27%, 15.07%, and 11.82% respectively [6] - Net profit attributable to shareholders is forecasted to reach 997 million yuan in 2024, 1.142 billion yuan in 2025, and 1.266 billion yuan in 2026, with YoY growth rates of 31.68%, 14.56%, and 10.92% respectively [6] - The company's gross margin is expected to remain stable at around 73.3% from 2024 to 2026 [6] Business Strategy and Development - The company has upgraded its main brand, Winona, to focus on providing comprehensive solutions for sensitive skin, with new product launches and marketing innovations [7] - The company has strengthened its R&D capabilities, with new raw materials and research collaborations, enhancing its competitive advantage in the skincare market [7] - The company continues to expand its online and offline channels, with a focus on both public and private domains, aiming to further penetrate the dermatological skincare market [7] Valuation and Market Comparison - The company's valuation is based on a 2024 PE range of 25-30x, corresponding to a reasonable market value range of 24.9-29.9 billion yuan, with a target price range of 58.81-70.58 yuan [8] - Compared to peers, the company's 2024 PE is slightly higher than the average of 23.97x for comparable companies in the cosmetics industry [12]
贝泰妮：营销提效加速破圈，看好业绩稳步修复