Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue increase of 14% year-on-year in Q3 2024, with expectations for gradual performance recovery [2] - The net profit for Q3 2024 was a loss of 0.7 billion, a significant decline of 153.4% year-on-year, primarily due to a substantial increase in the expense ratio [2] - The company is recognized as a leading skincare brand in China, with a solid brand image and successful multi-platform expansion [2] Financial Performance Summary - For the first three quarters of 2024, total revenue reached 40.2 billion, up 17.1% year-on-year, while net profit was 4.1 billion, down 28.4% year-on-year [2] - Q3 2024 revenue was 12.1 billion, reflecting a 14.0% year-on-year increase, but the net profit was a loss of 0.7 billion [2] - The gross margin for Q1-3 2024 was 73.7%, down 2.7 percentage points year-on-year, while the gross margin for Q3 2024 was 76.4%, down 2.4 percentage points year-on-year [2] - The expense ratio for Q1-3 2024 increased by 4.7 percentage points to 66.4%, and for Q3 2024, it surged by 18.5 percentage points to 81.2% [2] Earnings Forecast and Valuation - The company's net profit forecasts for 2024-2026 have been revised down to 7.6 billion, 10.4 billion, and 13.4 billion respectively, with corresponding P/E ratios of 30, 22, and 17 times [2]
贝泰妮：2024年三季报点评：Q3收入同增14%，期待业绩逐步回暖