Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company has faced significant pressure on performance due to changes in brand structure and increased marketing investments, leading to a decline in profitability [3] - The company reported a revenue of 4.018 billion yuan for Q1-Q3 2024, a year-on-year increase of 17.09%, but a net profit attributable to shareholders of 415 million yuan, a year-on-year decrease of 28.39% [2][3] - The gross margin for Q1-Q3 2024 was 73.73%, down 2.7 percentage points year-on-year, while the net margin was 10.07%, down 6.4 percentage points year-on-year [3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.213 billion yuan, a year-on-year increase of 14.04%, but reported a net loss of 69 million yuan, a year-on-year decrease of 153.41% [2] - The company’s sales, management, and R&D expense ratios for Q1-Q3 2024 were 50.03%, 8.45%, and 4.97%, respectively, with sales expenses increasing due to heightened marketing efforts [3] - The company expects revenues of 6.474 billion yuan, 7.656 billion yuan, and 8.955 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 771 million yuan, 1.060 billion yuan, and 1.275 billion yuan for the same years [4][5] Strategic Initiatives - The company is implementing a multi-brand strategy, focusing on its main brand, Winona, which targets sensitive skin, while also launching new products and expanding into high-potential markets [3] - The company is increasing its marketing investments to enhance brand visibility and prepare for major promotional activities in Q4 2024 [3] Valuation Metrics - The projected PE ratios for 2024, 2025, and 2026 are 23, 17, and 14 times, respectively [3][4] - The expected EPS for 2024, 2025, and 2026 are 1.82 yuan, 2.50 yuan, and 3.01 yuan, respectively [4][5]
贝泰妮：品牌结构变化&营销投入加大，业绩承压明显