Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported steady revenue growth in Q3 2024, with a total revenue of 4.018 billion yuan for Q1-Q3 2024, representing a year-on-year increase of 17.1%. However, the net profit attributable to shareholders decreased by 28.4% to 410 million yuan due to increased marketing efforts in preparation for major promotions [1][2] - The report anticipates a recovery in growth for the company's leading skincare brand, Winona, as brand awareness strengthens and the overall brand matrix improves. The valuation is considered reasonable, supporting the "Buy" rating [1] Revenue and Profitability - For Q1-Q3 2024, the company's main brands, including Winona, achieved a total revenue of 3.637 billion yuan, with a steady growth of 6.0% and a gross margin of approximately 75.34%. The overall gross margin for the company was 73.73%, down by 2.69 percentage points, influenced by the inclusion of lower-margin brands and promotional policies [2] - The sales expense ratio for Q1-Q3 2024 was 50.0%, an increase of 3.3 percentage points, primarily due to heightened marketing and brand promotion efforts [2] Future Projections - The company expects net profits attributable to shareholders to be 836 million yuan, 1.034 billion yuan, and 1.266 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.97 yuan, 2.44 yuan, and 2.99 yuan. The current stock price corresponds to P/E ratios of 26.9, 21.8, and 17.8 for the respective years [1][3] Market Position and Strategy - Winona ranked 10th in the Tmall beauty category during the Double Eleven shopping festival, indicating strong market performance. The company is also expanding its presence in the Southeast Asian market by establishing a regional headquarters in Bangkok [2] - The company is diversifying its brand portfolio with new brands such as Winona Baby, Aikeman, Beifuting, Jirui, and Pomei, while focusing on strengthening the Winona brand [2]
贝泰妮：公司信息更新报告：2024Q3营收稳健，备战大促加大营销力度利润承压