Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 4.018 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 17.09%. However, the net profit attributable to shareholders decreased by 28.39% to 415 million yuan [2]. - The company is focusing on developing sensitive skin products and has established a multi-brand strategy to drive growth, with brands including Winona, AOXMED, Beforteen, and others [2]. - The report forecasts revenue growth for 2024-2026, estimating revenues of 6.407 billion, 7.175 billion, and 7.899 billion yuan, with corresponding year-on-year growth rates of 16.0%, 12.0%, and 10.1% respectively [2][3]. Revenue Breakdown - In Q3 2024, the company reported revenue of 1.213 billion yuan, a year-on-year increase of 14.04%. The revenue from the brands "Jirui" and "Bomei" was 117 million yuan, while Winona and other major brands generated 1.096 billion yuan, reflecting a 3.1% increase year-on-year [2]. - The gross profit margin for the first three quarters of 2024 was 73.73%, down 2.69 percentage points year-on-year. The gross profit margin for Q3 2024 was 76.35%, down 2.37 percentage points year-on-year [2]. Financial Performance - The company’s net profit margin for the first three quarters of 2024 was 10.07%, a decrease of 6.40 percentage points year-on-year. In Q3 2024, the net profit margin was -5.86%, down 17.56 percentage points year-on-year [2]. - The report projects the net profit attributable to shareholders for 2024, 2025, and 2026 to be 645 million, 932 million, and 1.053 billion yuan, with year-on-year growth rates of -14.8%, 44.5%, and 13.0% respectively [3][5]. Investment Recommendations - The company is expected to optimize its product matrix centered around the Winona brand, driving long-term growth. The closing price on October 25 corresponds to a PE ratio of 35, 24, and 21 times for the years 2024, 2025, and 2026 respectively [2][3].
贝泰妮：2024年三季报点评：Q3营收同比+14%，持续推进业务多元化布局