Investment Rating - The investment rating for the company is "Buy" and is maintained [2][3] Core Views - The company reported a revenue growth of 14% year-on-year in Q3 2024, but profits were under pressure due to high sales investment and brand structure adjustments [2] - For the first three quarters of 2024, the company achieved a total revenue of 4.018 billion yuan, representing a year-on-year increase of 17.09%, while the net profit attributable to the parent company was 415 million yuan, a decrease of 28.39% [2] - The gross margin for the first three quarters of 2024 was 73.73%, down 2.69 percentage points year-on-year, primarily due to brand structure adjustments after the consolidation of Yuejiang [2] - The company is focusing on continuous iteration and upgrading of core products, with multi-brand collaborative development [2] Summary by Sections Financial Performance - In Q3 2024, the company recorded a revenue of 1.213 billion yuan, a year-on-year increase of 14.04%, but a net profit of -69 million yuan [2] - The total revenue for the first three quarters of 2024 was 4.018 billion yuan, with a net profit of 415 million yuan, reflecting a decline in profitability [2] - The gross margin for Q3 was 76.35%, showing a narrowing decline compared to H1 [2] Business Segments - The main brand "Winona" and others generated a revenue of 3.637 billion yuan in the first three quarters, a growth of 5.98% [2] - The company launched the second generation of Winona's special essence, which has shown initial success in the market [2] Profit Forecast - The company is projected to have an EPS of 1.79, 2.49, and 3.01 yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 30, 21, and 18 times [3]
贝泰妮：2024年三季报点评：阶段性高投放致利润承压，收入稳健增长