Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [3][4]. Core Views - The company reported Q3 revenue of 1.213 billion yuan, a year-on-year increase of 14.04%, but the net profit attributable to shareholders was a loss of 69 million yuan, down 153.41% year-on-year [3][4]. - The revenue for the first three quarters of 2024 reached 4.018 billion yuan, a year-on-year increase of 17.09%, primarily driven by the acquisition of Yuejiang Investment [3][4]. - The gross profit margin for Q1-Q3 2024 was 73.73%, a decrease of 2.69 percentage points year-on-year, while the net profit margin was 10.32%, down 6.56 percentage points year-on-year [3][4]. Financial Summary - For Q1-Q3 2024, the company achieved a gross revenue of 4.018 billion yuan, with a year-on-year growth rate of 17.1% [5]. - The net profit attributable to shareholders for the same period was 415 million yuan, reflecting a decline of 28.4% year-on-year [5]. - The company’s operating expenses included a sales expense ratio of 50.03%, a management expense ratio of 8.45%, and a research and development expense ratio of 4.97% [3][4]. Brand Performance - The main brand, Winona, along with other key brands, generated a total revenue of 3.637 billion yuan, a year-on-year increase of approximately 5.98% [3][4]. - The brands under Yuejiang Investment, including Jirui and Bomei, achieved a revenue of 381 million yuan, with a sales gross margin of approximately 58.37% [3][4]. Future Projections - The profit forecast for 2024-2026 has been revised downwards, with expected net profits of 757 million yuan, 1.023 billion yuan, and 1.3 billion yuan respectively [4][5]. - The projected price-to-earnings (PE) ratios for 2024-2026 are 30, 22, and 17 times, respectively, indicating a relatively low valuation compared to historical levels [4].
贝泰妮：Q3收入稳健同增14％，利润端阶段性承压