Investment Rating - The report maintains a "Hold" rating for Betaini (300957.CH) with a target price of CNY 55.5, reflecting a potential upside of 4.3% from the current price of CNY 53.2 [4]. Core Insights - Betaini's revenue for Q3 2024 grew by 14.0% year-on-year, primarily driven by the revenue from the acquired brands Za and Pomei under Yuejiang, contributing CNY 120 million. However, excluding Yuejiang's impact, the organic revenue growth was only 3.1% [1][2]. - The increase in marketing activities, new employee stock ownership plan expenses, and negative operating leverage led to a significant rise in selling and administrative expense ratios, resulting in the company recording a loss for the first time in a single quarter [1][2]. - The report highlights that the adjustment effects of the main brand, Winona, have yet to materialize, and the revenue structure changes have led to a decrease in gross margin [2]. Financial Summary - For 2024E, the projected revenue is CNY 6,327 million, reflecting a year-on-year growth of 14.6%. The net profit is expected to decline to CNY 658 million, a decrease of 13.0% compared to the previous year [3][9]. - The gross margin is projected to decrease to 71.2% in 2024E, down from 72.7% in 2023A, while the operating profit margin is expected to drop to 9.3% [3][7]. - The report indicates a significant increase in selling expense ratio to 60.4% in Q3 2024, up 12.7 percentage points year-on-year, primarily due to increased marketing efforts and operational leverage [2][8].
贝泰妮：费用投放增加令单季首次转亏，多元矩阵仍在探索中