Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][6] Core Views - The company's main brand, Winona, has maintained stable performance, and the overall revenue, including the consolidated results from Yuejiang Investment, has shown steady double-digit growth. However, increased spending on low-margin channels like Douyin has led to temporary pressure on profits [2][4][6] - The company is expected to see improved profitability in Q4 due to the positive impact of pre-event marketing for the Double 11 shopping festival and the anticipated reduction in high spending [2][4][6] - Revenue for the first three quarters reached 4.018 billion, a year-on-year increase of 17.09%, while net profit attributable to the parent company was 415 million, down 28.39% year-on-year [4][6] Revenue and Profitability - In Q3, the company achieved revenue of 1.213 billion, a year-on-year increase of 14.04%, but reported a net profit of -69 million, marking the first quarterly loss since its listing [4][6] - The gross margin for Q3 was 76.35%, down 2.4 percentage points year-on-year, primarily due to the consolidation of low-margin Yuejiang Investment. Excluding Yuejiang Investment, the gross margin was 78.24% [4][6] - The company has increased its sales, management, and R&D expense ratios, with sales expenses rising significantly due to heightened marketing efforts for brand visibility ahead of the Double 11 event [4][6] Financial Forecasts - The company has adjusted its net profit forecasts for 2024-2026 to 649 million, 826 million, and 942 million, respectively, down from previous estimates [2][6] - The projected revenue growth rates for 2024 and 2025 are 15.2% and 7.5%, respectively, reflecting pressures from traditional channels and regulatory factors [6][7] Operational Efficiency - Inventory turnover days decreased to 232 days, down 42 days year-on-year, while accounts receivable turnover days increased to 45 days, up 11 days year-on-year, due to proactive credit sales in preparation for the Double 11 event [6][7] - The operating cash flow for Q3 was -135 million, showing improvement compared to -161 million in the same period last year [6][7]
贝泰妮：三季度收入平稳增长14%，高费用投放致利润阶段性亏损