Investment Rating - The report maintains a "Recommended" rating for the company, with adjusted net profit forecasts for 2024-2026 at 736.38 million, 966.60 million, and 1.17 billion respectively, corresponding to EPS of 1.74, 2.28, and 2.76 [9]. Core Views - The company reported a revenue of 4.018 billion yuan for the first three quarters of 2024, a year-on-year increase of 17.09%, but the net profit attributable to shareholders decreased by 28.39% to 415 million yuan [1]. - In Q3 2024, the company achieved a revenue of 1.213 billion yuan, a year-on-year increase of 14.04%, but incurred a net loss of 68.99 million yuan, a decline of 153.41% year-on-year [1][2]. - The revenue growth was primarily driven by the new brands acquired, contributing 380 million yuan, while the main brand, Winona, showed stable performance with a revenue of 3.64 billion yuan, a year-on-year increase of 5.98% [1][2]. Financial Performance Summary - The gross margin for the first three quarters of 2024 decreased by 2.7 percentage points to 73.73%, mainly due to the lower gross margins of the newly acquired brands, which stood at 58.37% compared to over 70% for the original brands [2]. - The company’s net profit margin for the first three quarters was 10.07%, down by 6.4 percentage points year-on-year, attributed to rising expense ratios [2]. - In Q3 2024, the sales expense ratio increased significantly by 12.78 percentage points to 60.43%, reflecting increased marketing investments for upcoming promotional activities [2]. Market Position and Strategy - Despite intensified competition from international beauty brands, the company maintains a relatively stable market position, with its main brand Winona ranking in the top 10 on Tmall during the pre-sale period [3]. - The company has been expanding its brand matrix through acquisitions and internal incubation, covering various segments including skincare, baby care, and light medical aesthetics [3]. - The establishment of a Southeast Asia headquarters in Bangkok is part of the company's strategy to enhance its overseas market presence, potentially unlocking new growth opportunities [3].
贝泰妮：24年Q3费用大幅增加，盈利能力短期承压