东兴证券：东兴晨报-20241101

Core Insights - The report highlights that Beitaini (300957.SZ) experienced a significant increase in expenses in Q3 2024, leading to short-term pressure on profitability, with a net profit decline of 28.39% year-on-year for the first three quarters [1][2] - The company's 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 new brands [1][2] - The gross margin decreased by 2.7 percentage points to 73.73% due to the lower gross margins of newly acquired brands compared to existing ones [2] Revenue and Profitability - In Q3 2024, Beitaini's revenue was 1.213 billion yuan, up 14.04% year-on-year, but the net profit was a loss of 68.99 million yuan, a decline of 153.41% year-on-year [1][2] - The main brand, Winona, and other key brands generated 3.64 billion yuan in revenue, reflecting a stable growth rate of 5.98% year-on-year [1][2] Brand Performance and Market Position - The newly acquired brands, Za and Pure&MILD, contributed 380 million yuan to revenue in the first three quarters, significantly boosting overall revenue [1][2] - Despite increased competition from international beauty brands, Beitaini's brand Winona maintained a relatively stable market position, ranking in the top 10 on Tmall during the pre-sale period [3] Cost Structure and Expenses - The report indicates a substantial increase in expense ratios, with sales, management, and R&D expenses rising to 50.03%, 8.45%, and 4.97% respectively, leading to a net profit margin of 10.07%, down 6.4 percentage points year-on-year [2] - The increase in sales expenses was attributed to promotional activities and marketing investments in preparation for Q4 sales events, reflecting heightened market competition [2] Future Outlook - The report suggests that despite the current challenges, Beitaini's profitability is expected to recover in Q4 due to the one-time nature of increased expenses related to promotional activities and stock incentive plans [2] - The company is expanding its brand matrix through acquisitions and is establishing a Southeast Asia headquarters in Bangkok to facilitate overseas market growth [7]