Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's short-term performance is under pressure, but there is an expectation for an operational turning point in the future [1] - The company reported a revenue of 5.736 billion yuan for 2024, representing a year-on-year growth of 3.87%, while the net profit attributable to shareholders was 503.05 million yuan, down 33.53% year-on-year [7] - The company is actively advancing its brand matrix construction to solidify its leading position in the sensitive skin market [7] Financial Performance Summary - Total revenue forecast for 2024 is 5.736 billion yuan, with a projected growth of 3.87% [1] - The net profit attributable to shareholders for 2024 is expected to be 503.05 million yuan, reflecting a decline of 33.53% [1] - The earnings per share (EPS) for 2024 is projected at 1.19 yuan, with a price-to-earnings (P/E) ratio of 34.87 [1] - The company anticipates a recovery in net profit to 660.45 million yuan in 2025, with a growth rate of 31.29% [1] - The gross profit margin for 2024 is expected to be 73.74%, slightly down from the previous year [8] Brand and Market Position - The company has established a brand matrix centered around "Winona," which includes several sub-brands, contributing to its market leadership in dermatological skincare products [7] - The "Winona" brand ranks eighth in the skincare product market, with a market share of approximately 20.70% [7] - Online channels and color cosmetics categories have shown growth, with skincare revenue slightly declining by 1.4% [7]
贝泰妮：2024年报及2025年一季报点评：短期业绩承压，期待经营拐点-20250505