Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - 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 500 million yuan, a decline of 33.53% year-on-year. For Q1 2025, the revenue was 949 million yuan, down 13.51% year-on-year, and the net profit attributable to shareholders was 28.34 million yuan, a decrease of 83.97% year-on-year [2][4] Summary by Sections Revenue Analysis - In 2024, the company's revenue from online, offline, and OMO channels was 3.91 billion, 1.27 billion, and 520 million yuan respectively, with year-on-year changes of 10%, -11%, and flat. The online channel outperformed the offline channel, with Tmall showing better performance than the market average [10] - The main brand, Winona, generated 4.91 billion yuan in revenue, a year-on-year decline of 5%, while smaller brands experienced high double-digit growth, contributing to overall revenue stability [10] Profitability Analysis - The gross profit margin for 2024 was 73.74%, remaining stable year-on-year. However, the sales expense ratio increased by 2.7 percentage points to 49.97%, and the management expense ratio rose by 1.5 percentage points to 8.94%. This led to a decline in the net profit margin from 13.7% to 8.8% [10] - In Q1 2025, the revenue decreased by 13.5%, but the gross profit margin improved by 5.4 percentage points to 77.5% due to operational optimizations and a focus on core products [10] Investment Recommendations - Despite the challenges in revenue and profit, the company is expected to see a recovery in profit margins due to ongoing inventory optimization and stable pricing for core products. The projected EPS for 2025-2027 is 1.66, 2.04, and 2.49 yuan respectively, supporting the "Buy" rating [10]
贝泰妮（300957）：2024年报及2025一季报点评：产品渠道阶段性调整，库存持续消化