贝泰妮更新报告：薇诺娜2.0开启，业绩改善可期

Investment Rating - The report assigns an "Accumulate" rating to Botanee (300957) with a target price of 88.20 CNY, down from a previous target of 129.50 CNY [1][2]. Core Insights - Botanee's main brand, Winona, has undergone a strategic upgrade, entering the "2.0 era" focused on sensitive skin, expanding its product offerings to include solutions for whitening, sun protection, and anti-aging [5][6]. - The company has established four core product lines, including the upgraded "Special Care Cream 2.0," which aims to enhance its market position and drive sales growth [6][7]. - Following organizational adjustments, online sales data showed significant improvement, with GMV on platforms like Tmall and Douyin increasing by 50% and 36% year-on-year in early 2024 [12][13]. Summary by Sections Main Brand - Winona has transitioned from a narrow focus on sensitive skin to a broader strategy addressing multiple skin concerns, including whitening and anti-aging, which is expected to enhance market reach and growth [5][6]. Product Development - The upgraded "Special Care Cream 2.0" features advanced ingredients and technology aimed at addressing the root causes of skin sensitivity, with a price point of 268 CNY for 50g [7][9]. - The product matrix has diversified, with significant contributions from sun protection and other skincare products, indicating a balanced growth strategy [9][10]. Channel Operations - The company has successfully navigated challenges in offline channels, achieving a 49% growth in 2023 by expanding into new OTC channels and enhancing product offerings [12][13]. - The new management team has optimized online operations, leading to a recovery in sales growth, particularly in the Tmall and Douyin channels [12][13]. Sub-brands - Botanee is building a multi-brand matrix through both internal development and external acquisitions, targeting various market segments from high-end to mass-market products [15][16]. - The internal brands, such as Winona Baby and AOXMED, are positioned to leverage the company's existing strengths and market knowledge [15][17].