Investment Rating - The report maintains an "Outperform" rating for Betaine (300957 SZ) [1][10] Core Views - Betaine achieved steady growth in H1 2024 with revenue increasing by 18 45% YoY to 2 805 billion yuan and net profit attributable to shareholders rising by 7 50% YoY to 484 million yuan [3][5] - The company's main brand Winona grew by 5 69% YoY to 2 389 billion yuan while Winona baby and AOXMED saw rapid growth of 39 68% and 64 98% respectively [3][5] - Online channels contributed 66 35% of total revenue with a 16 83% YoY increase while OMO and offline channels also showed steady growth [3][5] - Gross margin declined to 72 92% in Q2 2024 due to the consolidation of lower-margin Yuejiang Investment and increased promotional activities [3][6] - The company improved inventory turnover days to 195 days in H1 2024 a reduction of 10 days YoY [9] Financial Performance - Revenue is expected to grow by 22 9% YoY to 6 784 billion yuan in 2024 with net profit projected at 942 million yuan [2][10] - EPS is forecasted to be 2 22 yuan in 2024 with a PE ratio of 25 87x [2][10] - ROE is expected to improve to 14 4% in 2024 from 12 9% in 2023 [2] - Gross margin is projected to slightly decline to 72 82% in 2024 due to lower-margin acquisitions and increased promotions [11] Brand and Channel Performance - Winona remains the core brand contributing 2 389 billion yuan in H1 2024 [3][5] - Winona baby and AOXMED showed strong growth potential with 39 68% and 64 98% YoY increases respectively [3][5] - Online channels maintained dominance with 66 35% revenue share while OMO and offline channels also grew steadily [3][5] Operational Efficiency - Inventory turnover days improved to 195 days in H1 2024 a reduction of 10 days YoY [9] - Operating cash flow declined by 37 95% YoY in Q2 2024 mainly due to reduced government subsidies [9]
贝泰妮：上半年收入同比增长18%，持续推进多品牌矩阵建设