Investment Rating - The report downgrades the company's rating to "Overweight" with a DCF target valuation of 58.84 RMB [1][6] Core Views - The company reported 24Q3 revenue of 40.18 billion RMB, up 17.1% YoY, but net profit attributable to shareholders dropped 28.3% YoY to 4.15 billion RMB [1] - 24Q3 revenue grew 14% YoY, but net profit was -0.69 billion RMB, below market expectations [1] - Revenue growth was driven by the acquisition of Yuejiang Investment, contributing 3.8 billion RMB, while organic growth was only 5.98% [1] - Gross margin declined 2.69pct to 73.7% due to changes in business structure, with Yuejiang Investment's brands having a lower margin of 58.37% [1] - The main brand "Winona" and other major brands saw a gross margin increase of 5.98pct to 75.34% [1] - Rising expense ratios, particularly in sales and management, pressured profitability [1] - The company is transitioning "Winona" to a 2.0 era, focusing on comprehensive sensitive skin care solutions [1] Financial Performance - 24Q3 sales expense ratio surged 12.7pct YoY to 60.4%, driven by increased marketing and promotional activities [1] - Management expense ratio rose 4.9pct YoY to 13.5% in 24Q3 due to employee stock incentive plans [1] - Revenue is expected to grow from 6.407 billion RMB in 2024E to 8.252 billion RMB in 2026E, with a CAGR of 13.3% [2] - Net profit attributable to shareholders is projected to increase from 724 million RMB in 2024E to 1.157 billion RMB in 2026E [2] - Gross margin is forecasted to decline slightly from 71.2% in 2024E to 70.6% in 2026E [2] Valuation and Metrics - The company's PE ratio is expected to decrease from 31.1 in 2024E to 19.5 in 2026E [2] - PB ratio is projected to decline from 3.5 in 2024E to 2.8 in 2026E [2] - ROE is forecasted to improve from 11.8% in 2024E to 15.2% in 2026E [2] Market Performance - The stock's absolute performance over the past 12 months was -28.22%, underperforming the CSI 300 index by -41.12% [4] - Over the past month, the stock gained 24.59%, outperforming the CSI 300 index by 8.28% [4]
贝泰妮：盈利短期承压，期待业绩企稳修复