Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In Q3 2024, the company achieved operating revenue of 1.21 billion, a year-on-year increase of 14%, while the net profit attributable to the parent company was -70 million, a decline of 153% year-on-year. The non-recurring net profit attributable to the parent company was -80 million, down 158% year-on-year [3][4]. Revenue Analysis - The main brand showed steady growth, with the contribution from the newly consolidated subsidiary, Yuejiang, adding incremental revenue. The revenue growth rates for Q1, Q2, and Q3 were 27.1%, 13.5%, and 14.0%, respectively, maintaining double-digit growth in Q3. The main brand, Winona, and other brands are expected to generate revenue of 1.12 billion in Q3, a year-on-year increase of 5.3% [3][4]. Profitability Analysis - The profit margin faced pressure due to increased sales expenses. The gross margin for Q3 was 76.4%, a decrease of 2.4 percentage points year-on-year, primarily due to promotional policies and changes in product sales structure. The sales expense ratio rose significantly to 60.4%, with sales expenses amounting to 733 million, an increase of 225 million year-on-year. The management expense ratio also increased to 13.5%, with management expenses of 164 million, up 72.48 million year-on-year [4][5]. Investment Recommendations - The report suggests that the company's profits are under temporary pressure due to increased investments in Douyin channel and brand promotion expenses. However, the core product, Winona's special cream, maintains a solid market position, and the freeze-dried mask is expected to recover after product upgrades. Looking ahead, the contribution from new products is anticipated to continue to grow, with projected EPS for 2024, 2025, and 2026 being 1.54, 1.89, and 2.36, respectively [5][6].
贝泰妮2024年三季报点评：收入增速稳健，利润阶段承压