Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][48]. Core Viewpoints - The company is recognized as a leading domestic brand in the sensitive skin segment, focusing on natural plant-based active ingredients to provide gentle and professional skincare products [2][22]. - The company has established a strong competitive advantage through its "Product + R&D + Channel" strategy, which includes a robust product lineup, significant R&D capabilities, and a well-integrated online and offline sales approach [2][29][39]. - The company is expected to see revenue growth from 2024 to 2026, with projected revenues of 6.6 billion, 7.6 billion, and 8.6 billion yuan, respectively, reflecting year-on-year growth rates of 19.6%, 15.0%, and 13.2% [8][46]. Summary by Sections 1. Company Overview - The company is positioned as a leading domestic brand in the sensitive skin market, with a mission to create a healthy skin ecosystem in China. It has multiple brands under its umbrella, including Winona, Winona Baby, and AOXMED, and has consistently ranked in the top 10 of Tmall's beauty category during major sales events [2][22][23]. 2. Competitive Advantages - Products: The main brand, Winona, focuses on sensitive skin and has a strong product portfolio, including popular items like creams and sunscreens. The company is also expanding its sub-brands to enhance market presence [2][29]. - R&D: The company emphasizes independent research and development, with a strong team and numerous patents, positioning itself as a leader in innovation within the sensitive skin sector [34]. - Channels: The company utilizes a hybrid approach, combining online and offline channels effectively. It has established a significant online presence and collaborates with major offline distributors to enhance brand visibility [39][41]. 3. Financial Forecast and Valuation - The company is projected to achieve revenues of 6.6 billion, 7.6 billion, and 8.6 billion yuan from 2024 to 2026, with corresponding net profits of 700 million, 910 million, and 1.1 billion yuan. The current price-to-earnings ratios are estimated at 31, 24, and 20 times for the respective years [8][46][48]. - The report compares the company to other domestic leaders in the industry, suggesting a favorable long-term outlook due to its strong market position and consumer loyalty [48].
贝泰妮：敏感肌赛道优质国货龙头，期待业绩企稳修复