加入VIP免费下载招银国际-贝泰妮-300957-2Q in line; new brands in anti-aging and baby care to sustain growth-220830
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贝泰妮(300957) 2Q slightly below us but in line with consensus. Both net profits (RMB 249mn, +35% YoY) and revenue (RMB 1.2bn +37% YoY) came in 3% below us but largely in line with consensus. 1H total revenue of RMB 2bn was mainly driven by 60% YoY growth in DTC and 37% YoY growth in offline distribution, respectively. By product, skincare/ color make-up/ medical devices grew 45%/ flattish/ 55% YoY, and exhibited resilient growth momentum despite a difficult 2Q. 76.3% GPM in 2Q declined by 0.4pp YoY. That said, considering the disruption to offline sales, we believe GPM looked to be relatively stable, when Botanee managed to catch-up with online sales (typically with higher GPM). 2Q opex ratio was largely unchanged at 49.4% of revenue, despite a 0.8pphigher admin expense owing to logistics expense incurred for warehouses located around Shanghai during the city’s lockdown. Core brands and hero products maintained steady momentum in 1H22.The main brand Winona ranked N.8 by GMV among cosmetic brands on Tmalland N.2/ N.3 among domestic cosmetic brands on JD/ TikTok during the last 6.18. The brand’s largest hero product, Winona Tolerance-Extreme Cream, achieved RMB100mn+ sales in 6.18. Sun screen and serum series also performed brightly, with Winona Sunblock Milk becoming the brand’s 2ndlargest product and 400k+ units of anti-sensitive serums sold in 6.18. The company targets to achieve RMB15bn sales in functional skincare in 3-5 years. Winona Baby, which is expanding steadily, ranked N.5 in baby skin care on Tmall in 6.18 and is among the key brand to promote in the upcoming Double 11, in preparation of which, a series of new products will be launched in Sep, including four product series for 0 to 3-year-old babies. The company targets to become the largest brand in China’s baby care segment, which is expected to grow from RMB32bn to RMB46bn in 2021-26E based on Euromonitor. Anti-aging luxury brand Aoxmed could become a new growth driver.Aoxmed targets to become the leading domestic luxury brand in China’s antiaging segment, which is expected to grow from RMB55bn to RMB125bn in 2021-26E (17.8% CAGR). The brand will launch two collections (Zhuanyan and Cuiyan) in Sep for 2B channels and one (Meiyan) for 2C channels in 1H23. Valuation. We keep our earnings unchanged for now given largely in-line results. Our TP is still based on 2.0x end-22E PEG given the fast-growingoutlook but short listing history of the company.
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（以下内容从招银国际《2Q in line; new brands in anti-aging and baby care to sustain growth》研报附件原文摘录）贝泰妮(300957) 2Q slightly below us but in line with consensus. Both net profits (RMB 249mn, +35% YoY) and revenue (RMB 1.2bn +37% YoY) came in 3% below us but largely in line with consensus. 1H total revenue of RMB 2bn was mainly driven by 60% YoY growth in DTC and 37% YoY growth in offline distribution, respectively. By product, skincare/ color make-up/ medical devices grew 45%/ flattish/ 55% YoY, and exhibited resilient growth momentum despite a difficult 2Q. 76.3% GPM in 2Q declined by 0.4pp YoY. That said, considering the disruption to offline sales, we believe GPM looked to be relatively stable, when Botanee managed to catch-up with online sales (typically with higher GPM). 2Q opex ratio was largely unchanged at 49.4% of revenue, despite a 0.8pphigher admin expense owing to logistics expense incurred for warehouses located around Shanghai during the city’s lockdown. Core brands and hero products maintained steady momentum in 1H22.The main brand Winona ranked N.8 by GMV among cosmetic brands on Tmalland N.2/ N.3 among domestic cosmetic brands on JD/ TikTok during the last 6.18. The brand’s largest hero product, Winona Tolerance-Extreme Cream, achieved RMB100mn+ sales in 6.18. Sun screen and serum series also performed brightly, with Winona Sunblock Milk becoming the brand’s 2ndlargest product and 400k+ units of anti-sensitive serums sold in 6.18. The company targets to achieve RMB15bn sales in functional skincare in 3-5 years. Winona Baby, which is expanding steadily, ranked N.5 in baby skin care on Tmall in 6.18 and is among the key brand to promote in the upcoming Double 11, in preparation of which, a series of new products will be launched in Sep, including four product series for 0 to 3-year-old babies. The company targets to become the largest brand in China’s baby care segment, which is expected to grow from RMB32bn to RMB46bn in 2021-26E based on Euromonitor. Anti-aging luxury brand Aoxmed could become a new growth driver.Aoxmed targets to become the leading domestic luxury brand in China’s antiaging segment, which is expected to grow from RMB55bn to RMB125bn in 2021-26E (17.8% CAGR). The brand will launch two collections (Zhuanyan and Cuiyan) in Sep for 2B channels and one (Meiyan) for 2C channels in 1H23. Valuation. We keep our earnings unchanged for now given largely in-line results. Our TP is still based on 2.0x end-22E PEG given the fast-growingoutlook but short listing history of the company.
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