来源 :和讯网2022-06-21
招银国际Joseph Wong,Zheng Xiaohui近期对贝泰妮进行研究并发布了研究报告《A niche play that sees growth from brand incubation and an unparalleled R&D franchise》，本报告对贝泰妮给出买入评级，认为其目标价位为251.00元，当前股价为210.46元，预期上涨幅度为19.26%。
贝泰妮(300957)
Botanee’s dedicated focus in serving the niche needs of sensitive skins (93% oftotal revenue), through its self-developed botanical formula (back by ingredientsextracted from plantations found in Yunnan), conveys to consumers a clear goto message, which translates into an ongoing brand loyalty build-up (30%+repeated online purchase) and hence a better margins-skimming ability (75%+GPM). We regard Botanee as a rare investment opportunity that offers bothquasi-protection to further lockdowns (85%+ online sales mix), and upside fromthe flip of consumption sentiment. Botanee also checks all the boxes as a Starcompany that characterises high growth (10pp+ above peers’), high margins (7-10pp above peer’s). We project a 41%/42% revenue/ net profits CAGR over2021-24E. This is underpinned by a 45%/ 41% CAGR for its skincare/ onlinebusiness, thanks to 1) the all-round product solutions that address sensitive skindemands such as anti-acne, skin-barrier repair, anti-sensitive moisturizing etc;and 2) expanding brand portfolios (AOXMED and Winona Baby), in addition to itsleading Winona brand, which enables more precise customer segmentation. Weinitiate Botanee with BUY, and the stock is our sector top pick along with Proya.
Winona Baby. A skincare brand designed for infants and children aged from0-12. The brand’s star product has been an ultra-rich cream that lessenseczema among babies. The brand’s 1Q sales grew 30% to RMB30mn. Weforecast the brand to deliver RMB100-200mn revenue this year driven by newproduct ramp-ups and new channel expansion over 2H22.、
AOXMED. A high end brand that has been set up before Botanee’s publiclisting. The brand focuses on the anti-aging sub-segment and all SKUsundergo clinical trials before debut. Product pricing will be above RMB1,000and will directly benchmark to overseas brand like La Prairie and La Mer. Newlaunches will kick-in in Aug/ Sep this year. Unlike other brands, AOXMED willconcentrate on offline distribution with 400-500 offline store expansion. Weestimate the brand to be able to achieve RMB1bn revenue in 3-5 years.
Funny Elves. We think the investment would comprehend Botanee’s productline-up and brand equity in color cosmetic segment. Of note, Funny Elves iswell-known for its low-cost long-lasting base make-up products.
Valuation. Our TP is based on 2.0x end-22E PEG given the fast-growth andshort listing history of the company
该股最近90天内共有45家机构给出评级，买入评级36家，增持评级8家，中性评级1家；过去90天内机构目标均价为227.98。估值分析工具显示，贝泰妮（300957）好公司评级为5星，好价格评级为2星，估值综合评级为3.5星。(评级范围：1 ~ 5星，最高5星)