研報掘金丨長江證券:維持貝泰妮“買入”評級,防曬乳等核心大單品價盤穩定
長江證券研報指出,貝泰妮(300957.SZ)2024年歸母淨利潤5億元,同比下降33.53%;2025Q1歸母淨利潤2834萬元,同比下降83.97%。認為線上投流費用依然居於高位、階段性線下承壓和線上產品聚焦等舉措,使得公司收入和利潤端有所承壓,但是精簡SKU,存貨持續優化,特護霜、防曬乳等核心大單品的價盤穩定,有望驅動全年維度利潤率的回升,美白防曬抗衰產品的持續發力加上中小品牌的高速增長,有望帶動後續收入規模端的增長,預計公司2025-2027年EPS分別為1.66、2.04、2.49元,維持“買入”評級。
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