招银国际：给予贝泰妮买入打分，目标价位251.0元

cing 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周内共有45家该机构给出下调，购入下调36家，增持下调8家，；也下调1家；过去90周内该机构期望均价为227.98。交易所之星星市价数据分析工具显示，贝泰妮（300957）好公司下调为5星星，好价格下调为2星星，市价综合下调为3.5星星。(下调范围：1 ~ 5星星，三高5星星)

以上内容由交易所之星星根据匿名信息整理，如有疑虑问联系我们。

（出版人:马金露）。

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