[Click eStock] "Bonne, Expected to Achieve Record Performance in 2024"

KB Securities stated on the 16th that Bonne is expected to achieve record-high performance in 2024. No investment opinion or target price was provided.

Researcher Han Jeyoon said, "Bonne's expected first-quarter sales are 21 billion KRW, a 46% increase compared to the previous year, and operating profit is 3.1 billion KRW, an 860% increase," adding, "Record-high quarterly performance is anticipated."

He explained, "The growth of the U.S. indie brand cosmetics market, which has continued since 2023, is further driving Bonne's performance growth in 2024," noting, "This is due to increased order volumes from existing key clients amid favorable conditions for indie brand cosmetics such as PIXI, Fenty Skin, and Rare Beauty, securing sales from new clients, and improved profitability thanks to reduced logistics costs since January."

He added, "In particular, PIXI is implementing an aggressive new store expansion strategy, so an additional increase in annual order volume is expected," and analyzed, "The goal was to secure 70 new clients in 2024, but currently more than 60 have been secured, making it possible to actually secure up to 100 clients annually."

He continued, "However, changes in cosmetics consumption trends and the direction of the economy are difficult to predict, so continuous tracking is necessary."