It's a common phrase used to greet a woman in a friendly or flirtatious way. However, it's important to be aware that:
* It can be considered overly familiar or even inappropriate depending on the context and your relationship with the woman.
* Using "bonita" (beautiful) can be perceived as objectifying or making the woman feel uncomfortable.
It's generally a good idea to stick with more neutral greetings like "Hola, ¿cómo estás?" (Hello, how are you?) or "Buenos días" (Good morning).