东吴证券：业绩有望持续高增 首次覆盖给予“买入”评级

Core Viewpoint - Dongwu Securities reports that the Mao Geping brand is a rare high-end cosmetics brand in China, with a unique beauty academy model and professional makeup artist team enhancing the quality of offline experiences, leading to a potential continuous high growth in performance [1] Financial Performance - For the fiscal year 2024, the company achieved a revenue of 3.885 billion yuan (yoy +34.6%) and a net profit of 881 million yuan (yoy +33.0%), with adjusted profit at 924 million yuan (yoy +39.2%) [1] - The forecast for net profit from 2025 to 2027 is 1.14 billion yuan, 1.46 billion yuan, and 1.86 billion yuan, respectively, with year-on-year growth rates of +29%, +28%, and +27% [1] Channel Performance - In 2024, online channel revenue grew significantly by 51.2% to 1.784 billion yuan, accounting for 47.8% of total revenue, while offline channel revenue reached 1.949 billion yuan (yoy +21.6%) [2] - The company added 21 new direct sales counters, bringing the total to 378, with a notable increase in first-tier city counters [2] Brand Performance - Makeup revenue for 2024 was 2.304 billion yuan (yoy +42.0%), representing 59.3% of total revenue, while skincare revenue was 1.429 billion yuan (yoy +23.2%), accounting for 36.8% [3] - The overall gross margin for 2024 was 84.4%, with a slight decrease of 0.4 percentage points year-on-year, and the net profit margin was 22.7%, down 0.3 percentage points [3]