Core Insights - The company, founded by renowned makeup artist Mao Geping in 2000, has established significant brand influence in the Chinese beauty industry, with two main brands: MAOGEPING and Zhi Ai Zhong Sheng, covering makeup, skincare, and makeup training [1][2] - The brand is experiencing accelerated growth and has substantial future potential, with a rich product line and high repurchase rates, although there remains a considerable gap compared to international brands [1][2] Product and Channel Strategy - On the product side, the company has historically focused on base makeup and skincare products, but is now expanding its makeup categories and innovating within base makeup to create a comprehensive beauty group [1] - The company plans to maintain a dual-channel development strategy, leveraging both online and offline sales channels for future growth [1][2] Brand Resource Advantages - The company benefits from a well-known professional makeup artist IP, providing a natural marketing advantage reflected in higher net profit margins compared to industry averages [2] - Unique access to high-end department store resources allows the company to better understand consumer insights and maintain high ARPU consumer relationships, with brand strength continuously improving [2] - The management team has extensive experience in the makeup industry, valuing the brand's worth [2] Financial Projections - Revenue is projected to reach RMB 5.368 billion, 6.976 billion, and 8.785 billion for 2025-2027, with year-on-year growth rates of +38%, +30%, and +26% respectively [2] - Net profit attributable to the parent company is expected to be RMB 1.2 billion, 1.58 billion, and 1.97 billion for the same period, with growth rates of +36.7%, +30.9%, and +24.9% respectively [2] - The company maintains a "buy" rating, anticipating strong development in both makeup and skincare product lines, as well as growth in online and offline channels [2]
毛戈平(1318.HK)：美妆先导 光蕴无界 熠熠生辉
Ge Long Hui·2025-05-16 01:49