Core Viewpoint - The company demonstrates strong growth resilience with robust performance in key metrics, as indicated by its revenue and profit forecasts for the first half of 2025, reflecting a solid position in the high-end domestic cosmetics market [1][3]. Group 1: Financial Performance - The company expects to achieve revenue of 2.57 billion to 2.60 billion yuan for the first half of 2025, representing a year-on-year growth of 30.4% to 31.9% [1]. - The projected net profit for the same period is between 665 million to 675 million yuan, indicating a year-on-year increase of 35.0% to 37.0% [1]. - Both revenue and profit growth rates are expected to remain above 30%, confirming the profitability resilience of the high-end domestic cosmetics group [1]. Group 2: Product Innovation and Channel Optimization - The company continues to innovate with a focus on Eastern aesthetics, launching the "Wen Dao Dong Fang" perfume series in April, which received positive market feedback and ranked in the top 20 on major e-commerce platforms [2]. - The new earth-toned eyeshadow product, inspired by natural rock formations, enhances product competitiveness and expands the high-end product line [2]. - Online and offline channels are being optimized, with significant performance during promotional events, such as ranking second and third in the color cosmetics category on Douyin and Tmall during the 618 shopping festival, with GMV growth exceeding 70% [2]. Group 3: Market Position and Growth Logic - The company holds a strong position in the high-end cosmetics sector, with 11 domestic brands in the top 20 color cosmetics list, and it ranks second overall with a transaction volume of 1.2 billion yuan, growing over 30% [2]. - The brand's unique positioning, product innovation, and channel experience upgrades contribute to a clear long-term growth trajectory [3]. - The company maintains its profit forecast for 2025-2027, expecting net profits of 1.184 billion, 1.542 billion, and 1.953 billion yuan, with corresponding PE ratios of 38, 29, and 23 times [3].
毛戈平(01318.HK)：高端国货势能释放 营收净利双位数高增