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毛戈平(01318.HK):护肤产品矩阵持续丰富 高端拓柜及出海可期

Company Overview - The company has successfully extended its product categories, launching new skincare and makeup products in Q3, with positive market feedback for the new fragrance line [1] - The skincare product matrix continues to expand, with the introduction of the "Fire Spark Source" series aimed at addressing early aging issues for Oriental skin types [1] - The company is focusing on high-end positioning and has made significant progress in both offline and online channels, indicating strong brand momentum [2] Product Development - The skincare line includes serums and creams, with the launch of the "Black Gold Water" and the "Fire Spark Source" series, which includes anti-aging products [1] - In makeup, new color products have been introduced, including the "Starry Sky Eyeshadow" and earth-tone eyeshadows [1] - The fragrance line saw the launch of 13 new products in May, which have been well-received in the market [1] Channel Strategy - The company has entered high-end retail locations, with plans for new counters in major cities, showing strong same-store sales growth of approximately 18% in 1H25 [2] - Online sales have also been robust, with a combined GMV growth of 47% on Tmall and Douyin in July and August [2] International Expansion - The company is expanding its brand internationally, having entered Hong Kong's Sephora and planning to open its first counter in Harbour City in October [2] - Future expansion plans include Southeast Asia, Japan, and Europe starting in 2026, indicating a long-term growth strategy [2] Financial Outlook - The company maintains its profit forecast for 2025-2026, with current stock price corresponding to a P/E ratio of 41x for 2025 and 31x for 2026 [2] - The target price is set at 127 yuan, reflecting a potential upside of 22.5% based on projected P/E ratios [2]