Core Viewpoint - Huaxin Securities predicts that Mao Geping (01318) will achieve revenues of 50.83 billion, 64.98 billion, and 82.45 billion RMB for the years 2025 to 2027, with corresponding EPS of 2.36, 3.00, and 3.81 RMB, maintaining a "Buy" investment rating [1] Financial Performance - In the first half of 2025, Mao Geping reported operating revenue of 25.88 billion RMB, a year-on-year increase of 31.3% [1] - The net profit for the same period was 6.70 billion RMB, reflecting a year-on-year growth of 36.1% [1] - The company's gross margin stood at 84.2%, while the net profit margin was 25.9%, indicating strong profitability [1] Business Segments - The main growth drivers for the company are the makeup and skincare segments, with makeup revenue reaching 14.22 billion RMB, up 31.1% year-on-year, and skincare revenue at 10.87 billion RMB, increasing by 33.4% [1] - Mao Geping has also expanded into the fragrance category, launching two high-end perfume series, "Guoyun Ningxiang" and "Wendao Dongfang," generating revenue of 11.41 million RMB [1] - Although revenue from the makeup artistry training business has declined, the company stated this was a strategic decision to enhance service quality by controlling enrollment size [1]
华鑫证券：维持毛戈平(01318)“买入”评级 25H1公司营收净利高增