Core Viewpoint - The report from Huayuan Securities indicates that Mao Geping (01318), a domestic high-end cosmetics brand, is experiencing steady growth in skincare and makeup categories, with significant advantages in both offline and online channels. The brand's momentum is on an upward trajectory, and the single product matrix continues to grow rapidly. The company's IP brand value, channel endowment, and future growth potential are viewed positively, leading to a high certainty of performance growth, maintaining a "Buy" rating [1]. Group 1 - The company announced a voluntary shareholder reduction plan, where the controlling shareholder and executive directors plan to reduce their holdings by up to 3.51% of the total issued shares within six months, primarily through block trading. The proceeds will be used for investments in the beauty industry and personal improvements. The controlling shareholders express confidence in the company's development and will continue to focus on product research and operational management to enhance brand value and performance [1]. - The company has signed a strategic cooperation framework agreement with L Catterton Asia Advisors, aiming for global market expansion, acquisitions, strategic investments, capital structure optimization, and talent introduction. L Catterton will leverage its global investment network to assist the company in expanding high-end retail channels overseas and will jointly establish a private equity fund focused on the global high-end beauty sector [1]. Group 2 - Based on the company's strong sales performance in both online and offline channels, it is projected that the net profit attributable to the parent company will reach 1.21 billion, 1.58 billion, and 2.03 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth of 38%, 30%, and 28% respectively [2].
华源证券：维持毛戈平“买入”评级 公司发布自愿公告股东减持计划