Group 1 - The core viewpoint of Haitong International is to maintain an "outperform" rating for Maogeping (01318), with a target price of HKD 108.2, indicating a potential upside of 23.1% based on a 32X PE for 2026. The firm believes that the brand strength and fundamentals remain solid, with the company's core value lying in its strong high-end brand positioning and continuous product innovation [1] Group 2 - Haitong International expects Maogeping to continue strong growth in the second half of 2025, benefiting from robust offline same-store performance driven by sales volume, despite a weakening consumer spending power in the latter half of the year. The expansion of membership and high repurchase rates support sales growth [2] - The company is projected to achieve revenues of RMB 5.101 billion, RMB 6.489 billion, and RMB 8.115 billion for 2025-2027, representing year-on-year growth of 31.3%, 27.2%, and 25.0% respectively. Net profit attributable to the parent company is expected to be RMB 1.201 billion, RMB 1.494 billion, and RMB 1.848 billion for the same period, with growth rates of 36.4%, 24.4%, and 23.7% respectively [2] Group 3 - The company has signed a strategic agreement with investment institution Luwei Kaiteng to inject internationalization and capitalization momentum, focusing on global market expansion, establishing a high-end beauty investment fund, and optimizing corporate governance. This collaboration is expected to significantly enhance the company's penetration in overseas high-end markets and open up avenues for future growth through the investment fund platform [3] Group 4 - The company's controlling shareholders and some directors plan to reduce their holdings by up to 3.51% of the total share capital, equating to a maximum of 1,720 shares, valued at approximately HKD 15.1 billion based on the closing price of HKD 87.95 per share on January 7. The reduction is primarily for personal financial planning, and the company emphasizes that this will not lead to a change in control, as the founding family will maintain around 70% ownership [4]
海通国际：维持毛戈平“优于大市”评级 目标价108.2港元