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 in the company's strong brand power and fundamentals, highlighting its high-end brand positioning and continuous product innovation as key value drivers [1][2]. Group 2 - It is anticipated that Maogeping will continue its strong growth in the second half of 2025, benefiting from robust offline same-store performance driven by sales volume, despite a weakening consumer spending environment. The expansion of membership and high repurchase rates are expected to support sales growth [2]. - The company is projected to achieve revenues of CNY 5.101 billion, CNY 6.489 billion, and CNY 8.115 billion for 2025-2027, reflecting year-on-year growth rates of 31.3%, 27.2%, and 25.0%, respectively. Net profit attributable to the parent company is expected to be CNY 1.201 billion, CNY 1.494 billion, and CNY 1.848 billion, with growth rates of 36.4%, 24.4%, and 23.7% [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. Successful implementation of this cooperation is expected to significantly enhance the company's penetration in overseas high-end markets [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 company emphasizes that this reduction will not lead to a change in control, as Maogeping and its relatives will maintain around 70% of the company's equity [4].
海通国际：维持毛戈平(01318)“优于大市”评级 目标价108.2港元