Core Viewpoint - The company maintains its profit forecast for 2025-2026 and introduces a net profit forecast of 1.76 billion yuan for 2027, with the current stock price corresponding to a P/E ratio of 26/27 years at 26/21x, maintaining an outperform rating and a target price of 127 HKD, indicating a 47% upside potential [1] Group 1: Company Updates - The company announced a strategic cooperation with LVMH's subsidiary, L Catterton, to expand globally, focusing on acquisitions, strategic investments, capital structure optimization, talent acquisition, and governance [2][3] - The company organized a Hong Kong investor open day, showcasing a robust pipeline of new products and a continued deepening of high-end retail coverage, with initial success in international markets [2] Group 2: Strategic Cooperation - The partnership with L Catterton aims to leverage its global investment network to assist the company in expanding overseas high-end retail channels and to establish a joint equity investment fund focused on the global high-end beauty sector [3] - The collaboration is expected to promote the company's group and global development, opening up long-term growth opportunities [3] Group 3: Management's Shareholding Plan - The company announced that its controlling shareholder and management plan to reduce their holdings by up to 3.51% of the total issued shares within six months through block trades, primarily for investments in the beauty industry and personal financial needs [4] - This clear limit on share reduction is seen as beneficial for stabilizing market expectations and reflects management's confidence in the company's long-term development [4] Group 4: Product Development and Market Performance - The company has a strong pipeline of new products, with the launch of the skincare series "Liu Guang Fu Huo" set for late December and positive market feedback for the new color of the air warehouse lip glaze [5] - Brand building efforts are ongoing, including the release of a documentary series and themed fashion shows, with successful sales of limited edition gift boxes inspired by cultural themes [5] - The company continues to enhance its presence in high-end retail locations, with impressive performance data from its first store in Hong Kong's Harbour City and initial success in international markets [5]
中金：维持毛戈平行业评级 目标价127港元