Company Updates - The company announced a strategic partnership with LVMH's subsidiary, Ruway Keten, to enhance global market expansion, acquisitions, strategic investments, capital structure optimization, talent introduction, and governance [1] - The company organized a Hong Kong investor open day, showcasing a robust pipeline of new products and a continued focus on high-end retail coverage, with initial success in international markets [1] Strategic Cooperation - The collaboration with Ruway Keten aims to leverage its global investment network to assist the company's brands in expanding overseas high-end retail channels [1] - Both parties plan to establish a private equity investment fund focused on the global high-end beauty sector, which is expected to facilitate group and global development, opening long-term growth opportunities [1] Management Shareholding - The company announced a share reduction plan by major shareholders and management, intending to reduce up to 3.51% of the total issued shares within six months to address personal financial needs [1] - This clear cap on share reduction is expected to stabilize market expectations and reflects management's confidence in the company's long-term development [1] Product Development and Market Position - 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 [2] - Brand building efforts include the release of a documentary series related to the Belt and Road Initiative and a themed fashion show, alongside successful sales of limited-edition gift boxes inspired by traditional Chinese culture [2] - The company continues to deepen its presence in high-end retail locations, with successful store performance in Hong Kong and Hangzhou, indicating initial success in international expansion [2] Financial Forecast and Valuation - The company maintains its profit forecast for 2025-2026 and introduces a net profit estimate of 1.76 billion yuan for 2027, with the current stock price corresponding to a P/E ratio of 26/21x for 2026/2027 [2] - The company maintains an outperform rating and a target price of 127 HKD, implying a 47% upside potential based on a P/E ratio of 38/31x for 2026/2027 [2]
毛戈平(01318.HK)：战略合作路威凯腾 赋能集团化、全球化发展