Group 1 - The core viewpoint of the article is that Morgan Stanley's report indicates that Maogeping's (01318) management share reduction plan is expected to alleviate investor concerns regarding the expiration of the lock-up period in December 2025 [1] - The company’s earnings forecast for 2025 to 2027 has been slightly adjusted by 0% to 2%, with the target price raised from HKD 128 to HKD 130, maintaining a "Buy" rating and positioning Maogeping as a preferred stock in the Chinese beauty sector [1] - The report highlights that Maogeping is well-positioned for steady growth in 2026 due to its alignment with experiential consumption trends, clear store network expansion plans, increasing brand awareness, and a product line designed for Chinese facial features and aesthetics [1] Group 2 - The strategic partnership with L Catterton is expected to provide opportunities for overseas expansion and potential acquisitions [1] - Sales and profits for Maogeping are projected to grow by 29% and 30% respectively in 2026, while the annual compound growth rates for sales and profits from 2021 to 2024 are expected to be 35% and 39%, significantly higher than the industry averages of 19% and 11% [1] - The retail industry growth rate is noted to be only 3%, indicating that Maogeping is outperforming its peers and the broader retail sector [1]
小摩：升毛戈平(01318)目标价至130港元 预计今年销售及盈利升约三成