Core Viewpoint - Morgan Stanley's report indicates that Maogeping (01318) management's share reduction plan is expected to alleviate investor concerns regarding the expiration of the lock-up period in December 2025, leading to a slight adjustment in profit forecasts for 2025 to 2027 and an increase in target price from HKD 128 to HKD 130, maintaining a "Buy" rating and positioning Maogeping as a preferred stock in the Chinese beauty sector [1] Group 1 - The company is projected to have robust growth visibility in 2026 due to its optimal positioning in the experiential consumption trend, clear store network expansion plans, and increasing brand awareness [1] - The product line is meticulously designed to cater to Chinese facial features and aesthetics, with ongoing diversification in retail experiences [1] - A recent strategic partnership with L Catterton is expected to provide opportunities for overseas expansion and potential acquisitions [1] Group 2 - Sales and profit for Maogeping are anticipated to grow by 29% and 30% respectively in 2026, with a compound annual growth rate (CAGR) of 35% and 39% for sales and profit from 2021 to 2024, significantly outpacing industry averages of 19% and 11%, and far exceeding the retail sector's growth rate of 3% [1]
小摩：升毛戈平目标价至130港元 预计今年销售及盈利升约三成