高盛：亚太区确信买入名单(精选版)加入毛戈平 剔出华润置地

Group 1 - The core viewpoint of the report is that despite challenges in the overall cosmetics industry, 毛戈平 (Mao Geping) is expected to outperform the market [1] - The report highlights that the cosmetics industry is facing rising customer acquisition costs, diminishing channel transformation benefits, and increased tax burdens, which may impact profitability [1] - 毛戈平 is newly added to the "Conviction Buy" list, while DISCO, 华润置地, and Reliance Industries have been removed [1] Group 2 - The report forecasts that 毛戈平's sales and net profit will achieve compound annual growth rates of 23% and 22%, respectively, from 2025 to 2027 [1]