新股预览：毛戈平

Investment Rating - The report assigns a rating of ★★★☆☆ to the company [5]. Core Insights - The company is a leading high-end beauty group in mainland China, founded in 2000 by renowned makeup artist Mao Geping. It is the only Chinese company among the top ten high-end beauty groups in the mainland market, ranking seventh in retail sales with a market share of 1.8% as of 2023 [1]. - The mainland high-end beauty market has grown at a compound annual growth rate (CAGR) of 7.8% from 2018 to 2023, reaching RMB 194.2 billion in 2023, and is expected to continue growing at a CAGR of 9.9%, projected to reach RMB 311.0 billion by 2028. Domestic beauty brands are expected to meet the increasing demand driven by cultural pride and recognition of Eastern aesthetics [2]. - The company has demonstrated strong revenue growth, with total revenue increasing from RMB 1,577.3 million in 2021 to RMB 2,886.0 million in 2023, representing a CAGR of 35.3%. For the first half of 2024, revenue rose by 41.0% to RMB 1,971.5 million compared to the same period in 2023 [3]. - The flagship brand MAOGEPING, launched in 2000, focuses on high-end products based on light and shadow aesthetics and Eastern aesthetics. The product portfolio includes 387 items across two categories, with significant sales from specific product lines [4]. Financial Summary - Key financial data for the company is as follows: - Revenue: RMB 15.77 billion in 2021, RMB 18.29 billion in 2022, and RMB 28.86 billion in 2023 [4]. - Profit attributable to shareholders: RMB 3.31 billion in 2021, RMB 3.52 billion in 2022, and RMB 6.61 billion in 2023 [4].