IPO申购指南：毛戈平

Investment Rating - The report recommends subscription for the company Maogeping (1318.HK) [5] Core Viewpoints - The company is a leading high-end beauty group in China, focusing on high-quality beauty products, professional makeup training, and personalized customer services, providing a comprehensive beauty experience [5] - The company's revenue is primarily derived from product sales and makeup training, accounting for 97.0%/3.0%, 96.4%/3.6%, and 96.4%/3.6% of total revenue for the years 2022, 2023, and the first half of 2024 respectively [5] - The company ranks seventh among the top ten high-end beauty groups in China by retail sales in 2023, with a market share of 1.8% [5] - The high-end beauty market in China is expected to grow at a CAGR of 9.9% from 2023 to 2028, with the market size projected to reach 3110 billion CNY [5] - The company's revenue CAGR over the past three years is 35.3%, with a significant increase in net profit and net profit margin during the same period [5][6] Summary by Relevant Sections IPO Details - The IPO price range is set at 26.3-29.8 HKD, with a total fundraising amount of approximately 18.45 billion HKD [5] - The total number of shares available for subscription is 70.59 million, with 63.53 million shares allocated for international placement and 7.06 million shares for public offering [5] Financial Performance - The company's revenue for the years 2021 to the first half of 2024 is projected to be 15.8 billion, 18.3 billion, 28.9 billion, and 19.7 billion CNY respectively, with a revenue growth of 41.0% year-on-year in the first half of 2024 [5] - Net profit for the same period is expected to be 3.3 billion, 3.5 billion, 6.6 billion, and 4.9 billion CNY, with a net profit CAGR of 41.6% [5] - The net profit margin has shown a consistent upward trend, reaching 25.0% in the first half of 2024 [5] Valuation Analysis - Based on the median IPO price, the company's market capitalization is estimated at approximately 132.0 billion CNY, corresponding to a static PE ratio of 20.0, which is lower than the industry average of 26.3 [5][6]