毛戈平：国内稀缺的高端美妆领导者，引领国风美学潮流

Investment Rating - The report does not provide a specific investment rating for the company at this time [1]. Core Insights - The company, Maogeping Cosmetics Co., Ltd., is a leading high-end beauty brand in China, uniquely positioned as the only domestic brand among the top ten high-end beauty brands, with a market share of 1.8% [2][3]. - The company has shown rapid growth, with a revenue CAGR of 35% and a net profit CAGR of 41% from 2021 to 2023, and expects to maintain high growth rates in the coming years [2][5]. - The high-end beauty market in China is experiencing significant growth, with an expected CAGR of 9.9% from 2023 to 2028, indicating a strong demand for domestic high-end brands [3][4]. Summary by Sections Company Overview - Maogeping Cosmetics was founded in 2000 by renowned makeup artist Maogeping, integrating light and shadow aesthetics with Eastern beauty principles [2][9]. - The company operates two main brands: MAOGEPING and Zhi Ai Zhong Sheng, covering makeup, skincare, and makeup training [2][9]. Financial Performance - The company's revenue increased from 1.577 billion yuan in 2021 to 2.886 billion yuan in 2023, with a year-on-year growth of 58% in 2023 [2][136]. - The net profit rose from 331 million yuan in 2021 to 662 million yuan in 2023, reflecting an 88% year-on-year growth [2][136]. - For the first half of 2024, the company reported revenues of 1.972 billion yuan and a net profit of 492 million yuan, both showing a 41% increase year-on-year [2][136]. Industry Analysis - The Chinese beauty market has grown from 402.6 billion yuan in 2018 to 579.8 billion yuan in 2023, with a CAGR of 7.6% [3][158]. - The skincare segment has a significant market share, while the color cosmetics market is expected to accelerate, with a projected CAGR of 8.4% from 2023 to 2028 [3][159]. - The high-end beauty market is characterized by a high concentration of international brands, but domestic brands like Maogeping are gaining traction due to increasing cultural recognition and consumer preference for local products [3][4]. Growth Strategy - The company plans to use the proceeds from its IPO, estimated at approximately 21 billion HKD (19.4 billion yuan), for channel expansion and brand building [5][150]. - The allocation of funds includes 25% for expanding the sales network, 20% for brand building activities, and 15% for overseas expansion and acquisitions [5][150][153].