商贸零售行业双周报：彩妆龙头毛戈平拟登陆港股，高端美妆国货未来可期

Investment Rating - The report maintains an "Outperform" rating for the retail sector [2][3]. Core Insights - The high-end beauty brand MAOGEPING is set to launch on the Hong Kong Stock Exchange, which is expected to boost market sentiment in the beauty and personal care sector [2]. - MAOGEPING has shown rapid revenue growth, achieving a revenue increase of 16.0% in 2022 and 57.8% in 2023, with a year-on-year growth of 41.0% in the first half of 2024 [2][34]. - The report highlights structural opportunities in the retail sector despite overall economic pressures, with specific recommendations for companies like PORLAIYA and WUMAI [2]. Summary by Sections Company Overview - MAOGEPING, founded in 2000, is a leading domestic high-end beauty brand, leveraging the founder's expertise in makeup artistry [21]. - The brand's revenue is primarily driven by its core MAOGEPING line, which accounted for 95.5% of total revenue in 2023 [21][40]. Financial Performance - MAOGEPING's revenue from 2021 to 2023 was 15.8 billion, 18.3 billion, and 28.9 billion CNY respectively, with a compound annual growth rate of 38.1% [34]. - The company's adjusted net profit reached 6.64 billion CNY in 2023, reflecting an 88.7% year-on-year increase [34]. Product Categories - The makeup segment remains the primary revenue contributor, with a 55% share as of the first half of 2024, while skincare products are rapidly gaining traction, accounting for 41% [40][42]. - MAOGEPING offers a diverse range of products, including 3,373 makeup items, with a focus on base makeup products [41]. Sales Channels - Offline sales channels remain dominant, contributing 50.9% of total revenue in the first half of 2024, while online sales have grown significantly, accounting for 49.1% [47][48]. - The company has established a strong presence in department stores, with 372 self-operated counters, ranking second among domestic beauty brands [47]. Marketing Strategy - MAOGEPING utilizes the founder's personal brand to enhance its market presence and consumer trust [53]. - Collaborations with cultural institutions, such as the Palace Museum, have helped elevate the brand's image and attract younger consumers [55]. Industry Overview - The beauty and personal care industry is experiencing a structural shift, with domestic brands gaining market share against international competitors [70]. - The overall market for color cosmetics is projected to grow, with a sales forecast of 116.8 billion CNY in 2023, reflecting a 5.0% year-on-year increase [59].