毛戈平：港股首次覆盖报告：大师之作，气蕴东方

Investment Rating - The investment rating for MAOGEPING (1318.HK) is not explicitly stated in the provided content, but the report indicates a positive outlook on the company's growth potential in the high-end beauty market [3]. Core Insights - The report emphasizes the robust growth of the high-end beauty market in China, with a compound annual growth rate (CAGR) of 7.6% from 2018 to 2023, outpacing GDP growth [16]. - MAOGEPING is positioned as a leading domestic high-end beauty brand, with a market share of 1.8% in 2023, making it the only Chinese brand in the top 15 high-end beauty brands by retail sales [30]. - The report highlights the company's unique competitive advantages, including a rare professional makeup artist IP, experiential marketing strategies, and strong operational capabilities [12][30]. Summary by Sections Industry Overview - The beauty industry in China is characterized by strong optional consumption attributes, with the high-end market growing faster than the mass market [16]. - The high-end makeup and skincare markets are expected to grow at annual rates of 10.8% and 9.6%, respectively, from 2023 to 2028 [16]. - The market concentration in the high-end segment is higher than in the mass market, indicating a more significant opportunity for domestic brands like MAOGEPING to gain market share [21]. Company Analysis - MAOGEPING's brand is recognized for its unique makeup artistry, with the founder being a renowned makeup artist who has worked on numerous high-profile projects [30][33]. - The company employs experiential marketing as a core strategy, focusing on offline counters where professional beauty consultants provide personalized makeup solutions, leading to a higher-than-average repurchase rate [40]. - The report forecasts that MAOGEPING's net profit will grow from 9.41 billion to 15.81 billion yuan from 2024 to 2026, reflecting strong growth potential [14]. Future Growth Potential - The company has significant room for expansion, with an estimated 600 new store openings possible in the domestic market [13]. - MAOGEPING is also exploring international markets, leveraging partnerships with global beauty retailers like Sephora to enhance brand visibility and reach [12][13]. - The report suggests that as consumer confidence in domestic brands increases, MAOGEPING is well-positioned to capitalize on the rising trend of domestic high-end beauty products [21].