Investment Rating - The report assigns a "Buy" rating for the company, MAOGEPING [1]. Core Insights - MAOGEPING is a leading domestic high-end beauty brand with a strong financial performance, achieving a revenue of 2.89 billion yuan and a net profit of 660 million yuan in 2023, with a compound annual growth rate (CAGR) exceeding 35% over three years [4][21]. - The brand leverages the founder's reputation, experiential marketing, and high product quality to create a competitive moat, with over 80% of revenue coming from loyal members [4][30]. - The company is expected to maintain strong growth driven by product expansion and channel development, with projected net profits of 910 million yuan, 1.2 billion yuan, and 1.54 billion yuan from 2024 to 2026 [4][145]. Company Overview - MAOGEPING was established in 2000 and is known for its high-end positioning in the beauty market, focusing on both makeup and skincare products [4][10]. - The company has a concentrated ownership structure, with the founder and family holding a significant portion of shares, ensuring stable management [12][16]. Financial Analysis - The company has maintained a high gross margin of approximately 84.8% and a net profit margin of around 23% in 2023, reflecting its strong pricing power and operational efficiency [21][27]. - Revenue and net profit for the first half of 2024 are projected to grow by 41% year-on-year, indicating robust growth momentum [21][145]. Business Analysis - The product mix is heavily weighted towards makeup, with skincare products increasing to 40% of total revenue in 2023, showcasing a successful diversification strategy [30][31]. - The company has a dual-channel strategy, with both offline counters and online sales contributing to its growth, and online sales are expected to continue rising [49][51]. Growth Drivers - The company plans to expand its offline presence by opening approximately 30 new counters annually, while also enhancing its online penetration through platforms like Tmall and Douyin [4][120]. - MAOGEPING aims to introduce new products across various categories, including color cosmetics and skincare, to capture a larger market share [4][137]. Market Analysis - The beauty industry, particularly the makeup segment, is experiencing high growth potential, with domestic brands gaining market share against international competitors [70][80]. - The report highlights the increasing consumer demand for high-end beauty products, driven by changing consumer preferences and a growing middle class [70][78]. Membership and Loyalty - The company has implemented a tiered membership system that enhances customer loyalty, with high repurchase rates among premium members [108][116]. - The loyalty program has contributed significantly to revenue, with premium members accounting for over 80% of total sales [4][116]. Future Outlook - MAOGEPING is exploring international expansion opportunities, aiming to establish a presence in overseas markets while maintaining its high-end brand image [140][141]. - The company is also focusing on product innovation and marketing strategies to enhance brand visibility and consumer engagement [4][137].
毛戈平：深度报告：高端美妆品牌，品类延展可期