Investment Rating - The report assigns a "Buy" rating for the company, Mao Geping [6] Core Insights - Mao Geping is a rare high-end domestic beauty brand that leverages the unique "light and shadow aesthetics" concept developed by its founder to create makeup and skincare products, establishing a competitive moat through offline experiential makeup services. The projected net profits for 2024-2026 are estimated at 0.893 billion, 1.172 billion, and 1.467 billion CNY, respectively, with corresponding EPS of 1.82, 2.39, and 2.99 CNY, leading to a PE ratio of 37.4, 28.5, and 22.7 times [6] Company Overview - Mao Geping is positioned as a high-end domestic beauty brand with over 20 years of industry experience, evolving through three stages: initial brand creation (2000-2007), market deepening (2008-2018), and rapid expansion (2019-present) [24] - The company has a concentrated ownership structure, with the Mao family holding a significant portion of shares, ensuring stability and continuity in management [27][30] Financial Performance - The company has shown consistent high double-digit growth in revenue and profit, with 2022-2024H1 revenues of 1.829 billion, 2.886 billion, and 1.972 billion CNY, reflecting year-on-year growth rates of 16.0%, 57.8%, and 41.0% respectively. The net profits for the same period were 0.338 billion, 0.639 billion, and 0.492 billion CNY, with growth rates of 6.4%, 88.0%, and 41.0% [32] - The gross margin has remained high, with figures of 83.4%, 83.8%, 84.8%, and 84.8% from 2021 to 2024H1, indicating strong profitability [36] Market Growth Potential - The Chinese makeup market is still developing, with a significant gap compared to overseas markets. The domestic market size was approximately 579.8 billion CNY in 2023, with makeup accounting for only about 20.1% [49] - The report highlights the high barriers and stickiness of the facial makeup segment, suggesting that it is easier to defend than to penetrate [49] Competitive Advantages - Mao Geping's unique business model combines online and offline channels, supported by a strong founder IP and a well-established aesthetic design philosophy. The brand's focus on high-end retail channels and a robust membership base enhances its competitive edge [7][8] - The company has a diversified product line, with makeup contributing 55.1% and skincare 22.8% to total revenue in 2024H1, indicating a balanced growth strategy [24][26]
毛戈平：港股公司首次覆盖报告：以妆为笔，绘东方气韵、铸大师传奇-20250219