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 to develop makeup and skincare products, creating a competitive moat through offline experiential makeup services. The projected net profits for 2024-2026 are estimated at 893 million, 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] Summary by Sections Company Overview - Mao Geping is 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) [23] - The company has established a strong brand presence and diversified its product offerings, including makeup, skincare, and professional training services [23][24] 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. Net profits for the same period were 338 million, 639 million, and 492 million CNY, with growth rates of 6.4%, 88.0%, and 41.0% [31] - The gross margin has remained high, averaging around 84.8% from 2022 to 2024H1, while the net margin has improved, reaching 25.0% in 2024H1 [31][36] Market Growth Potential - The Chinese makeup market is still developing, with a significant gap compared to overseas markets. The market size for makeup in China was approximately 5,798 billion CNY in 2023, with makeup accounting for only about 20.1% of the beauty market [46] - The report highlights the potential for growth in the high-end makeup segment, as domestic brands like Mao Geping are positioned to capture market share amid rising consumer interest in local products [46][49] Competitive Advantages - Mao Geping's unique business model combines online and offline channels, with a strong focus on high-end department store sales and a growing online presence. The company has established a solid customer base through its experiential services and high-quality products [7][41] - The brand's core strengths include its professional IP, aesthetic design, and high-end channel development, which create a competitive barrier in the market [7][8]
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-20250220