Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [3][7]. Core Insights - The company is positioned as a rare "makeup artist IP," reshaping the high-end beauty ecosystem with a unique pricing strategy and personalized consultation services [3]. - The sales performance during the "3·8" promotional event was impressive, with significant online sales growth, particularly on platforms like Douyin and Tmall [5][6]. - The inclusion in the Hong Kong Stock Connect is expected to enhance liquidity and attract capital, aligning with the new consumption trends in the market [6]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 38.44 billion, 50.83 billion, and 63.98 billion yuan respectively, with corresponding EPS of 1.77, 2.36, and 2.98 yuan [7][10]. - The company is expected to maintain a strong growth trajectory, with revenue growth rates of 33.2%, 32.2%, and 25.9% for the next three years [10]. - The projected net profit for the same years is 868 million, 1.155 billion, and 1.458 billion yuan, reflecting growth rates of 31.2%, 33.1%, and 26.2% [10].
毛戈平：公司动态研究报告：“3·8”活动表现不俗，入通流动性有望提升-20250317