Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10]. Core Viewpoints - The rapid development of the Mao Geping brand since 2019 is attributed to the favorable trends in high-end cosmetics and the return to traditional aesthetics, supported by the brand's classic philosophy, the founder's unique industry position, and high-quality products, creating significant entry barriers [3][5][21]. - The company is expected to benefit from a clear growth logic in the medium to long term, driven by product diversification and channel optimization [8][29]. Product Analysis - The brand is expanding its product lines, including color cosmetics, skincare, and fragrance, with a focus on enhancing its foundation category and introducing new products that align with consumer preferences [6][28]. - The foundation category is transitioning from niche professional products to more mainstream offerings, with a rich reserve of potential single products [32][35]. - The skincare line is being upgraded to meet technological trends, with significant products like the caviar mask becoming a flagship item [45][48]. Channel Strategy - The company has a solid offline presence while online channels are expected to become a significant source of revenue and profit, with online growth outpacing offline [7][34]. - Offline, the brand is enhancing store efficiency through strategic upgrades in shopping districts, while online, it is focusing on detailed operations to attract younger consumers [7][34]. Financial Projections - The projected net profits for 2024, 2025, and 2026 are estimated at 9.01 billion, 12.00 billion, and 15.42 billion respectively, with corresponding PE ratios of 51, 38, and 30 times [8].
毛戈平系列报告之三：经典，稀缺，成长