Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated strong revenue and net profit growth, with a compound annual growth rate (CAGR) of 35% for revenue and 41% for net profit from 2021 to 2023. For the first half of 2024, revenue and net profit both increased by 41% year-on-year [4][6]. - The company has a robust product development capability, with a total of 387 products as of June 30, 2024, including 337 makeup items and 50 skincare items, averaging about 75 new product upgrades annually [6]. - The company has a strong channel management capability, with 372 self-operated counters, ranking second among all beauty brands in China, and a diverse online sales presence across major e-commerce platforms [6]. - The company targets the high-end segment of the makeup market, maintaining a significant price difference from international brands, with a strong performance in light-reflecting products [6]. Financial Projections - The company is projected to achieve revenues of 40.58 billion, 55.56 billion, and 72.94 billion RMB for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 41%, 37%, and 31% [7]. - The net profit attributable to the parent company is expected to be 8.9 billion, 12.2 billion, and 16.3 billion RMB for the same years, with growth rates of 35%, 37%, and 34% [7]. - The report provides a price-to-earnings (P/E) ratio forecast of 52, 38, and 28 for the years 2024, 2025, and 2026, respectively, based on the closing price of 101.0 HKD on March 14, 2024 [6][7].
毛戈平（01318）：点评报告：毛戈平彩妆护肤双驱动，塑造东方兰蔻