Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [11]. Core Viewpoints - The rapid development of the Mao Geping brand since 2019 is attributed to the favorable high-end makeup market, the return of national aesthetics, the classic brand philosophy, the unique status of the founder, and high-quality products, creating significant entry barriers [3][6][30]. - The company is expected to benefit from the classic nature of its brand philosophy, the rarity of its founder's assets, and the meticulous development of its products, successfully capturing the opportunities presented by the high-end makeup trend and the return to local aesthetics in China [9][23]. Summary by Relevant Sections Brand - The Mao Geping brand has rapidly developed due to the high-end makeup market's growth and the resurgence of national aesthetics, creating a strong brand asset with high scarcity [6][15]. - The brand's classic philosophy and the founder's unique industry position contribute to its high public recognition and self-propagation attributes [23][26]. Products - The company is expanding its product lines, including color cosmetics, skincare, and fragrance, with clear growth logic in each category [7][30]. - The color cosmetics segment is transitioning from niche professional products to more mainstream offerings, with a rich reserve of potential single products [33][41]. - The skincare line is being upgraded to align with technological skincare trends, with the caviar series emerging as a key product [46][49]. Channels - The company has a solid offline presence while online channels are expected to become significant sources of revenue and profit [8][30]. - The offline channel is anticipated to see improvements in store efficiency due to brand strength and audience expansion, while online operations are focusing on younger demographics and refined marketing strategies [8][30]. Investment Recommendations - The company is positioned for medium to long-term growth, supported by its product diversification and channel optimization strategies [9][30]. - 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 [9].
毛戈平（01318）：系列报告之三：经典，稀缺，成长