Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [2][6]. Core Insights - The company reported a revenue of 3.88 billion RMB for 2024, reflecting a year-on-year growth of 35%, and a net profit of 0.88 billion RMB, which is a 33% increase [6]. - The adjusted net profit for 2024 was 0.92 billion RMB, showing a significant year-on-year growth of 39% [6]. - The company is positioned strongly in the high-end domestic beauty market, with a focus on expanding its product lines, particularly in the fragrance segment [6]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 2.886 billion RMB - 2024: 3.885 billion RMB - 2025E: 5.173 billion RMB - 2026E: 6.852 billion RMB - 2027E: 8.533 billion RMB - The corresponding net profit forecasts are: - 2023: 0.662 billion RMB - 2024: 0.881 billion RMB - 2025E: 1.184 billion RMB - 2026E: 1.542 billion RMB - 2027E: 1.953 billion RMB - The company expects a compound annual growth rate (CAGR) of 34% for net profit from 2025 to 2027 [5][6][7]. Revenue Breakdown - The revenue breakdown by product category for 2024 shows: - Makeup revenue: 2.304 billion RMB (42% increase), accounting for 59.3% of total revenue - Skincare revenue: 1.429 billion RMB (23.2% increase), accounting for 36.8% - Training revenue: 0.152 billion RMB (45.8% increase), accounting for 3.9% [6]. - Online sales accounted for 47.8% of total revenue, with a year-on-year growth of 51.2% [6]. Brand Strength and Market Position - The company has expanded its offline presence to 409 counters, with a net increase of 25 in 2024, covering over 120 cities [6]. - The online sales performance on platforms like Douyin and Tmall has been strong, with significant growth in gross merchandise volume (GMV) [6]. - The overall repurchase rate increased to 30.9%, reflecting a 4.1 percentage point increase year-on-year [6]. Strategic Initiatives - The company is actively developing its fragrance product line, with several new products launched at premium price points [6]. - The report highlights the company's unique positioning in the high-end market, leveraging its professional makeup artist brand image to enhance pricing power and market share [6].
毛戈平（01318）：24年经调净利润同增39%，看好高端国货美妆持续增长