Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In 2024, the company achieved revenue of 3.885 billion, representing a year-on-year growth of 34.6%. The net profit attributable to shareholders was 881 million, up 33%, while the adjusted net profit reached 924 million, growing by 39.2% [2][4]. - The growth was driven by the cosmetics segment, with revenue from color cosmetics and skincare reaching 2.3 billion and 1.43 billion respectively, marking increases of 42% and 23% [7]. - The company has seen a significant increase in membership and repurchase rates, with membership growing from 10.3 million to 15.1 million and online and offline repurchase rates reaching 27.5% and 34.9%, respectively [7]. Summary by Sections Financial Performance - The company reported a total revenue of 3.885 billion in 2024, a 34.6% increase year-on-year. The net profit attributable to shareholders was 881 million, reflecting a 33% growth, while the adjusted net profit was 924 million, up 39.2% [2][4]. - The revenue breakdown shows that color cosmetics generated 2.3 billion, growing by 42%, and skincare products brought in 1.43 billion, with a 23% increase [7]. Market Dynamics - The company experienced strong growth in both online and offline channels, with online revenue increasing by 51% to 1.78 billion and offline revenue growing by 22% to 1.95 billion [7]. - The second half of 2024 continued to show robust performance, with total revenue of 1.91 billion, a 29% year-on-year increase, and color cosmetics growing by 41% [7]. Brand Development - The company is expanding its brand presence with a focus on multiple product categories, including color cosmetics, skincare, and fragrances. The growth strategy is supported by a strong pipeline of quality mid-tier products and enhanced online marketing efforts [7]. - The brand's membership and repurchase rates indicate a healthy growth trajectory, with significant increases in both metrics, showcasing the brand's growing customer loyalty [7].
毛戈平（01318）：2024年年报点评：品牌持续破圈，复购率稳步提升