DEPPON(SH:603056) Shenwan Hongyuan Securities·2025-08-14 00:15Core Insights - The report highlights the strong performance of the company, with expected revenue of 2.57 billion to 2.60 billion yuan for the first half of 2025, representing a year-on-year growth of 30.4% to 31.9%. Net profit is projected to be between 665 million to 675 million yuan, with a growth of 35.0% to 37.0% [3][9] - The company is leveraging product innovation and channel optimization to enhance brand vitality. Notable product launches include the "Wen Dao Dong Fang" perfume series and the new earth eyeshadow product, which have received positive market feedback and contributed to sales growth [4][9] - The company has established a strong position in the high-end domestic cosmetics market, ranking second overall and first among domestic brands in the top 20 cosmetics list, with a transaction volume of 1.2 billion yuan and a growth rate exceeding 30% [5][9] Product Innovation and Channel Strategy - The company focuses on product innovation centered around Eastern aesthetics, with successful launches such as the "Wen Dao Dong Fang" perfume series, which achieved a monthly sales volume of 1,682 units at an average price of 670.24 yuan [4][9] - The company has effectively integrated online and offline channels, achieving significant sales during promotional events, with a GMV growth of over 70% during the 618 shopping festival [4][9] Industry Positioning and Growth Potential - The company is well-positioned in the mid-to-high-end cosmetics segment, benefiting from a unique brand identity and strong market recognition. The long-term growth outlook remains positive, with projected net profits of 1.184 billion, 1.542 billion, and 1.953 billion yuan for 2025 to 2027, reflecting growth rates of 34%, 30%, and 27% respectively [5][9]