Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a robust performance in the first half of 2025, with revenue and net profit increasing by 31.3% and 36.1% year-on-year, respectively [4] - The introduction of new fragrance products has further strengthened the company's high-end beauty positioning [8] - The company has successfully improved its operational efficiency, leading to a significant decrease in expense ratios [6][9] - The online and offline channels have both shown strong growth, with online sales increasing by 39% and offline sales by 26.6% [5] Financial Performance - In the first half of 2025, the company reported revenue of 2.59 billion yuan and a net profit of 670 million yuan, with an earnings per share (EPS) of 1.37 yuan [4] - The gross profit margin slightly decreased to 84.2%, while the net profit margin improved to 25.9% [6] - The company’s operating cash flow reached 830 million yuan, reflecting a year-on-year increase of 34.2% [7] Product and Channel Analysis - The revenue breakdown for the first half of 2025 shows that color cosmetics, skincare, fragrance, and makeup artistry training contributed 55%, 42%, 0.4%, and 2.6% to total revenue, respectively [5] - The company has expanded its offline presence with 405 self-operated counters and 32 distributor counters, marking a net increase of 27 and 1, respectively [5] Future Outlook - The company expects continued high-quality growth, with revised net profit forecasts for 2025, 2026, and 2027 set at 1.21 billion, 1.58 billion, and 2.04 billion yuan, respectively [9] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 36 for 2025, indicating a favorable valuation [9]
毛戈平（01318）：业绩如期靓丽增长，高端美妆定位不断强化