Investment Rating - The investment rating for the company is "Buy" (maintained) [1][6][22] Core Insights - The company has shown strong performance in the high-end domestic beauty market, with significant revenue growth and brand momentum [6][10] - The company reported a revenue of 2.59 billion RMB in H1 2025, representing a year-on-year increase of 31%, and a net profit of 670 million RMB, up 36% year-on-year [6][10] - The gross margin for H1 2025 was 84.2%, with a net profit margin of 25.9%, indicating effective cost control [6][10] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 2,886 million RMB - 2024: 3,885 million RMB - 2025E: 5,173 million RMB - 2026E: 6,852 million RMB - 2027E: 8,533 million RMB - Year-on-year growth rates for revenue are projected at 58% for 2023, 35% for 2024, and gradually decreasing to 25% by 2027 [5][13] - Net profit forecasts are as follows: - 2023: 662 million RMB - 2024: 881 million RMB - 2025E: 1,184 million RMB - 2026E: 1,542 million RMB - 2027E: 1,953 million RMB - The projected PE ratios are 64.7 for 2023, decreasing to 22.5 by 2027 [5][13] Segment Performance - The company experienced double-digit growth in both color cosmetics and skincare, with significant contributions from new product launches [6] - In H1 2025, color cosmetics revenue reached 1.42 billion RMB (up 31.1% YoY), while skincare revenue was 1.09 billion RMB (up 33.4% YoY) [6] - The fragrance segment also showed promising growth, with revenue of 11.41 million RMB, while the makeup training segment saw a decline of 5.9% [6] Channel Performance - The company has effectively released its potential across all channels, with offline revenue of 1.22 billion RMB (up 26.6% YoY) and online revenue of 1.297 billion RMB (up 39% YoY) [6] - The number of members reached 19 million, with a repurchase rate of 26.8%, indicating strong customer loyalty [6] Research and Development - The company is focused on innovation and international expansion, with new product launches planned and a research center set to support growth [6] - The company aims to penetrate the European and Asia-Pacific markets with localized teams and high-end channels [6] Brand Positioning - The company is positioned as a leading domestic beauty brand, capitalizing on the high-end color cosmetics market with a strong emphasis on unique aesthetics and product innovation [6]
毛戈平（01318）：国货高端美妆业绩高增，品牌势能强劲上扬