机构：华鑫证券 研究员：朱珠 化妆品出海势头强劲，出口额与市场规模双增 公司毛利率为84.2%，净利率为25.9%，显示出其强大的盈利能力。从业务构成来看，彩妆和护肤为主 要增长动力：彩妆业务收入14.22 亿元，同比增长31.1%；护肤业务收入10.87亿元，同比增长33.4%。此 外，毛戈平还拓展了香氛品类，推出"国蕴凝香"和"闻道东方"两个高端香水系列，实现营收1141.3 万 元。尽管化妆艺术培训业务收入有所下降，但公司表示这是出于提升服务质量的目的，主动控制招生规 模所致。整体来看，毛戈平上半年业绩表现亮眼，展现出其在高端美妆市场的强大竞争力。 盈利预测 预测公司2025-2027 年收入分别为50.83、64.98、82.45 亿元，EPS 分别为2.36、3.00、3.81 元，当前股 价对应PE 分别为42、33、26 倍，维持"买入"投资评级。 风险提示 中国化妆品行业出海趋势日益显著，成为推动行业增长的重要引擎。2025 年上半年，中国化妆品出口 总额为187.10 亿元人民币，较2024 年同比增长11.97%；出口市场呈现多元化格局，其中东南亚市场作 为中国美妆品牌出海的重点区域，正以 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [1][8]. Core Insights - The beauty industry is experiencing significant export trends, with the company, 毛戈平, making substantial progress in its global layout [1]. - In the first half of 2025, the company achieved a revenue of 2.588 billion RMB, representing a year-on-year growth of 31.3%, and a net profit of 670 million RMB, up 36.1% year-on-year [6]. - 毛戈平 plans to enter Hong Kong's Harbour City in October 2025, enhancing its high-end offline global presence [5]. Summary by Sections Market Performance - The Chinese cosmetics industry is witnessing a strong trend towards internationalization, with a total export value of 18.71 billion RMB in the first half of 2025, a year-on-year increase of 11.97% [4]. - Southeast Asia is a key market for Chinese beauty brands, projected to reach a market size of 34.55 billion USD by 2027, growing at an annual rate of 3.57% [4]. Company Developments - 毛戈平's offline sales in the first half of 2025 grew approximately 18%, significantly outperforming the industry average [5]. - The company has established 378 self-operated counters and 31 dealer counters across 120 cities in China, employing over 2,800 professional beauty consultants [5]. Financial Performance - 毛戈平's gross margin stands at 84.2%, with a net margin of 25.9%, indicating strong profitability [6]. - The company forecasts revenues of 5.083 billion RMB, 6.498 billion RMB, and 8.245 billion RMB for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.36, 3.00, and 3.81 RMB [8].