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毛戈平(01318.HK)2025年中报点评:渠道优势突出 品类拓展持续 香氛上新引擎
Ge Long Hui· 2025-10-09 19:35
研究员:汤秀洁 事项: 业绩一览:25H1 收入同比+31.3%、净利润同比+36.1%,业绩表现亮眼。毛戈平25H1 实现收入25.9 亿 (+31.3%),归母净利润6.7 亿(+36.1%),经调净利润6.7 亿,符合市场预期。 评论: 盈利能力:销售费用率优化,盈利能力稳健。25H1 公司毛利率为84.2%(-0.7pp),净利率25.9% (+0.9pp),保持相对稳定;销售/管理费用率分别45.2%/5.3%(-2.4pp/-1.5pp)。尽管为提升品牌曝光 度,销售及分销开支同比增加至11.7 亿元,其中营销及推广开支提升至5.4 亿元,但得益于规模效应和 运营效率提升,销售费用率得到有效控制,带动净利率同比提升。 业务拆分:品牌口径,收入=55%彩妆+42%护肤+3%化妆艺术培训+0.4%香氛。1)彩妆:收入14.2 亿 (+31%),毛利率82.7%(-0.9pp);2)护肤:收入10.9 亿(+33%),毛利率87.5%(-0.2pp);3) 化妆艺术培训:收入0.7 亿(-6%),毛利率62.9%(-9.5pp);4)香氛:收入0.11 亿,毛利率77.6%。 业务拆分:渠道口径,收入= ...
华创证券:维持毛戈平“强推”评级 目标价124.4港元
Zhi Tong Cai Jing· 2025-10-09 08:30
华创证券发布研报称,预计25-27年毛戈平(01318)归母净利润分别为11.9、15.3、19.4亿元,3年复合增 速为27.5%,当前股价分别对应38.2、29.8、23.5倍PE,参考可比公司以及考虑到公司为稀缺高端国货美 妆,给予次新股溢价及稀缺性溢价,该行给予公司1.7倍PEG,对应46.7倍PE,目标价124.4港元,维 持"强推"评级。 华创证券主要观点如下: 事项:业绩一览 25H1收入同比+31.3%、净利润同比+36.1%,业绩表现亮眼。毛戈平25H1实现收入25.9亿(+31.3%),归 母净利润6.7亿(+36.1%),经调净利润6.7亿,符合市场预期。 盈利能力:销售费用率优化,盈利能力稳健 25H1公司毛利率为84.2%(-0.7pp),净利率25.9%(+0.9pp),保持相对稳定;销售/管理费用率分别 45.2%/5.3%(-2.4pp/-1.5pp)。尽管为提升品牌曝光度,销售及分销开支同比增加至11.7亿元,其中营销及 推广开支提升至5.4亿元,但得益于规模效应和运营效率提升,销售费用率得到有效控制,带动净利率 同比提升。 业务拆分:品牌口径,收入=55%彩妆+42%护肤+ ...
华创证券:维持毛戈平(01318)“强推”评级 目标价124.4港元
Zhi Tong Cai Jing· 2025-10-09 08:29
业务拆分:渠道口径,收入=47%线下+50%线上 1)线下:收入12.2亿(+27%),毛利率85.7%:其中百货专柜直销收入10.9亿(+25%),毛利率87.3%;线下经 销商收入0.5亿(+28%),毛利率76.8%(+2pp);高端跨国美妆零售商收入0.8亿(+54%),毛利率68.2% (+1pp);2)线上:收入12.97亿(+39%),毛利率83.9%。其中线上直销收入10.2亿(+39%),毛利率84.1%;线 上经销商收入2.7亿(+39%),毛利率83.1%。 事项:业绩一览 25H1收入同比+31.3%、净利润同比+36.1%,业绩表现亮眼。毛戈平25H1实现收入25.9亿(+31.3%),归 母净利润6.7亿(+36.1%),经调净利润6.7亿,符合市场预期。 盈利能力:销售费用率优化,盈利能力稳健 25H1公司毛利率为84.2%(-0.7pp),净利率25.9%(+0.9pp),保持相对稳定;销售/管理费用率分别 45.2%/5.3%(-2.4pp/-1.5pp)。尽管为提升品牌曝光度,销售及分销开支同比增加至11.7亿元,其中营销及 推广开支提升至5.4亿元,但得益于规模效应和运营 ...
毛戈平(01318):2025年中报点评:渠道优势突出,品类拓展持续,香氛上新引擎
Huachuang Securities· 2025-10-09 07:47
证 券 研 究 报 告 毛戈平(01318.HK)2025 年中报点评 强推(维持) 渠道优势突出,品类拓展持续,香氛上新引擎 事项: 业绩一览:25H1 收入同比+31.3%、净利润同比+36.1%,业绩表现亮眼。毛戈 平 25H1 实现收入 25.9 亿(+31.3%),归母净利润 6.7 亿(+36.1%),经调净 利润 6.7 亿,符合市场预期。 评论: [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,885 | 5,142 | 6,588 | | 8,273 | | 同比增速(%) | 34.6% | 32.4% | 28.1% | | 25.6% | | 归母净利润(百万) | 881 | 1,191 | 1,527 | | 1,936 | | 同比增速(%) | 33.0% | 35.3% | 28.2% | | 26.8% | | 每股盈利(元) | 1.84 | 2.43 | 3.12 | | 3. ...
毛戈平(1318.HK):业绩如期靓丽增长 高端美妆定位不断强化
Ge Long Hui· 2025-08-29 03:02
Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant revenue and profit growth driven by effective cost management and operational efficiency [1][5]. Financial Performance - The company achieved a revenue of 2.59 billion yuan in H1 2025, representing a year-on-year increase of 31.3%, and a net profit attributable to shareholders of 670 million yuan, up 36.1% year-on-year [1]. - The net profit margin for H1 2025 was 25.9%, an increase of 0.9 percentage points compared to the previous year, attributed to ideal revenue growth and effective cost control [1]. Product and Channel Performance - Major product categories showed robust growth, with color cosmetics, skincare, and makeup training contributing 55%, 42%, and 2.6% to total revenue, respectively. The newly launched fragrance category accounted for 0.4% of total revenue [1]. - Online and offline channel revenues grew by 39% and 26.6%, respectively, with online direct sales and sales to online distributors making up 40.6% and 10.8% of total revenue [2]. Cost and Efficiency Metrics - The gross margin for H1 2025 was 84.2%, a slight decrease of 0.7 percentage points year-on-year. The gross margins for color cosmetics, skincare, fragrance, and makeup training were 82.7%, 87.5%, 77.6%, and 62.9%, respectively [3]. - The operating expense ratio decreased by 3.9 percentage points to 50.5%, with sales, management, and financial expense ratios showing respective declines [3]. Inventory and Cash Flow - Inventory increased by 23.9% year-on-year to 390 million yuan, with inventory turnover days improving to 156 days, a reduction of 42 days [3]. - Operating net cash flow reached 830 million yuan, reflecting a year-on-year increase of 34.2% [3]. Brand and Market Positioning - The company continues to strengthen its high-end beauty positioning, launching new fragrance lines and enhancing its brand image through strategic store placements in premium retail locations [4]. - Membership numbers increased, with online and offline members reaching 13.4 million and 5.6 million, respectively, and the overall repurchase rate improved to 26.8% [4]. Future Outlook - The company is optimistic about maintaining its high-end beauty positioning and expects continued growth in both online and offline channels. Profit forecasts for 2025-2027 have been adjusted upward due to improved expense ratios [5].
毛戈平(01318):业绩如期靓丽增长,高端美妆定位不断强化
EBSCN· 2025-08-28 03:07
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]
开源晨会-2025-04-02
KAIYUAN SECURITIES· 2025-04-02 14:46
Summary of Key Points Overall Market Performance - The performance of the CSI 300 and ChiNext indices over the past year shows a significant decline, with the CSI 300 down by 32% and the ChiNext down by 16% [1]. Industry Performance - The top five performing industries yesterday included textiles and apparel (+1.448%), beauty and personal care (+1.014%), telecommunications (+0.971%), banking (+0.897%), and diversified industries (+0.742%) [1]. - Conversely, the bottom five performing industries were defense and military (-1.17%), non-ferrous metals (-0.866%), utilities (-0.801%), steel (-0.580%), and pharmaceuticals and biology (-0.537%) [1]. Communication Industry - The satellite internet construction in China is gradually taking shape, with significant developments in the commercial aerospace industry [10]. - On April 1, 2025, China successfully launched a satellite for internet technology testing, marking a step towards the integration of satellite and terrestrial networks [12]. - The "Thousand Sails Constellation" plan aims to deploy 648 satellites by the end of 2025 and 1,296 satellites globally by 2027, with a long-term goal of 15,000 satellites by 2030 [13]. Coal Mining Industry - China Jushi (600176.SH) reported a significant increase in Q4 2024 performance, with revenue reaching 42.2 billion yuan, a year-on-year increase of 22.4% and a quarter-on-quarter increase of 8.49% [16]. - The company’s glass fiber yarn sales reached a record high of 3.025 million tons in 2024, driven by structural optimization and market expansion [17]. Real Estate and Construction Industry - China Overseas Development (00688.HK) ranked first in equity sales and land acquisition, with a steady growth in commercial income [21]. - The company reported a revenue of 1,851.5 billion yuan in 2024, a year-on-year decrease of 8.6%, while its equity sales amounted to 3,107 billion yuan, a slight increase of 0.3% [22][23]. Food and Beverage Industry - China Feihe (06186.HK) achieved a revenue of 20.749 billion yuan in 2024, reflecting a year-on-year increase of 6.2%, with a proposed dividend of 0.3264 HKD per share [27]. - The company’s ultra-high-end product series continues to drive growth, with a focus on expanding its market share in the infant formula sector [28]. Chemical Industry - Shengquan Group (605589.SH) reported a revenue of 10.02 billion yuan in 2024, with a year-on-year increase of 9.87% [37]. - The company is expanding its high-frequency and high-speed resin varieties, indicating a robust growth trajectory [38]. Light Industry - Jiayi Co., Ltd. (301004.SZ) achieved a revenue of 2.836 billion yuan in 2024, a year-on-year increase of 59.8%, supported by strong customer relationships [31]. - The company’s overseas revenue growth is a significant driver of its overall performance [32].