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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. ...
华鑫证券:维持毛戈平“买入”评级 25H1公司营收净利高增
Zhi Tong Cai Jing· 2025-09-30 03:44
Core Viewpoint - Huogeping (01318) is projected to achieve significant revenue growth from 2025 to 2027, with a "buy" investment rating maintained by Huaxin Securities [1] Financial Performance - For the first half of 2025, Huogeping reported revenue of 2.588 billion RMB, a year-on-year increase of 31.3% [1] - The net profit for the same period was 670 million RMB, reflecting a year-on-year growth of 36.1% [1] - The company's gross margin stood at 84.2%, while the net margin was 25.9%, indicating strong profitability [1] Business Segments - The main growth drivers for Huogeping are the makeup and skincare segments, with makeup revenue reaching 1.422 billion RMB, up 31.1% year-on-year [1] - Skincare revenue was 1.087 billion RMB, showing a year-on-year increase of 33.4% [1] - Huogeping has also expanded into the fragrance category, launching two high-end perfume series, generating revenue of 11.413 million RMB [1] Strategic Decisions - The decline in revenue from the makeup artistry training business is a strategic decision aimed at improving service quality by controlling enrollment size [1] - Overall, Huogeping's performance in the first half of the year demonstrates its strong competitive position in the high-end beauty market [1]
华鑫证券:维持毛戈平(01318)“买入”评级 25H1公司营收净利高增
智通财经网· 2025-09-30 03:43
智通财经APP获悉,华鑫证券发布研报称,预测毛戈平(01318)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。 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。 报告中称,2025年上半年,毛戈平实现营业收入25.88亿元人民币,同比增长31.3%;净利润6.70亿元人民 币,同比增长36.1%。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%。 ...
毛戈平(1318.HK):美护行业出口趋势显著 毛戈平全球布局渐入佳境
Ge Long Hui· 2025-09-29 19:26
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 ...
兰亭科技闪耀全球产业协同展 创新实力赢得国际赞誉
Sou Hu Cai Jing· 2025-09-16 03:32
展会期间,兰亭科技的展台成为了现场瞩目的焦点之一。公司携旗下多款明星产品及最新研发成果重磅 登场,涵盖了护肤、个人护理等多个领域。这些产品不仅融合了先进的生物科技研究成果,更体现了对 自然、健康、绿色理念的深度追求,充分展示了中国日化企业强大的研发实力与创新能力。 近日,由深圳市人民政府与深圳市归国华侨联合会共同主办的全球产业协同展在深圳国际会议中心隆重 举行。本次展会旨在搭建一个高水平、国际化的产业交流与合作平台,汇聚全球创新资源。国内日化与 健康领域的优秀代表——兰亭科技,作为重点受邀企业之一精彩亮相,其前沿的创新成果与卓越的品牌 形象在此次国际盛会上大放异彩,收获了来自全球各地参会嘉宾、行业专家及国际友人的高度赞誉。 来自世界各地的采购商、行业专家及观众纷纷驻足兰亭展台,深入交流产品细节与技术应用,并对产品 的品质、设计理念及科技含量给予了极高评价。"产品的体验感非常出色,科技与自然的结合令人印象 深刻,"一位来自欧洲的参会者表示,"这让我对中国品牌的创新力有了全新的认识。"现场互动踊跃, 气氛热烈,兰亭科技以过硬的"硬核"实力成功"圈粉"无数,在国际舞台上有效地提升了品牌知名度与美 誉度。 此次成功参 ...
最受外企关注的中国高端美妆,大涨31.3%
FBeauty未来迹· 2025-08-29 12:46
Core Viewpoint - The article highlights the impressive performance of the Chinese beauty brand Mao Geping, showcasing its strong growth in revenue and profit, which significantly outpaces the industry average, marking it as a leading example of domestic brands in the high-end beauty sector [3][4][5]. Financial Performance - For the first half of 2025, Mao Geping reported a revenue of 2.588 billion RMB, a year-on-year increase of 31.3%, and a net profit of 670.4 million RMB, up 36.1%, both exceeding market expectations [5][6]. - The revenue breakdown shows that color cosmetics generated 1.422 billion RMB (55.0% of total revenue), skincare contributed 1.087 billion RMB (42.0%), and fragrance brought in 11.4 million RMB (0.4%) [6][7]. Product Categories - The company maintains a dual-core growth strategy with color cosmetics and skincare as the main revenue drivers, while the newly introduced fragrance category is beginning to establish itself [7][8]. - The average selling price of color cosmetics decreased from 163.8 RMB to 157.0 RMB, while sales volume increased by 36.8%, indicating a strategic price adjustment to maintain market share amid economic challenges [7][10]. Channel Strategy - Online sales surpassed offline for the first time, accounting for 51.4% of total revenue, with a significant year-on-year growth of 39.0% [10][11]. - The offline channel, while slightly declining in proportion, showed improved efficiency with same-store sales increasing by 17.9% [11][12]. Customer Engagement - The overall repurchase rate increased from 24.8% to 26.8%, with offline repurchase rates particularly strong at 30.3% [12][13]. - The company has invested in a large team of over 3,100 beauty consultants to enhance customer experience and loyalty [19][20]. Brand Positioning and Cultural Strategy - Mao Geping emphasizes "Oriental aesthetics" as its core brand philosophy, integrating traditional Chinese cultural elements with modern beauty technology [15][17]. - The brand's cultural narrative is reflected in its product lines, such as the "Guo Yun Ning Xiang" and "Wen Dao Dong Fang" fragrance series, which are designed to resonate with consumers' cultural confidence [15][17]. Future Outlook and Challenges - Despite strong performance, the company faces challenges in R&D investment, international expansion, and increasing market competition [22][23]. - Plans for a self-owned production base and a focus on high-margin skincare products indicate a strategic direction for future growth [22][23].
上海家化涨2.01%,成交额7168.67万元,主力资金净流入514.50万元
Xin Lang Cai Jing· 2025-08-29 03:07
Core Viewpoint - Shanghai Jahwa's stock price has shown significant growth this year, with a year-to-date increase of 58.78% and a recent upward trend in trading performance [2] Group 1: Stock Performance - As of August 29, Shanghai Jahwa's stock price reached 26.85 CNY per share, with a trading volume of 71.69 million CNY and a market capitalization of 18.05 billion CNY [1] - The stock has increased by 4.31% over the last five trading days, 19.23% over the last 20 days, and 11.00% over the last 60 days [2] Group 2: Financial Performance - For the first half of 2025, Shanghai Jahwa reported a revenue of 3.478 billion CNY, representing a year-on-year growth of 4.75%, and a net profit attributable to shareholders of 266 million CNY, which is an increase of 11.66% [2] - The company has distributed a total of 3.569 billion CNY in dividends since its A-share listing, with 318 million CNY distributed over the past three years [3] Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Shanghai Jahwa increased to 37,800, up by 10.15%, while the average circulating shares per person decreased by 9.22% to 17,804 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 32.78 million shares, an increase of 15.06 million shares from the previous period [3]