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毛戈平(01318.HK)首次覆盖:中国高端美妆品牌 从SKU和店效看毛戈平发展空间
Ge Long Hui· 2025-08-15 18:55
Core Viewpoint - 毛戈平 is positioned as a high-end beauty brand in China, with a focus on offline high-end department store channels, holding a 3.7% market share in the Chinese color cosmetics market in 2024, ranking 6th overall and 4th among brands [1] Sales and Revenue - In 2024, 毛戈平's total revenue is projected to be 3.88 billion yuan, representing a year-on-year growth of 34.6% [5] - The revenue from offline channels slightly exceeds 50%, reaching 1.949 billion yuan, with a year-on-year increase of 21.6% [1] - Online sales are rapidly growing, with an expected revenue share of 48% in 2024 [1] Product Composition - Color cosmetics account for approximately 60% of 毛戈平's revenue, while skincare products make up about 40% [1] - The company has around 400 SKUs in total, with approximately 350 in color cosmetics and 50 in skincare [3] Market Position and Competition - 毛戈平's market share in the color cosmetics sector is 3.7%, surpassing brands like Nars, Mac, and Bobbi Brown [3] - The brand's pricing strategy is aligned with high-end brands like Chanel and Dior, but it faces limited room for price increases [3] Customer Engagement - 毛戈平's membership base grew by 46.6% in 2024, reaching 1.51 million members, indicating improved customer loyalty [2] - The offline member repurchase rate is 34.9%, higher than the online rate of 27.5%, with an overall repurchase rate increasing from 26.8% to 30.9% [2] Future Projections - 毛戈平's operating profit and net profit attributable to shareholders are expected to continue growing, with projected revenues of 5.19 billion yuan, 6.66 billion yuan, and 8.36 billion yuan from 2025 to 2027, with growth rates of 34%, 28%, and 26% respectively [5][6] - The gross profit margin is expected to remain stable around 84% through 2027 [5][6]