毛戈平(01318)涨超4%，截至发稿，涨4.04%，报90.15港元，成交额1.72亿港元。 该行指出，公司持续强化高端美妆定位，今年以来销售表现亮眼。根据魔镜数据统计，2025年1~11月 累计来看，毛戈平品牌淘天/抖音/京东平台合计销售额同比增长32%，三个平台分别同比增长 8%/50%/70%，抖音和京东渠道表现亮眼。公司彩妆品类奠定根基，护肤品类持续发力，2025年12月推 出全新雪域凝光护肤系列。 消息面上，近日，毛戈平与全球最大消费品投资公司路威凯腾(LCatterton)签订了战略合作框架协议，双 方在全球市场扩张、收购及战略投资、资本结构进一步优化、人才引进与治理方面达成战略合作意向。 光大证券认为，毛戈平与路威凯腾优势互补，进一步迈向全球化。 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company has entered into a strategic cooperation framework agreement with L Catterton, aiming for global market expansion and optimization of capital structure [1][2]. - The partnership will leverage L Catterton's extensive investment experience in the consumer goods sector to enhance the company's high-end beauty brand positioning and facilitate overseas retail channel expansion [2]. - The company has shown strong sales performance, with a 32% year-on-year increase in sales across major platforms for the period from January to November 2025, indicating robust growth in both makeup and skincare categories [3]. Financial Projections - The company forecasts revenue growth from 2,886 million RMB in 2023 to 8,812 million RMB in 2027, with a compound annual growth rate (CAGR) of approximately 29.9% [4][10]. - Net profit is projected to increase from 662 million RMB in 2023 to 2,041 million RMB in 2027, reflecting a strong growth trajectory [4][10]. - Earnings per share (EPS) are expected to rise from 1.35 RMB in 2023 to 4.16 RMB in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 59 to 19 over the same period [4][10]. Profitability and Valuation Metrics - The company maintains a high gross margin, projected at around 84% for the next few years, indicating strong pricing power and cost management [12]. - Return on equity (ROE) is expected to remain robust, with estimates of 42.8% in 2023 and stabilizing around 33.4% by 2027 [12]. - The valuation metrics suggest a decreasing trend in P/E and P/B ratios, indicating potential for investment attractiveness as earnings grow [13].

毛戈平与路威凯腾优势互补，进一步迈向全球化。路威凯腾是美国消费投资机构，其通过私募股权、信 贷及房地产三大多元产品平台管理约390亿美元股权资本，在打造全球美妆及个人护理品牌方面拥有丰 富的投资及赋能经验，投资组合覆盖护肤、彩妆、香氛等多个细分赛道。 路威凯腾已在全球累计投资超过300个全球知名消费品牌，包括北欧沐浴及全身肌肤护理品牌 STENDERS、意大利彩妆品牌KIKO等，单笔投资规模可覆盖500万至50亿美元。其在全球18个办公室 布局200余名投资与运营专家，持续为投资组合创造差异化价值。另外，其曾投资毛戈平供应链合作伙 伴莹特丽，2015年以来莹特丽与毛戈平持续合作。 公司持续强化高端美妆定位，今年以来销售表现亮眼 根据魔镜数据统计，2025年1~11月累计来看，毛戈平品牌淘天/抖音/京东平台合计销售额同比增长 32%，三个平台分别同比增长8%/50%/70%，抖音和京东渠道表现亮眼。公司彩妆品类奠定根基，护肤 品类持续发力，2025年12月推出全新雪域凝光护肤系列。 智通财经APP获悉，光大证券发布研报称，维持毛戈平(01318)"买入"评级，毛戈平与全球消费品投资巨 头路威凯腾达成战略合作，后 ...