Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][81]. Core Insights - The company, MAOGEPING, is a leading high-end beauty group in China, being the only domestic company among the top ten high-end beauty groups in the market [2][12]. - The company has demonstrated rapid growth, with a net profit CAGR of 41.4% from 2021 to 2023, outpacing revenue growth, and maintaining a steady increase in net profit margin [2][19]. - The flagship brand MAOGEPING, launched in 2000, is the first high-end beauty brand in China and ranks as the twelfth largest high-end beauty brand by retail sales in 2023 [2][12]. Summary by Sections Company Overview - MAOGEPING has been deeply engaged in the beauty industry for 25 years and has established itself as a leading high-end beauty group in China [2][12]. - The company operates two main brands: MAOGEPING and Zhi Ai Zhong Sheng, targeting different market segments [17][18]. Business Operations - The company has 372 self-operated counters across China, ranking second among domestic beauty brands, and has a strong online presence with significant revenue and repurchase rates exceeding industry averages [3][19]. - The product portfolio includes a diverse range of cosmetics, skincare, and newly developed perfumes, with a focus on innovation and consumer demand [3][67]. Financial Performance - The company’s revenue grew from 15.8 billion yuan in 2021 to 28.9 billion yuan in 2023, with a CAGR of 35.3% [19]. - The projected revenues for 2024, 2025, and 2026 are 39.1 billion yuan, 51.1 billion yuan, and 65.1 billion yuan, respectively, with corresponding year-on-year growth rates of 35.6%, 30.7%, and 27.2% [81][82]. Market Potential - The Chinese beauty market is expanding, with the color cosmetics market size reaching 116.8 billion yuan in 2023, and significant growth potential remains compared to per capita spending in countries like Japan and South Korea [30][31]. - The high-end beauty market in China is projected to grow from 1,942 billion yuan in 2023 to 3,110 billion yuan by 2028, indicating a robust growth trajectory [43][44]. Future Growth Drivers - The brand leverages the IP of its founder, MAO Ge Ping, enhancing brand differentiation and consumer appeal through a unique blend of light and shadow aesthetics with Eastern cultural elements [51][53]. - The company is expanding its product lines, including a new perfume series launched in January 2025, to capture additional market segments [74][75].
毛戈平：国货高端美妆佼佼者，彰显东方魅力美学-20250303