金吾财讯 | 国元证券发研报指，2024年毛戈平(01318)营收38.85亿元，同比增长34.6%;归母净利润为8.81亿元，同比增长33%。盈利能力方面，24年毛利率84.4%，同比-0.46pct，净利率22.69%，同比-0.3pct。销售及分销开支占比49.01%，同比基本持平，行政开支占比6.89%，同比+0.23pct。24H2收入同比增长29%，归母净利润同比增长24%，毛利率同比-1.28pct。该行续指，分品牌来看，24年毛戈平彩妆品类实现收入23.04亿元，较上年同比增长42.04%,毛利率83.6%。护肤品类营收共计14.29亿元,同比增长23.21%毛利率87.2%，同比基本持平。化妆品艺术培训销售收入1.52亿元，同比增长45.78%。公司产品组合涵盖两个类别的400多个单品，截至2024年12月31日，畅销单品光感无痕粉骨零售额超4亿元，奢华鱼子面膜零售额超8亿元。2025年公司计划在彩妆领域开发针对不同肤色及肤质的专业产品，在护肤品方面持续丰富产品矩阵，并已于1月推出国韵凝香香水系列入局香氛赛道，市场地位有望进一步夯实。该行表示，公司是国货高端美妆品牌领导者，多年深耕百货专柜渠道奠定品牌基础，线上渠道及护肤品类贡献增量。该行预计2025-2027公司实现归母净利润分别为11.58/14.49/17.95亿元，对应PE为40/32/26x，维持“买入”评级。
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