金吾财讯 | 兴业证券发研报指，截至2024年上半年，毛戈平(01318)的彩妆及护肤类产品共有387个单品，包括337个彩妆单品和50个护肤单品。1)彩妆业绩持续向好，头部SKU销售过亿：2024年上半年，畅销彩妆产品系列——光感无痕粉膏实现零售额超2亿元。2)护肤单品定位高端，十亿级单品已初具雏形，护肤赛道成长空间广阔：至2024年达到457.8万件，平均售价位于300-350元价格带，畅销产品——如奢华鱼子面膜，定位抚平细纹及缩小毛孔的初老人群及妆前护肤产品。该机构表示，收入由2021年15.8亿元增长至2024年38.8亿元，2021-2024年复合年增长率为35.05%，净利润逐年上升，复合年增长率为38.6%，毛利率稳定且处于高位，主要得益于产品销售业务(按业务划分)及线下渠道销售(按渠道划分)，存货情况向好且回款稳定健康。该机构预计毛戈平2025-2027年收入分别同比增长34.5%/28.4%/23.6%；经调整净利润分别同比增长28.2%/27.4%/25.2%。截至2025年5月27日，毛戈平收盘价对应2025年市盈率约为43x，首次覆盖，给予“增持”评级。
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