招商证券国际发表研究报告，首次覆盖毛戈平，给予“增持”评级，目标价为102.4港元，基于2026年中期预测市盈率38.5倍。该行指出，若毛戈平复制雅诗兰黛的发展路径，在未来完成区域性品牌收购并建立泛亚洲高端定位，有望进一步提升估值至50倍市盈率水平，从而更好地支持其护肤品业务占比与利润率表现。 该行预计毛戈平在明星产品驱动下，其收入将从2024年39亿元增长至2027年98亿元，实现36%的年均复合增长率(CAGR)，主要受益于明星单品的成熟放量及各业务板块间的协同效应。其中，护肤品业务预计将以43.5%的CAGR增长，占总收入比重提升至42.8%。线下渠道预计以26.2%的CAGR增长，年净增约40个专柜(至2027年增加到498个)；同时，单店坪效提升至630万元，依托高端护城河与高接触式服务，满足稳定消费需求。在线渠道预计以46.4%的CAGR增长，占比提升至56.8%，通过扩大覆盖范围与明星单品带动高投资回报率。
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