毛戈平 (1318.HK) 高端美妝品牌心智不斷加強,首次進軍香水賽道 May 6, 2025 2

PSR Recommendation: ACCUMULATE Status: Initiation
Target Price: HKD127.63

公司簡介
毛戈平 (1318.HK) 主要從事 MGPIN 與至愛終生兩大品牌彩妝、護膚系列產品的研
發、生產、銷售及化妝技能培訓業務。憑藉著創始人、化妝藝術大師毛戈平先生對化
妝美學的深刻認識,對東方女性面部輪廓及膚質特性的獨到理解以及自身影響力,公
司逐漸在化妝品及化妝技能培訓領域樹立起品牌優勢。隨著產品種類日益豐富,線上
線下管道均實現穩定增長,公司成為高端美妝的國貨之光。

業績摘要
2024 年公司收入為 38.85 億元(人民幣,下同),同比增長 34.6%;淨利潤為 8.81
億元,同比增長 32.8%;每股盈利為 2.18 元,同比下降 34.1%;資產總值為 44.73
億元,同比增長 113.6%。
線上線下均實現穩定增長,線下專櫃持續擴張
2024 年公司線上收入為 17.84 億元,同比增長 51.2%,占比為 47.8%,主要是因為
公司加強了在電商平臺的銷售和行銷活動;線下收入為 19.49 億元,同比增長
21.6%,占比為 52.2%,主要是因為公司加大銷售和行銷力度令到 2024 年每個專櫃
的平均銷售額有所增加。公司線上渠道涵蓋天貓、小紅書、抖音、京東及淘寶等電商
平臺,公司將通過加強促銷、與 KOL 合作等方式持續擴大線上影響力。線上註冊會員
總數為 0.10 億人,複購率為 27.5%。線下公司持續開拓高端百貨管道,新入駐了武漢
SKP、成都 SKP、杭州大廈等高端百貨商場,截至 2024 年底,公司品牌專櫃遍佈全國
120 多個城市,包括 378 個自營專櫃及 31 個經銷商專櫃,專櫃配備超過 2,800 名專
業美妝顧問,通過線下專櫃及美妝顧問為用戶提供極致的美妝體驗。線下註冊會員總
數為 0.15 億人,複購率為 34.9%。
彩妝、護膚持續高增,化妝技能培訓業務超疫情前水準
2024 年公司彩妝銷售收入為 23.04 億元,同比增長 42%,占比為 59.3%;護膚收入
為 14.29 億元,同比增長 23.2%,占比為 36.8%;化妝藝術培訓及相關銷售收入為
1.52 億元,同比增長 45.8%,占比為 3.9%,超過疫情前水準,主要由於報讀化妝藝
術培訓課程的參與者人數增多。
整體盈利水準較為穩健
2024 年毛利率為 84.4%,同比下降 0.4 個百分點,近四年來公司毛利率水準一直維持
在 84%上下,反映出彩妝及護膚品的銷售毛利率保持穩定。費用方面:銷售及分銷開
支增加,主要是因為行銷和推廣開支增加,專櫃數量增加導致租賃物業費用增加以及
員工薪酬增加;行政開支增加主要原因系上市開支增加;研發成本為 0.32 億元,費用
率為 0.8%,同比基本持平。毛戈平長期主要依賴 ODM(原始設計製造商)及 OEM
(原始設備製造商)供應商生產產品,相比其他國貨化妝品公司,公司研發費用率相

Important Information

This report is prepared and/or distributed by Phillip Securities Research Pte Ltd ("Phillip Securities Research"), which is a holder of a financial adviser’s licence under the Financial Advisers Act, Chapter 110 in Singapore.

By receiving or reading this report, you agree to be bound by the terms and limitations set out below. Any failure to comply with these terms and limitations may constitute a violation of law. This report has been provided to you for personal use only and shall not be reproduced, distributed or published by you in whole or in part, for any purpose. If you have received this report by mistake, please delete or destroy it, and notify the sender immediately.

The information and any analysis, forecasts, projections, expectations and opinions (collectively, the “Research”) contained in this report has been obtained from public sources which Phillip Securities Research believes to be reliable. However, Phillip Securities Research does not make any representation or warranty, express or implied that such information or Research is accurate, complete or appropriate or should be relied upon as such. Any such information or Research contained in this report is subject to change, and Phillip Securities Research shall not have any responsibility to maintain or update the information or Research made available or to supply any corrections, updates or releases in connection therewith.

Any opinions, forecasts, assumptions, estimates, valuations and prices contained in this report are as of the date indicated and are subject to change at any time without prior notice. Past performance of any product referred to in this report is not indicative of future results.

This report does not constitute, and should not be used as a substitute for, tax, legal or investment advice. This report should not be relied upon exclusively or as authoritative, without further being subject to the recipient’s own independent verification and exercise of judgment. The fact that this report has been made available constitutes neither a recommendation to enter into a particular transaction, nor a representation that any product described in this report is suitable or appropriate for the recipient. Recipients should be aware that many of the products, which may be described in this report involve significant risks and may not be suitable for all investors, and that any decision to enter into transactions involving such products should not be made, unless all such risks are understood and an independent determination has been made that such transactions would be appropriate. Any discussion of the risks contained herein with respect to any product should not be considered to be a disclosure of all risks or a complete discussion of such risks.

Nothing in this report shall be construed to be an offer or solicitation for the purchase or sale of any product. Any decision to purchase any product mentioned in this report should take into account existing public information, including any registered prospectus in respect of such product.

Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may provide an array of financial services to a large number of corporations in Singapore and worldwide, including but not limited to commercial / investment banking activities (including sponsorship, financial advisory or underwriting activities), brokerage or securities trading activities. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have participated in or invested in transactions with the issuer(s) of the securities mentioned in this report, and may have performed services for or solicited business from such issuers. Additionally, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may have provided advice or investment services to such companies and investments or related investments, as may be mentioned in this report.

Phillip Securities Research or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report may, from time to time maintain a long or short position in securities referred to herein, or in related futures or options, purchase or sell, make a market in, or engage in any other transaction involving such securities, and earn brokerage or other compensation in respect of the foregoing. Investments will be denominated in various currencies including US dollars and Euro and thus will be subject to any fluctuation in exchange rates between US dollars and Euro or foreign currencies and the currency of your own jurisdiction. Such fluctuations may have an adverse effect on the value, price or income return of the investment.

To the extent permitted by law, Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may at any time engage in any of the above activities as set out above or otherwise hold an interest, whether material or not, in respect of companies and investments or related investments, which may be mentioned in this report. Accordingly, information may be available to Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, which is not reflected in this report, and Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited to its officers, directors, employees or persons involved in the issuance of this report, may, to the extent permitted by law, have acted upon or used the information prior to or immediately following its publication. Phillip Securities Research, or persons associated with or connected to Phillip Securities Research, including but not limited its officers, directors, employees or persons involved in the issuance of this report, may have issued other material that is inconsistent with, or reach different conclusions from, the contents of this report.

The information, tools and material presented herein are not directed, intended for distribution to or use by, any person or entity in any jurisdiction or country where such distribution, publication, availability or use would be contrary to the applicable law or regulation or which would subject Phillip Securities Research to any registration or licensing or other requirement, or penalty for contravention of such requirements within such jurisdiction.

This report is intended for general circulation only and does not take into account the specific investment objectives, financial situation or particular needs of any particular person. The products mentioned in this report may not be suitable for all investors and a person receiving or reading this report should seek advice from a professional and financial adviser regarding the legal, business, financial, tax and other aspects including the suitability of such products, taking into account the specific investment objectives, financial situation or particular needs of that person, before making a commitment to invest in any of such products.

This report is not intended for distribution, publication to or use by any person in any jurisdiction outside of Singapore or any other jurisdiction as Phillip Securities Research may determine in its absolute discretion.

IMPORTANT DISCLOSURES FOR INCLUDED RESEARCH ANALYSES OR REPORTS OF FOREIGN RESEARCH HOUSE

Where the report contains research analyses or reports from a foreign research house, please note:

  1. recipients of the analyses or reports are to contact Phillip Securities Research (and not the relevant foreign research house) in Singapore at 250 North Bridge Road, #06-00 Raffles City Tower, Singapore 179101, telephone number +65 6533 6001, in respect of any matters arising from, or in connection with, the analyses or reports; and
  2. to the extent that the analyses or reports are delivered to and intended to be received by any person in Singapore who is not an accredited investor, expert investor or institutional investor, Phillip Securities Research accepts legal responsibility for the contents of the analyses or reports.

About the author

Profile photo of Margaret Li

Margaret Li
Analyst
Research

本科主修市場行銷和英語,並於香港浸會大學獲得經濟學碩士學位。現為輝立証券持牌分析師,主要負責能源和公用事業等板塊的研究。曾在大型銀行、券商和資產管理公司工作,對於期貨和大宗商品衍生品領域擁有銷售、研究分析和市場推廣等工作經驗。 Margaret, a holder of a Bachelor`s degree in Marketing and English and a Master`s degree in Applied Economics from Hong Kong Baptist University, is currently employed as a licensed analyst at Phillip Securities. She specializes in conducting research focusing on the energy and utilities sectors. Prior to her current position, Margaret gained valuable work experience in a large bank, securities firm, and asset management companies. Her expertise lies in sales, research analysis, and marketing within the fields of futures and commodities derivatives.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!