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[Brokerage Focus] Huayuan Securities initiates a "Buy" rating on Maogeping (01318), Bullish on the company's future growth potential.
Jinwu Financial News | Huayuan Securities released a research report indicating that Mao Geping (01318) covers brands such as MAOGEPING and Love for Life. The flagship brand MAOGEPING is the only domestic brand among the top fifteen high-end beauty brands in the China market, ranking twelfth by retail sales in 2023 with a market share of 1.8%. In December 2024, the company successfully listed on the Hong Kong Stock Exchange, with the funds raised mainly used for channel expansion, brand building, and other purposes. The firm stated that in terms of market scale, it is expected that from 2023 to 2028, the compound annual growth rate of China's beauty industry could reach 8.6%, with high-end skincare and makeup segments showing growth potential.
Hong Kong stock concept tracking | Guangzhou has become the largest export city for beauty and personal care products in the country. Domestic beauty innovation breaks through (with related concept stocks).
The China cosmetics industry has entered a phase of healthy growth, focusing on the group development of local brands and globalization.
[Brokerage Focus] Goldman Sachs indicates that local Cosmetic brands continue to grow, outperforming multinational companies.
Jinwu Financial News | Goldman Sachs' monthly tracking report on China's Cosmetic Industry shows the development trends of the cosmetic market in December 2024 as follows: On e-commerce platforms, the GMV of cosmetics on Tmall/Taobao decreased by 6% year-on-year, similar to the year-on-year decline of -7% in October and November; meanwhile, the GMV on Douyin increased by 29%, driving the total GMV of Tmall/Taobao and Douyin to grow by 8% year-on-year in December. For the whole year, the GMV of cosmetics on Tmall/Taobao decreased by 7% year-on-year, with sales dropping by 15% year-on-year, but the average selling price (ASP) increased by 9% year-on-year; along with Douyin's 27% year-on-year growth, the annual performance.
Mao Geping's stock rose over 7% in the middle of the session, reaching a new high. Institutions expect the company's same-store revenue to have room for improvement.
Mao Geping (01318) rose over 7% during trading, reaching a high of 62.5 HKD, setting a new record since its listing, which is nearly 1.1 times higher than the offering price of 29.8 HKD. As of the time of writing, the stock price has risen by 4.82%, currently reported at 60.95 HKD, with a trading volume of 85.3236 million HKD.
[Brokerage Focus] GTJA gives Mao Ge Ping (01318) an initial "Shareholding" rating, expecting sustained high growth under the expansion of product categories and channels.
Jingwu Financial News | GTJA issued a Research Report stating that Mao Geping (01318) is a rare professional high-end cosmetics brand in China, empowered by its founder to build the brand. It is currently in a period of brand momentum explosion, and with category expansion and channel diversification, it is expected to continue high growth. The report states that in 2023, the market size for skincare and cosmetics in China will reach 463 billion yuan and 116.8 billion yuan respectively, with a CAGR of +8.4% and +4.7% from 2018 to 2023. The cosmetics market shows a trend toward premiumization, with the share of the high-end market increasing from 37% in 2018 to 40% in 2023. On the channel front, the online penetration rates for cosmetics and skincare categories are 64.
Mao Ge Ping (01318.HK) fully exercised the over-allotment option, price stabilization actions, and the end of the price stabilization period.
Gelonghui January 6丨Mao Ge Ping (01318.HK) announced that the exclusive overall coordinator (acting for itself and representing the international underwriters) fully exercised the over-allotment option stated in the prospectus on January 4, 2025 (Saturday), involving a total of 11,763,500 Listed in Hong Kong shares, accounting for approximately 15% of the total number of shares offered for subscription under the Global offering (after considering the adjustment right of the offering volume but before any exercise of the over-allotment option). The over-allotted shares will be priced at HKD 29.80 per Listed in Hong Kong share (i.e., the offering price per Listed in Hong Kong share under the Global offering, excluding 1% brokerage commission.
