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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高-行業數據

毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高
我們選取美妝品牌方公司珀萊雅、貝泰妮、丸美生物、巨子生物作為可比公司，2025年可比公司平均估值水平為 PE 20.0X，毛戈平估值水平為 PE 28.5X，考慮其競爭壁壘和未來成長性均較高，我們認為當前估值合理。
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第1頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第2頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第3頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第4頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第5頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第6頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第7頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第8頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第9頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第10頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第11頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第12頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第13頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第14頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第15頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第16頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第17頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第18頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第19頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第20頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第21頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第22頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第23頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第24頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第25頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第26頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第27頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第28頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第29頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第30頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第31頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第32頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第33頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第34頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第35頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第36頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第37頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第38頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第39頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第40頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第41頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第42頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第43頁
| 产品名称   | 推出时间       | 产品特点               | 产品效果             |
|------------|----------------|------------------------|----------------------|
| 轻盈唇釉   | 2024年9月     | 创新空气仓科技         | 锁鲜弹力网+轻盈悬浮芯组合 |
|            |                |                        | 实现8小时舒适轻盈空气感   |
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第44頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第45頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第46頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第47頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第48頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第49頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第50頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第51頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第53頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第54頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第55頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第56頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第57頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第58頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第59頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第60頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第61頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第62頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第63頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第64頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第65頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第66頁
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毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第67頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第68頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第69頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第70頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第71頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第72頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第73頁
毛戈平短期看渠道高增長，中長期看品類拓展&客群滲透，未來成長性較高_第74頁
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所屬報告： 毛戈平-港股公司首次覆蓋報告：以妝為筆繪東方氣韻、鑄大師傳奇-250219（36頁）.pdf
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