社服化妆品行业：大师级专业彩妆毛戈平传承东方美学

证券研究报告社服化妆品行业大师级专业彩妆毛戈平传承东方美学2022年MAOGEPING/至爱终生营收15.7/0.3亿元，主品牌占比提升至95.2%；分品类看，MAOGEPING品牌彩妆占比由2020年的65.4%下降至2022年的57.3%，2022年至爱终生品牌/公司整体彩妆占比95.7%至52.4%，体验式营销打造高客单高粘性，电商渠道占比由28.0%上升至发中心建设、信息系统升级建设、形象设计培训机构建设。研发和品牌优势领先，妆字号产品放量逻辑顺畅，渠道发力线上直销。推荐珀莱雅，公司大单品策略持续提升盈利能力，运营和组织优势保障业绩议关注拟剥离地产业务聚焦大健康产业的鲁商发展，以及国货化妆品龙头购即提”提货方式。推荐王府井，全牌照免税运营商即将成型，兼顾疫情道和格局端均维持优势，具备价值属性同时存在一定的弹性。后续关注海港城的销售结构及客单价水平等验证情况，同时关注海南国资背景物业主强于大市(维持评级)风险提示：疫情后供应链和终端消费需求复苏不及预期，化妆品行业1122 11.1化妆巨匠毛戈平创立，深耕高端 1 2 21.4营收稳健增长，盈利能力较强， 3 6 6 6 8 9 1 1 2 3 3 3 4 4 4 5 5 5 6 6 7 8 8 9 9 9 33 111.1化妆巨匠毛戈平创立，深耕高端美妆二十余年品牌MAOGEPING至爱终生创立时间2000年2008年品牌定位轻奢、高端大众、流行价格定位均价300-1,000元均价150-260元渠道类型百货专柜直营、电商销售经销25-40岁18-35岁22赞誉为“魔术化妆师”、“化妆巨匠”，先后创建自由品牌和形象设计艺术学校。公司管33综合管理能力较强。2020-2022年公司营收/归母净利润CAGR分别为+38.1%/5020132014201520162020营业收入(亿元)归母净利润44502013201420152016MAOGEPING(亿元)至爱终生(亿元)化妆培训(亿元)MAOGEPINGyoy至爱终生yoy化妆培训yoy2022年，MAOGEPING品牌护肤品占比有所提升，护肤类产品营收占比分别为彩妆类产品营收占比分别为93.2%/92.9%/95.7%，为品牌贡献绝大多数营收。公司55公司体现及受新冠疫情影响当期费用支出减少。266700600500700600500400300200100070%以上募集资金用于加强渠道建设和提升品牌知名度。毛戈平化妆品股份有项目名称募集资金使用金额（万元）2.1化妆品行业数据跟踪281281209218387229212219228206224352578200220639淘系GMV(亿元）yoy（%）10%0%-10%-20%-30%-40%-50%77/yoy15.5%，抖音GMV5573.5万元；恋火淘系GMV0.24亿元/yoy11.3%，抖音主要品牌3月线上数据公司品牌淘系3月GMV(亿元)yoy淘系3月销售量(万件)yoy淘系1-3月GMV(亿元)yoy淘系1-3月销售量(万件)yoy抖音3月GMV(万元)抖音自播抖音/淘系销售额上市公司珀莱雅贝泰妮珀莱雅彩棠薇诺娜润百颜3.840.812.410.654.3%190.7%190.7%-18.7%5.9%203.4538.87196.72196.7260.7012.8%115.5%13.5%61.3%8.082.414.144.141.382.0%201.6%201.6%-28.6%-23.5%454.48118.31336.39336.39135.157.0%118.4%118.4%-9.3%-1.9%14,6002,9175,8942,44864.4%52.9%55.8%57.3%38.0%36.1%24.5%37.5%华熙生物夸迪米蓓尔BM肌活0.720.260.40-3.6%-3.6%-55.6%-0.8%27.5321.9420.7634.6%34.6%-58.3%-2.6%1.260.530.78-13.2%-55.1%-11.4%59.5652.9944.6117.7%-61.9%-10.9%3,5651,0952,87019.1%37.5%35.6%49.8%41.6%71.3%鲁商发展颐莲瑷尔博士玉泽0.360.730.30-16.4%-16.4%3.8%-48.2%-48.2%43.6743.6760.3820.26-10.3%28.0%-42.2%0.970.971.640.769.2%5.7%-47.9%-47.9%103.64103.64149.2850.29-2.8%36.9%36.9%-46.4%2,2072,74661154.4%53.4%68.1%60.7%37.8%20.5%上海家化佰草集美加净高夫御泥坊小迷糊0.160.060.060.190.05-12.0%-12.0%20.4%-30.6%-30.6%-51.7%-30.5%9.7917.245.5619.7919.796.20-22.6%36.3%-28.8%-33.8%-30.9%0.480.160.180.440.440.14-6.8%-6.8%3.7%-29.7%-29.7%-49.6%-33.4%25.5746.4514.4243.1943.1916.43-27.6%-27.6%4.9%-36.5%-36.5%-38.3%-38.7%25611521,43913782.6%8.4%99.3%36.6%42.4%16.1%0.1%24.9%75.3%26.8%水羊股份阿芙大水滴伊菲丹0.220.220.130.17-22.2%-22.2%-21.2%13.1%25.5%25.5%13.5322.2410.683.49-33.0%-33.0%3.5%30.3%30.3%67.8%0.470.600.360.40-29.2%-29.2%-24.4%65.0%3.6%32.3459.5130.668.31-40.3%-40.3%-26.8%93.5%5.6%1,4099791,5325,04413.5%27.0%21.0%0.0%65.3%44.3%116.5%301.8%丸美股份丸美恋火0.530.2415.5%11.3%21.0713.723.2%13.7%13.7%1.110.78-4.5%62.8%46.1339.58-20.3%45.0%5,5742,41145.2%69.3%105.6%100.0%巨子生物可复美可丽金韩束0.800.180.41298.1%298.1%-0.5%-44.5%-44.5%43.5743.5714.0731.70162.9%33.0%-40.2%1.261.260.381.01207.7%19.5%-48.4%84.7384.7330.4180.74152.5%67.6%-46.8%5,54138314,30041.3%40.8%36.6%68.9%21.1%347.7%上美股份一叶子红色小象0.250.01-36.1%-23.6%28.670.91-44.8%-44.8%6.7%0.590.03-44.2%-44.2%-3.9%70.423.61-45.0%45.3%41311242.4%13.5%16.6%174.8%拟上市公司敷尔佳敷尔佳0.3757.9%31.8120.5%0.68-3.1%73.049.8%1,89772.1%51.7%创尔生物创尔美0.01-60.7%1.19-45.3%0.03-73.1%2.92-67.0%958.0%6.6%毛戈平毛戈平0.7949.8%35.5514.9%2.1835.5%103.190.2%3,44451.2%43.7%国际品牌欧莱雅欧莱雅兰蔻5.435.262.7%-17.3%-17.3%280.14165.3410.1%-17.0%-17.0%9.9112.78-5.4%-15.7%615.49450.132.5%-25.6%-25.6%14,50010,50050.5%51.1%26.7%20.0%雅诗兰黛雅诗兰黛海蓝之谜4.442.14-35.6%-33.7%157.4231.57-18.9%-11.5%11.166.13-30.3%-24.2%402.5386.01-26.2%-31.0%15,5007,69957.8%44.3%34.9%36.0%宝洁SK-Ⅱ玉兰油2.153.35-20.5%-20.5%10.1%31.64124.58-18.6%-18.6%3.3%6.126.25-16.9%-16.9%1.0%85.69260.54-31.2%-31.2%-2.6%8,2379,03834.5%63.8%38.4%26.9%资生堂资生堂2.20-32.5%106.652.0%4.98-26.6%257.88-24.0%1,8180.6%8.3%爱茉莉雪花秀0.77-42.2%34.73-24.2%1.67-50.9%76.84-47.7%1,48126.8%19.3%88石油石化社会服务公用事业银行机械设备有色金属基础化工石油石化社会服务公用事业银行机械设备有色金属基础化工2.2化妆品板块行情回顾 9960%50%40%30%20%10% 2022/32022/42022/52022/62022/72022/82022/92022/102022/112.3化妆品行业重点公司公告公司公告2023-3-1先生因个人原因申请辞去公司第二届董事会董事、战略委员会委员、提名委员会委员及公司副经理职务，辞职后将不再担任公司任何职务。经公司董事会提名及董事会提名委员会审核，同意提名张梅女士为公司第二届董事会非独立董事候选人；选举公司第二届董事会董事马骁先生为第二届董事会战略委员会及提名委员会委员，其他董事会专门委员会成员无变化；同意聘请张梅女士、王龙先生和王飞飞先生担任公司副总经理，任期自本次董事会审议通过之日起至2023-3-14关于公司董事辞职的公告：孟森先生因个人原因，向董事会2023-3-14的种类为可转换为公司A股股票的可转换公司债券转换的A股股票将在深圳证券交易所上市.本次可2.4化妆品行业动态是一家专业解决头皮问题的连锁机构，专注头皮抗衰护理，旗下品牌漾博士全国有（化妆品观察）5亿欧元，其中一半的削减额度将在路德维希港总部完成。从20销售和市场费用率从上年同期的70.7%降至53.2%。值得（1）海南离岛免税海南经历4轮突发疫情，客流量锐减所致，2022年是2020年自新冠疫情爆发年以来最严重的一年。全年海南离岛免税实际购物人次及客单价分别为422.4图表21：海南省离岛免税销售额及同比图表22：海南省离岛免税购物人次及客单价情况000（-11.5%仅恢复到2019年71.6%的水平，其中国内/国外销售额分别为000500 864200元，各渠道免税购物总人数分别为26.75/71.98/39.87万864200（3）机场客流量情况0 0 圳机场、白云机场进行统计，2023年2月全年四大机场旅客吞吐量分别为国际航班吞吐量分别为11.07/28.92/4.86/25.22万人次，同比增长291%/418%/00上海机场旅客吞吐量（万人次）YOY060.0%40.0%20.0% 3.3免税行业重点公司公告公司公司公告2023-03-122023-03-157.2pcts，对线下折扣力度控制到位。单季来看，22Q1-Q4毛利率分别为34.0%/34.0%/24.7%/21.商店(不含网上销售窗口)购买免税品时，4.1培育钻行业数据跟踪2019/022019/052019/082019/112020/022020/052020/082020/112021/022021/052021/082021/112022/022022/052022/082022/112023/022019/022019/052019/082019/112020/022020/052020/082020/112021/022021/052021/082021/112022/022022/052022/082022/112023/022502001501005002022/052022/082022/052022/082022/112023/022019/022019/052019/082019/112020/022020/052020/082020/112021/022021/052021/082021/112022/02 YOY YOY3000%2500%2000%1500%1000%500%0%-500%250020001500100050002000%1500%1000%500%0%-500%印度天然钻毛胚进口额（百万美元）YOY16001400120010008006004002000200%150%100%50%0%-50%印度培育钻石毛坯进口额（百万美元）YoY（右轴）20000180001600014000120001000080006000400020000100%80%60%40%20%0%-20%-40%印度天然钻石毛坯进口额（百万美元）YoY2001801601401201008060402002500%2000%1500%1000%500%0%-500%2019/022019/052019/082019/112020/022020/052020/082020/112021/022021/052021/082021/112022/022022/052022/082022/112023/02印度培育钻石裸钻出口额（百万美元）YOY3000250020001500100050002022/052022/082022/052022/082022/112023/022019/022019/052019/082019/112020/022020/052020/082020/112021/022021/052021/082021/112022/02 YOY YOY500%400%300%200%100%0%-100%-200%2000180