资源描述
*01*2024 5 6*2000 MAOGEPING 23 56.2%/40.2%/3.6%21-23 3.31/3.52/6.62 6.34%/88.07%22 21.62 22-27 CAGR 8.4%17 6402 22 9091 CAGR 7.27%17-22/852/2827 1112/4410 CAGR 5.5%/9.3%27 1663/6918 17-22/2150/1169 3702/1820 CAGR 8.1%/9.3%27 5624/2957 22 54.8%61.4%&120 23 12 31 300 23 32.8%25%20%15%10%9%6%5%10%1WUAZyRsPsRrQqOoNmRqPoP8ObP9PnPqQpNmQkPpPmRfQrRwO7NpPyQwMmPtNMYrNpN*C O N T E N T S 02 03 01 04 052*01.3i5HVKESpUSBXngJbxsJyfJKvZxvDHl7CnYBIQwX/6MPFYpqDd9ATjyffRJWzRxTX*2000 2008 2015 2021 2022 2023 1.14 2003 2005 2008 2015 2000 MAOGEPING 2021 2022 LOVE.FORKEEPS 19 2023*40 GUESS 1.25 1964 1983 7 1998 7 2000 7 MAOGEPING 2000 10 2020 1971 2000 2000 9 2010 8 2011 2 13 2015 12 16 2024 4 1 2010 8 1959 2000 7 2010 10 2010 10 2015 11 1962 2000 9 2015 11 1973 2002 MAOGEPING 1974 MAOGEPING 1997 1999 1999 2002 2002 1976 2000 6 2006 7 2006 8 2006 12 2007 1 2009 4 2009 6 2011 3 GUESS 2011 1983 2005 5 2013 7 2013 7 2014 10 2014 12*2024 4 8 54.97%2.29%11.34%9.60%6.11%84.31%5.24%1.36 2024 4 8*MAOGEPING 1 MAOGEPING 2000 MAOGEPING 21-23 MAOGEPING 96.6%/98.4%/99.0%2008 CS 1100 1.47 MAOGEPING 2000 2008 300-1000 150-260 25-40 18-35*2 24 4 8 170 2500 1.48/1 35800 5 22800 2 10800 3 17800/1 7500/1 9500 2.5*1.59 KOL KOL 25.0%20.0%15.0%10.0%9.0%6.0%5.0%10.0%24 4 8 1 25%2 20%KOL 3 15%KOL 4 10%5 9%6 6%7 5%8 10%*02.10*22-27 CAGR 8.24%22-27 CAGR 8.24%17-22 6402 9091 CAGR 7.27%22 22-27 8.2%27 13505 22 48.5%22 4410 48.5%2.111 8.33%12.39%10.46%12.35%-6.01%6.80%8.21%9.50%8.49%8.20%-20%0%20%0500010000150002017 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E YoY%CAGR=8.2%CAGR=7.3%*22-27 CAGR 8.2%17-22 3679 5522 CAGR 8.5%22-27 8.2%27 8580 2.112 9.43%14.33%14.08%13.20%-7.10%7.26%8.98%10.61%9.79%9.45%-20%0%20%0100020003000400050006000700080009000100002017 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E YoY%CAGR=8.5%CAGR=8.2%*1 17-22 2827 4410 CAGR 9.3%22-27 9.4%27 6918 2229 3559 CAGR 9.8%22-27 9.9%CAGR 27 5700 17 78.85%80.7%22-27 27 82.39%2.113 9.55%14.92%15.23%13.36%-5.14%7.44%9.10%10.83%10.05%9.72%-50%0%50%100%010002000300040005000600070002017 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E YoY%CAGR=9.3%CAGR=9.4%*2 17-22 852 1112 CAGR 5.5%22-27 8.4%27 1663 397 541 CAGR 6.4%22-27 9.9%CAGR 27 866 17 46.6%22 48.65%22-27 27 52.07%2022 79 329 397 589 809 2.114 9.15%12.37%10.05%12.61%-14.13%6.56%8.52%9.80%8.64%8.41%-20%0%20%0200400600800100012001400160018002017 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E YoY%CAGR=5.5%CAGR=8.4%617911638032939957139754156858985278580910560200400600800100012002017 2022 2027E*2.115 3.92%6.86%12.20%11.44%-12.32%5.12%6.55%8.37%7.84%7.27%-20%0%20%0200400600800100012002017 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E YoY%18.49%21.68%6.89%14.67%-16.67%8.37%11.80%11.71%9.97%10.00%-20%0%20%40%01002003004005006007008002017 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E YoY%CAGR=9.3%CAGR=10.2%CAGR=8.1%CAGR=8.7%1 22-27 CAGR 8.7%22 67.04%17-22 2150 3702 CAGR 8.1%22-27 8.7%27 5624 2 22-27 CAGR 10.2%17-22 1169 1820 CAGR 9.3%22-27 10.2%27 2957 22 32.96%27 34.45%*22 1.2%22 54.8%61.4%22 31.5%43.6%22 1.2%15 2.216 22 10 22 15 1 A 360.542 B 292.343 C 146.014 D 131.735 E 67.716 F 31.367 G 26.628 21.629 H 20.6210 I 20.64 1 A 201.132 B 167.313 C 76.434 D 67.725 E 60.186 F 55.857 G 45.118 H 43.539 I 38.910 J 36.1811 K 31.3612 L 27.0213 M 26.6214 N 24.8815 21.62*1 2 22 2471 17-22 CAGR 11.0%22-27 11.1%27 4191 2.317 8.82%9.61%6.93%10.51%6.35%7.74%0%20%05000100001500020000250002017 2018 2019 2020 2021 2022 2023 YoY%1466 2471 4191 0500100015002000250030003500400045002017 2022 2027E*03.18*2008 2000 MAOGEPING 24 4 8 MAOGEPING 60 MAOGEPING MAOGEPING 3.119 2010 2011 2014 2018 2011 20 20162020 2021 2022 2021 2021 2021-2022 2022 2017 40 2008 2023*24 4 8 42 3.120*1 ODM 2 3 ODM 4 5 6 3.221*MAOGEPING 23 12 31 378 sku 1 23 12 31 334 21-23 148.9 157.1 166.9/2 23 12 31 44 21-23 335.1 343.9 322.3/24 3.322/148.9157.1166.95.51%6.24%5%6%7%1201401601802021 2022 2023/YoY%335.1343.9322.32.63%-6.28%-10%-5%0%5%3003203403602021 2022 2023/YoY%*233.3 MAOGEPING MAOGEPING SPF50+/PA+330/30ml 300/30ml 360/30ml 300/30ml 330/3g 280/2.5g 380/12.5g 680/40g 420/30mg SPF30/PA+360/14g 380/30ml 360/12g 360/6.5g 380/11.5g/330/10g 520/8.5g 280/9g 280/3.5g 360/6g 280/4g 720/16.5g 490/8.5g 380/10.5g 520/12g 620/14.5g 420/4.5g 330/15ml*3 880/16.5g 880/18g 680/16g 490/8.5g 240/6g 210/5g/220/1ml/0.4ml 180/0.12g 220/1.5*2 220/0.18g 280/3.6g 260/3.8g 280/3g 280/3.8g 240/5ml 260/3g 240/2.8g 240/3.8g*MAOGEPING MAOGEPING 720/5ml*10 720/5ml*10 980/35ml 1880/35ml 630/150ml 400/100ml 300/100ml 580/30ml 690/30ml 300/100ml 1380/50g 1680/50g 1680/50g 880/50g 680/50g 680/50g 1380/20g 580/30g 780/65g 360/20ml*6 320/5ml*15 420/16ml*6&20ml*6 280/150ml 190/30ml 230/150ml 290/125g 230/120ml 480/15g 880/20ml 780/18g 150/60g3.324*MAOGEPING MAOGEPING MAOGEPING MAOGEPING 3.325 MAOGEPING*23 53.2%1 21-23 59.3%/56.8%/53.2%57.5%/55.1%/51.7%1.8%/1.7%/1.5%2020 21-23 2.0%/2.5%/3.4%MAOGEPING 21-23 5.1%/3.2%/2.5%2 21-23 25.4%/29.1%/33.5%21-23 10.0%/10.1%/8.9%3.426*23 384 MAOGEPING 2003 23 12 31 120 384 357 27 3.427 MAOGEPING MAOGEPING 30834035723272701002003004005002021 2022 2023*23 32.8%23 32.8%MAOGEPING 2020 MAOGEPING 0/1800/4800/8800 23 12 31 300 23 32.8%3.528 12 1800 12 4800 12 8800 1 300 8 2400 12 3600 24 7200/1 1/MAOGEPING*04.29*21-23 15.77 28.86 1 21-23 10.26 10.03 16.22 22-23-2.30%+61.77%21-23 65.1%54.8%56.2%2 21-23 4.69 7.72 11.60 22-23+64.70%+50.23%21-23 29.7%42.2%40.2%3 21-23 0.82 1.04 22 33.9%22 23 91.4%21-23 5.2%3.0%3.6%4.130 15.77 18.29 28.86 15.96%57.78%0%20%40%60%80%0102030402021 2022 2023()yoy-2.30%61.77%64.70%50.23%-33.92%91.41%-50%-20%10%40%70%100%051015202021 2022 2023 yoy yoy yoy*21-23 9.66 10.80 16.02 22-23 11.9%48.3%21-23 64.6%60.8%57.6%21-23 5.29 6.94 11.80 22-23 31.2%69.9%21-23 35.4%39.2%42.4%4.131 57.5%55.1%51.7%7.9%5.3%4.4%2.1%2.5%3.4%10.0%10.1%8.9%25.4%29.1%33.5%0%20%40%60%80%100%2021 2022 2023-2021 2022 202311.86%48.27%31.21%69.94%0%20%40%60%80%0.002.004.006.008.0010.0012.0014.0016.0018.00 yoy yoy*23 84.8%23 84.8%21-23 13.16 15.33 24.48 83.4%83.8%84.8%1 21-23 8.67 8.41 13.69 84.4%83.9%84.4%2 21-23 4.11 6.73 10.13 87.8%87.1%87.3%3 21-23 0.38 0.19 0.67 46.3%35.1%64.0%22 23 4.232 84.4%83.9%84.4%87.8%87.1%87.3%46.3%35.1%64.0%30%40%50%60%70%80%90%2021 2022 2023 13.16 15.33 24.48 83.4%83.8%84.8%75%77%79%81%83%85%87%0510152025302021 2022 2023*23 48.9%23 48.9%21-23 7.63 14.12 48.4%48.9%4.333 37.90%36.70%33.40%29.20%33.30%39.40%23.20%19.90%19.00%0%20%40%60%80%100%2021 2022 2023 7.63 9.62 14.12 48.40%52.62%48.94%44%46%48%50%52%54%0510152021 2022 2023*23 6.7%23 6.7%21-23 1.24 1.33 1.92 7.9%7.3%6.7%4.434 47.70%51.10%43.40%11.90%13.40%16.50%11.00%10.90%12.50%12.70%13.20%6.80%0%20%40%60%80%100%2021 2022 2023 1.24 1.33 1.92 7.88%7.27%6.66%6.0%6.5%7.0%7.5%8.0%0.00.51.01.52.02.52021 2022 2023*23 22.94%23 22.94%21-23 3.31 3.52 6.62 22-23 6.36%88.00%21-23 20.99%19.25%22.94%22 4.535 20.99%19.25%22.94%15%20%25%2021 2022 2023 3.31 3.52 6.62 6.36%88.00%0%20%40%60%80%100%012345672021 2022 2023()yoy*ROE 23 49.41%+34.4pct 23 49.41%+12.65pct 21-23 42.35%36.76%49.41%22-23-5.58pct+12.65pct ROE 21 20.98%23 22.99%4.636 Wind ROE Wind ROE 2021 2022 2023 1.36 1.58 1.45 1.40 1.36 20.98%19.25%22.99%ROE 42.35%36.76%49.41%42.35%36.76%49.41%0%20%40%60%2021 2022 2023ROE*05.37*1 MAOGEPING 2 3 2021-2023 52.8%50.5%53.6%4 MAOGEPING 5 0538*THANKS 8 1 5F 200120 28 A 18 100005 6001 32 05 518026 39 S0100521100009 S0100522100001 S0100123070030*12 A 300 500 15%5%15%-5%5%5%5%-5%5%5%*40
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