Guotai Junan Securities: Gives CHICMAX an "Outperform" rating with a target price of HKD 104.5-120.9

According to the Zhitong Finance APP, Guosen Securities has released a research report stating that it gives CHICMAX (02145) an "outperform" rating, expecting the company to achieve a net profit attributable to shareholders of 1.107 billion / 1.388 billion / 1.702 billion yuan from 2025 to 2027, with EPS of 2.78 / 3.49 / 4.27 yuan per share. Considering both absolute and relative valuations, the target price for the company is set at HKD 104.5-120.9 per share. Overall, as a leading domestic beauty brand, the company relies on its underlying capabilities of inclusive mechanisms, in-depth research and development, and diversified channels. On one hand, it consolidates its performance base through its main brand Han Shu by breaking through with gift sets and expanding across all categories; on the other hand, it contributes to performance growth by precisely entering mid-to-high-end maternal and infant care and anti-hair loss segments through multiple brands. The report states that the cosmetics industry has entered a stable growth phase post-pandemic, with channel dividends shrinking while new brands continue to emerge, leading to intense competition in the industry and a continuous shortening of the growth lifecycle of single products. In this context, platform-based operational capabilities have become key for beauty companies to break through growth bottlenecks. By building an organizational structure that closely revolves around consumer needs, companies can flexibly respond to market changes and gradually construct a business matrix of continuous iteration across multiple brands/categories. Former companies like Shanghai Jahwa, Proya, and the current CHICMAX have all achieved sustainable growth through the establishment of such a platform system, allowing them to navigate industry volatility. Currently, the company has achieved reusable underlying capabilities in channels, research and development, and marketing, forming a platform-based development trend across multiple categories and brands. The main brand Han Shu has entered the market with the Hongman Waist gift set (which has topped the Douyin beauty list for eight consecutive months in 2023) and has achieved a breakthrough with the X Peptide cream launched last year, while also expanding into hair care (with the oil control shampoo topping the Douyin bestseller list) and men's products (with the core essence topping Douyin sales in H1 2025) and color cosmetics (Hongyun series). At the same time, multiple brands are focusing on niche segments: Yi Ye (mid-to-high-end maternal and infant care, with revenue of 376 million yuan in 2024, and over 100% growth on the 618 platform), Jifang (anti-hair loss care, with GMV exceeding 10 million yuan in July 2025), Juguang Bai (cinema-level PDRN ingredients, with GMV exceeding 50 million yuan in August 2025), and Anminyou (sensitive skin, with GMV of 17 million yuan in August 2025), collectively constructing the company's multi-brand growth curve