<p>美银美林发布了一份美容行业报告，指出与第一季度相比，在线增长自第二季度以来加速，主要受到 618 购物节开局强于预期和提前启动现货销售的推动。在去年的 618 活动早期，模式主要依赖于预售和仅支付定金，这抑制了早期的总商品交易额。今年四月表现疲软后，在线美容增长在五月重新加速至约 11%。</p>
<p>按类别划分，过去 12 个月中，彩妆在 10 个月内表现优于护肤品。值得注意的是，今年的补贴支出更多集中在后期，大部分预算集中在 6 月 16 日至 18 日的核心期间。然而，考虑到消费环境仍然低迷，券商对 618 活动后增长的可持续性保持谨慎。</p>
<p>因此，券商略微调整了其盈利预测，并修订了美容行业的目标价格。它重申了对毛戈平（01318.HK）的买入评级，股价-2.950（-4.750%），空头头寸 1502 万美元；比例 24.879%， citing 其独特的定位更能抵御竞争，并将其目标价从 125 港元下调至 105 港元。由于风险回报平衡，维持对珀莱雅（603605.SH）的中性评级，股价-0.610（-0.908%），将其目标价从 64.2 元上调至 70 元。由于盈利能见度有限，给予上海家化（600315.SH）-0.090（-0.482%）表现不佳的评级，将其目标价从 21.6 元下调至 19 元。（ha/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 6 月 15 日 12:25。）（A 股报价延迟至少 15 分钟。）</p>

珀莱雅

上海家化

<p>BofAS 将毛戈平的目标价从 125 港元下调至 105 港元，维持买入评级，因该公司的竞争定位。该券商对 618 后彩妆增长的可持续性持谨慎态度，因消费疲软。尽管在线美容在 5 月份重新加速增长，但补贴支出是后置的。BofAS 还将珀莱雅的目标价上调至 70 元人民币，维持中性评级，并将上海家化的目标价下调至 19 元人民币，维持跑输大市评级</p>

<p>BofAS released a beauty sector report noting that online growth has accelerated from 2Q to date compared with 1Q, mainly driven by a stronger-than-expected start to the 618 shopping festival and the earlier launch of spot sales. During the early stage of last year’s 618 campaign, the model mainly relied on pre-sales and deposit-only payments, which suppressed early GMV. After a weak performance in April this year, online beauty growth re-accelerated to around 11% in May.</p>
<div class="lb-trans"><p>美银美林发布了一份美容行业报告，指出与第一季度相比，在线增长自第二季度以来加速，主要受到 618 购物节开局强于预期和提前启动现货销售的推动。在去年的 618 活动早期，模式主要依赖于预售和仅支付定金，这抑制了早期的总商品交易额。今年四月表现疲软后，在线美容增长在五月重新加速至约 11%。</p>
</div><p>By category, color cosmetics outperformed skincare in 10 of the past 12 months. Notably, subsidy spending has been more back-end loaded this year, with most of the budget concentrated in the core period of June 16-18. However, given the still subdued consumption environment, the broker remains cautious about the sustainability of growth after the 618 campaign.</p>
<div class="lb-trans"><p>按类别划分，过去 12 个月中，彩妆在 10 个月内表现优于护肤品。值得注意的是，今年的补贴支出更多集中在后期，大部分预算集中在 6 月 16 日至 18 日的核心期间。然而，考虑到消费环境仍然低迷，券商对 618 活动后增长的可持续性保持谨慎。</p>
</div><p>The broker therefore slightly adjusted its earnings forecasts and revised target prices for the beauty sector. It reiterated a Buy rating on MAO GEPING (01318.HK) -2.950 (-4.750%)  Short selling $15.02M; Ratio 24.879%  , citing its unique positioning that better withstands competition, and cut its TP from HKD125 to HKD105. It maintained a Neutral rating on PROYA (603605.SH) -0.610 (-0.908%)  due to balanced risk-reward, raising its TP from RMB64.2 to RMB70. It rated SH JAHWA (600315.SH) -0.090 (-0.482%)  Underperform given limited earnings visibility, lowering its TP from RMB21.6 to RMB19. (ha/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-06-15 12:25.) (A Shares quote is delayed for at least 15 mins.)</p>
<div class="lb-trans"><p>因此，券商略微调整了其盈利预测，并修订了美容行业的目标价格。它重申了对毛戈平（01318.HK）的买入评级，股价-2.950（-4.750%），空头头寸 1502 万美元；比例 24.879%， citing 其独特的定位更能抵御竞争，并将其目标价从 125 港元下调至 105 港元。由于风险回报平衡，维持对珀莱雅（603605.SH）的中性评级，股价-0.610（-0.908%），将其目标价从 64.2 元上调至 70 元。由于盈利能见度有限，给予上海家化（600315.SH）-0.090（-0.482%）表现不佳的评级，将其目标价从 21.6 元下调至 19 元。（ha/u）（香港股票报价延迟至少 15 分钟。空头数据截至 2026 年 6 月 15 日 12:25。）（A 股报价延迟至少 15 分钟。）</p>
</div>

BofAS Cuts MAO GEPING  TP to HKD105, Cautious on Sustainability of Post-618 Color Cosmetics GMV Growth

AASTOCKS News

美国银行

毛戈平

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BANK OF AMERICA CORPORATION 4.125%DEP SH REP 1/1000 PFD SER PP USD25

Bank of America Corp

美银证券将毛戈平的目标价下调至 105 港元，并对 618 大促后彩妆商品交易总额增长的可持续性持谨慎态度