<p>美銀美林發佈了一份美容行業報告，指出與第一季度相比，在線增長自第二季度以來加速，主要受到 618 購物節開局強於預期和提前啓動現貨銷售的推動。在去年的 618 活動早期，模式主要依賴於預售和僅支付定金，這抑制了早期的總商品交易額。今年四月表現疲軟後，在線美容增長在五月重新加速至約 11%。</p>
<p>按類別劃分，過去 12 個月中，彩妝在 10 個月內表現優於護膚品。值得注意的是，今年的補貼支出更多集中在後期，大部分預算集中在 6 月 16 日至 18 日的核心期間。然而，考慮到消費環境仍然低迷，券商對 618 活動後增長的可持續性保持謹慎。</p>
<p>因此，券商略微調整了其盈利預測，並修訂了美容行業的目標價格。它重申了對毛戈平（01318.HK）的買入評級，股價-2.950（-4.750%），空頭頭寸 1502 萬美元；比例 24.879%， citing 其獨特的定位更能抵禦競爭，並將其目標價從 125 港元下調至 105 港元。由於風險回報平衡，維持對珀萊雅（603605.SH）的中性評級，股價-0.610（-0.908%），將其目標價從 64.2 元上調至 70 元。由於盈利能見度有限，給予上海家化（600315.SH）-0.090（-0.482%）表現不佳的評級，將其目標價從 21.6 元下調至 19 元。（ha/u）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026 年 6 月 15 日 12:25。）（A 股報價延遲至少 15 分鐘。）</p>

珀萊雅

上海家化

<p>BofAS 將毛戈平的目標價從 125 港元下調至 105 港元，維持買入評級，因該公司的競爭定位。該券商對 618 後彩妝增長的可持續性持謹慎態度，因消費疲軟。儘管在線美容在 5 月份重新加速增長，但補貼支出是後置的。BofAS 還將珀萊雅的目標價上調至 70 元人民幣，維持中性評級，並將上海家化的目標價下調至 19 元人民幣，維持跑輸大市評級</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>美銀美林發佈了一份美容行業報告，指出與第一季度相比，在線增長自第二季度以來加速，主要受到 618 購物節開局強於預期和提前啓動現貨銷售的推動。在去年的 618 活動早期，模式主要依賴於預售和僅支付定金，這抑制了早期的總商品交易額。今年四月表現疲軟後，在線美容增長在五月重新加速至約 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>按類別劃分，過去 12 個月中，彩妝在 10 個月內表現優於護膚品。值得注意的是，今年的補貼支出更多集中在後期，大部分預算集中在 6 月 16 日至 18 日的核心期間。然而，考慮到消費環境仍然低迷，券商對 618 活動後增長的可持續性保持謹慎。</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，券商略微調整了其盈利預測，並修訂了美容行業的目標價格。它重申了對毛戈平（01318.HK）的買入評級，股價-2.950（-4.750%），空頭頭寸 1502 萬美元；比例 24.879%， citing 其獨特的定位更能抵禦競爭，並將其目標價從 125 港元下調至 105 港元。由於風險回報平衡，維持對珀萊雅（603605.SH）的中性評級，股價-0.610（-0.908%），將其目標價從 64.2 元上調至 70 元。由於盈利能見度有限，給予上海家化（600315.SH）-0.090（-0.482%）表現不佳的評級，將其目標價從 21.6 元下調至 19 元。（ha/u）（香港股票報價延遲至少 15 分鐘。空頭數據截至 2026 年 6 月 15 日 12:25。）（A 股報價延遲至少 15 分鐘。）</p>
</div>

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

AASTOCKS News

美國銀行

毛戈平

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Bank of America Corp

美銀證券將毛戈平的目標價下調至 105 港元，並對 618 大促後彩妝商品交易總額增長的可持續性持謹慎態度