BofA Securities: Reiterate "Buy" rating on MAO GEPING (01318) with a target price of HK$95.

Bank of America Securities released a research report stating that they expect MAO GEPING (01318) to achieve a revenue growth of over 20% in the first half of 2026. They anticipate that the shift in channel structure towards higher-margin online channels will lead to an expansion in gross margin, driving a net profit growth of over 30%. The management expects the revenue growth to accelerate in the second half of the year, reaching the target of 30% for the full year. The bank roughly maintains the original forecast, with a target price of HK$95. Due to the strong brand momentum of MAO GEPING and its solid foundation, they believe that it has the potential to increase market share through category and channel expansion in the industry recovery. Its unique positioning enables it to better withstand competition, and combined with its attractive valuation, they reiterate a "buy" rating.