Market Review
The week before the festival (01.24-01.28), the CSI 300 index fell 4.51%. According to the statistics of the key weight companies selected by us (listed in the 1.1 market in detail), the beauty care industry portfolio fell 7.90%, of which the medical beauty / cosmetics / personal care products fell 7.07% / 6.90% / 9.72% respectively.
Since the beginning of the year, the CSI 300 index has fallen by 7.62%. According to the statistics of the key weight companies selected by us (listed in the market of 1.1 sector in detail), the beauty care industry portfolio has fallen by 14.31%, of which the medical beauty / cosmetics / personal care products have fallen by 16.63% / 13.95% / 12.36% respectively.
Core view
In the context of consumption upgrading and the prosperity of beauty culture, the leading brands of compliant medical and beauty medicine and cosmetics give priority to benefit and have good growth certainty. In the performance disclosure period, combined with the bright performance of Yimei pharmaceutical machinery and brand cosmetics, we believe that the current valuation of the sector is reasonable and continue to be optimistic about Imeik Technology Development Co.Ltd(300896) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) . We suggest to pay attention to Furui medical technology, Bloomage Biotechnology Corporation Limited(688363) , Shanghai Haohai Biological Technology Co.Ltd(688366) , Proya Cosmetics Co.Ltd(603605) , Lushang Health Industry Development Co.Ltd(600223) .
As of the latest trading day of A-Shares (January 28), the valuation of key subjects:
1) Imeik Technology Development Co.Ltd(300896) : PE corresponding to 22-23 years is 64.64x/49.08x respectively;
2) Yunnan Botanee Bio-Technology Group Co.Ltd(300957) : the PE corresponding to 22-23 years is 61.86x/47.74x respectively.
Key industry trends
In 2021, the medical and American network public opinion report was released, and the amount of negative information accounted for 1%; The growth rate of imported beauty makeup in 2021 is the lowest in seven years; The clinic filing management policy proposes to add three types of clinics, including medical and beauty clinics; Far want to enter the listing counseling period of biology, etc.
Announcement of key companies
Warburg international “fragrance Queen” Zhu Linyao was placed on file for investigation. Yunnan Botanee Bio-Technology Group Co.Ltd(300957) the net profit in 2021 is expected to increase by 50.87% – 63.75% year-on-year; Shanghai Haohai Biological Technology Co.Ltd(688366) the net profit in 2021 is expected to increase by 52.13% – 65.17% year-on-year; Winner Medical Co.Ltd(300888) it is estimated that the net profit attributable to the parent company in 2021 will be 1.2-1.35 billion yuan, a year-on-year decrease of 64.57% – 68.51%; Fujian Green Pine Co.Ltd(300132) it is estimated that the maximum advance loss in 2021 will be 920 million yuan, the first annual loss since the listing; Aoyuan Beauty Valley Technology Co.Ltd(000615) the estimated loss in 2021 has been reduced; Qingdao Kingking Applied Chemistry Co.Ltd(002094) it is estimated that the net profit in 2021 will be 35 million yuan – 52.5 million yuan, turning losses into profits year-on-year; Harbin Medisan Pharmaceutical Co.Ltd(002900) the net profit in 2021 is expected to increase by 1090.12% – 1192.42%; Ruili Yimei expects a loss of 18 million yuan in 2021; Vida International’s net profit in 2021 was HK $1.638 billion, a year-on-year decrease of 12.59%; Shanghai Kindly Enterprises Development Group Co.Ltd(603987) equity investment in “meixibao”, an upstream enterprise of medical beauty; East China Ningbo has stopped its business at present; Shandong Xinhua Pharmaceutical Company Limited(000756) said that the first batch of ecological partner negotiations of Phoenix needle have entered the closing stage.
Risk tips
Tip 1: risk of industrial policy change;
Tip 2: the terminal demand is less than expected.
