Industry core view:
In January 2022, the turnover of Taoxi platform cosmetics (including beauty and skin care and color makeup) was 13.7 billion yuan, a year-on-year - 28%, and the turnover of jewelry was 8.5 billion yuan, a year-on-year + 9%. The GMV of Kwai tiktok slipped from last January, and the reason for the increase in the number of jewelry units is that the new business platform such as jitter and fast hand has been continuously pushing the way to divert the platform. In addition, the Spring Festival holiday in 2022 is earlier than that in 2021, and the demand for jewelry is usually strong before the festival due to its attributes such as marriage, gift giving and daily consumption. Therefore, the online Gmv in January this year is higher, with a significant increase compared with the same period last year. In terms of tmall flagship stores, cosmetics: in January, the overall performance of Chinese and foreign brands was low, while Chinese brands love fire and Mao Geping performed better; Jewelry: domestic, foreign and Hong Kong funded brands all have ups and downs, and domestic brands design circles, Zhejiang Ming Jewelry Co.Ltd(002574) and laibai perform better. In the face value era, the demand for beauty jewelry is growing day by day, and the high-profile atmosphere of the industry continues to maintain the investment rating of "stronger than the market". It is suggested to pay attention to the high-quality target of beauty jewelry.
Key investment points:
Data of beauty industry: Gmv of skin care and color makeup decreased year on year. In January 2022, the Gmv of Taoxi platform cosmetics (including beauty and skin care and color makeup) was 13.7 billion yuan, with a year-on-year increase of - 28% and a month on month increase of - 20%. Among them, the turnover of beauty and skin care was - 32% year-on-year and - 23% month on month; The turnover of cosmetics was - 20% year-on-year and - 15% month on month.
Data of tmall flagship store of beauty brand: the performance of brands outside China is low, and some brands perform better. ① International brands: Gmv of most brands declined year-on-year, and L'Oreal's HR performed well, with Gmv + 107% year-on-year and YSL / Lancome + 14% / + 6% year-on-year respectively; Estee Lauder's mystery of sea blue and MAC were + 16% / + 20% year-on-year respectively. ② Brands of Chinese Listed Companies: Proya Cosmetics Co.Ltd(603605) under Proya Cosmetics Co.Ltd(603605) / Caitang performed well, with a year-on-year increase of + 15% / + 4% respectively; Guangdong Marubi Biotechnology Co.Ltd(603983) its MARUMI was - 70% year-on-year, and its performance in love with fire was brilliant, with a year-on-year increase of + 11532%; Winona under Yunnan Botanee Bio-Technology Group Co.Ltd(300957) increased by + 1% year-on-year; Maogeping's maogeping + 23% year-on-year; Shanghai Jahwa United Co.Ltd(600315) , Bloomage Biotechnology Corporation Limited(688363) , Yixian e-commerce, Lushang Health Industry Development Co.Ltd(600223) and several brands under Shanghai Shangmei fell year-on-year. ③ Brands of unlisted companies in China: Baique Gmv + 10% year-on-year, and most of the other brands fell.
Jewelry industry data: jewelry Gmv is growing year-on-year. In January 2022, the Gmv of Taoxi platform jewelry (gold jewelry and jewelry) was RMB 8.5 billion, with a year-on-year increase of + 9% and a month on month increase of + 1%. Among them, the turnover of gold and jewelry was + 11% year-on-year and + 20% month on month; Jewelry turnover was + 5% year-on-year and - 16% month on month. Data of jewelry brand tmall flagship store: the rise and fall performance of each brand is differentiated. ① Domestic brands: designcircles / Zhejiang Ming Jewelry Co.Ltd(002574) / laibai / zhouliufu brand Gmv showed positive growth, with a year-on-year increase of + 78% / + 35 / + 21 / + 7% respectively, and other brands showed negative growth. ② Hong Kong funded brands: Liufu jewelry and Chow Tai Fook Gmv increased year-on-year by + 23% / + 6% respectively, and other brands showed negative growth. ③ Foreign brands: Cartier + 42% year-on-year, Pandora / Swarovski - 36% / - 54% year-on-year respectively.
Risk factors: the risk of incorrect and incomplete statistics of Amoy data, the risk of resurgence of epidemic situation and the risk of intensified market competition
