Market Review
Last week (02.07-02.11), the CSI 300 index rose 0.82%. According to the statistics of the key weight companies selected by us (listed in the 1.1 sector Market in detail), the beauty care industry portfolio rose 0.49%, of which medical beauty / cosmetics / personal care products fell 1.52% / Rose 0.59% / Rose 2.40% respectively.
Since the beginning of the year, the CSI 300 index has fallen 6.86%. 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 13.53%, of which the medical beauty / cosmetics / personal care products have fallen 17.32% / 13.45% / 9.81% 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. Entering the performance disclosure period, Yimei pharmaceutical machinery and brand cosmetics performed well in the forecast. 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 paying 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) , etc.
As of the latest trading day (February 11), the valuation of key targets:
1) Imeik Technology Development Co.Ltd(300896) : PE corresponding to 22-23 years is 61.49x/46.69x respectively;
2) Yunnan Botanee Bio-Technology Group Co.Ltd(300957) : the PE corresponding to 22-23 years is 55.87x/43.12x respectively.
Key industry trends
The latest financial report of Alberta; Soltamedical sprint Nasdaq, hot Maggie contributed about 80% of the revenue; Kangqiao capital acquired the equity of Hugel, the largest medical and beauty company in South Korea, and continued to expand the global medical and health territory; Jolosh regenerative medicine meishinkansen has successfully obtained the nmpa class II medical device certificate for listing; Heath Yimei officially closed its business on February 7. At present, its employees have resigned one after another.
Announcement of key companies
Imeik Technology Development Co.Ltd(300896) IPO prospectus in Hong Kong “invalid”; The Hong Kong stock IPO of Shangmei group received feedback from the CSRC, requiring to supplement cosmetics qualification and equity holding on behalf of others; IMER’s prospectus in Hong Kong is invalid; Sinclair, a subsidiary of Huadong Medicine Co.Ltd(000963) , plans to acquire viora, an energy source medical and American Instrument Company; Bloomage Biotechnology Corporation Limited(688363) sign a contract with the strategic project of translational medicine of Beijing Union Medical College Hospital; Huadong Medicine Co.Ltd(000963) cold touch beauty instrument cool snow glacialspa ® It was listed in Shanghai in January; Lancy Co.Ltd(002612) the net profit of akabang, an overseas holding subsidiary, was 72.46 million yuan in 2021, turning losses into profits year-on-year; Winner Medical Co.Ltd(300888) spent 258 million yuan to buy back 3.2801 million shares in total; Lafang China Co.Ltd(603630) the actual controller Wu Binhua pledged 7.45 million shares and released 8.96 million shares.
Risk tips
Tip 1: risk of industrial policy change;
Tip 2: the terminal demand is less than expected.
