Plate Market Review
Yimei (select 10 listed companies): the overall correction of the sector in January. Cosmetics (select 11 listed companies): except for the rise of Shanghai Jahwa United Co.Ltd(600315) (+ 0.1%) in January, other companies fell.
Yimei: Huadong Medicine Co.Ltd(000963) Sinclair, a wholly-owned subsidiary of the UK, acquired 100% equity of viora company
(1) industry trends: on February 6, Huadong Medicine Co.Ltd(000963) Sinclair Pharma Limited, a wholly-owned subsidiary of the UK, announced the acquisition of 100% equity of viora, an energy source medical and beauty device company. Viora owns reaction, V series and other energy source medical and beauty devices. After the acquisition, the company will realize the full layout of energy source medical and beauty devices; In terms of supervision, on January 18, the food and Drug Administration issued YY / t1849-2022 recombinant collagen industry standard, which stipulates the quality control requirements, detection indicators and detection methods of recombinant collagen, and will be officially implemented on August 1, 2022. (2) Industry view: Imeik Technology Development Co.Ltd(300896) released the performance forecast, and the annual performance in 2021 was + 104.66% ~ + 127.40% year-on-year, with continuous high growth. We believe that under the background of strict supervision of the industry, the upstream products of Yimei ( Imeik Technology Development Co.Ltd(300896) , Bloomage Biotechnology Corporation Limited(688363) ) are expected to continue to benefit from the core competitive advantages brought by R & D and qualification barriers, and the performance has strong certainty. As the performance disclosure period approaches, we will focus on the leading companies whose performance is expected to exceed expectations.
Cosmetics: in January, the overall market of cosmetics industry declined, and the leading domestic products performed well
(1) online channel data: in January, the Gmv of skin care products online / tmall was 8.79 billion yuan (- 31.9%) / 4.71 billion yuan (- 33.2%), and the Gmv of cosmetics online / tmall was 4.87 billion yuan (- 21.3%) / 2.71 billion yuan (- 16.7%), showing a downward trend. We believe that on the one hand, January is a low-season for industry consumption, on the other hand, the diversion of overseas channels also has a certain impact. In terms of brands, leading brands such as Proya Cosmetics Co.Ltd(603605) and Winona still achieved good growth in January. (2) Industry trends: on January 17, Shanghai Shangmei submitted a prospectus to the Hong Kong Stock Exchange; On January 20, the new retail brand “harmay Huamei” of meizhuang completed round C and round D financing of nearly US $200 million. (3) Industry perspective: in terms of channels, the head anchor is under strong supervision. The slowdown in the growth of Amoy and the large volume of Amoy channels will further test the brand’s self broadcasting and Amoy channel operation ability. In addition, from January 1, 2022, the new cosmetics regulations require registrants and registrants to evaluate the efficacy claims and upload them to the designated website, which increases the cost of filing and testing, and slows down the new product process of small and medium-sized brands. Under the background of channel flow reform and strict supervision, we are optimistic about leading brands with high-quality large single products and multi-channel operation ability, and the market share is expected to continue to increase in the future; In the upstream of the cosmetics industry chain, Chinese raw material manufacturers are expected to benefit from the raw material submission system and the cosmetic efficacy declaration system; Under strict supervision, the elimination of small and medium-sized OEM factories and the optimization of competition pattern will also benefit the leading OEM manufacturers with strong R & D capability.
Investment suggestions: the industry supervision is becoming stricter, and the industrial chain leader is benefiting; Pay attention to the elastic target of cosmetics upstream performance
(1) the cosmetics sector is optimistic about three segments: Dermatology grade and efficacy skin care products, color makeup and upstream manufacturers. It focuses on Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Proya Cosmetics Co.Ltd(603605) , Lushang Health Industry Development Co.Ltd(600223) , Fujian Green Pine Co.Ltd(300132) , and benefits Shanghai Jahwa United Co.Ltd(600315) , Nanjing Cosmos Chemical Co.Ltd(300856) , Jahen Household Products Co.Ltd(300955) ; (2) The medical beauty industry chain focuses on Imeik Technology Development Co.Ltd(300896) , Bloomage Biotechnology Corporation Limited(688363) .
Risk warning: repeated impact of epidemic situation; Increase of enterprise operating costs; Industry competition intensifies.
