Event comments
According to the statistics of Listed Companies in the beauty care industry held by 2021q4 fund, the total market value of the position reached 8.459 billion yuan, an increase of 3.36% month on month compared with 8.184 billion yuan in the previous quarter, ranking 28th among the 31 shenwanyi industries released in 2021. From the industry distribution of fund positions, the market value of positions in the beauty care single industry accounted for 0.31% of the fund’s positions in the whole market, a slight decrease of 0.01pct compared with the previous quarter.
Since 2021, the proportion of beauty care industry in the market value of fund positions has shown an overall trend of first rising and then falling, and has returned to the state of low allocation since 21q3. The high level of the proportion of industrial positions in the whole year appeared in Q2 of 2021, reaching 0.44%, and the over allocation proportion reached 0.11%. In the second half of the year, affected by the fluctuation of industry policies, the decline of yield under overvalued value and the decline of sector heat, the allocation proportion of beauty care industry has been corrected. The position proportion of 21q4 beauty care industry has dropped to 0.30%, and the proportion of beauty care in the total circulation market value of A-Shares in the same period is 0.34%, showing a low allocation state.
From the perspective of molecular industry, cosmetics is still the most preferred by funds among the three sub industries of beauty care, followed by medical beauty, and there is a large difference between quarters, while the allocation of personal care products decreased significantly throughout the year.
The order of 21q4 fund allocation strength, i.e. the proportion of position market value from high to low, is: cosmetics (0.16%) > Medical Beauty (0.14%) > personal care products (0.001%), and the position market value of 21q4 cosmetics / medical beauty / personal care products sub section is 4.406 billion yuan / 4.026 billion yuan / 26 million yuan respectively. Cosmetics sector: by the end of 21q4, the top three targets of the fund’s market value were Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Proya Cosmetics Co.Ltd(603605) , Shanghai Jahwa United Co.Ltd(600315) . From the perspective of month on month changes, 21q4 fund holdings decreased more than increased, with only Proya Cosmetics Co.Ltd(603605) (increased to 912 million yuan from 677 million yuan in 21q3) and Nanjing Cosmos Chemical Co.Ltd(300856) (increased to 281 million yuan from no position in 21q3) increased; In terms of individual stocks subject to reduction, the total position of Yunnan Botanee Bio-Technology Group Co.Ltd(300957) fund decreased by 14.45% compared with 21q3, and the total market value of fund holdings decreased by 19.37% to 2.343 billion yuan compared with 21q3, while the market value of Shanghai Jahwa United Co.Ltd(600315) fund positions decreased by 34.66% to 870 million yuan compared with 21q3. In addition, the number of funds held by Syoung Group Co.Ltd(300740) , Guangdong Marubi Biotechnology Co.Ltd(603983) showed a downward trend quarter by quarter throughout the year, and there were no funds held at the end of 21q4.
Medical and American sector: Imeik Technology Development Co.Ltd(300896) is still the most preferred fund. 21q4 fund allocation has increased significantly. The number of funds held has increased from 46 to 54, and the total holding has increased by 80.91% to 7.4913 million shares compared with 21q3. The total market value of fund holdings has increased by 63.38% to 4.009 billion yuan from 2.454 billion yuan; While Bloomage Biotechnology Corporation Limited(688363) was significantly reduced. The total market value of 21q4 fund holdings was only 16 million yuan, a month on month decrease of more than 97%.
Personal care products: Winner Medical Co.Ltd(300888) and Tianjin Yiyi Hygiene Products Co.Ltd(001206) 21q4 were allocated by the fund, and the scale of no position in 21q3 was increased to 25.6009 million yuan and 338700 yuan respectively; In C&S Paper Co.Ltd(002511) 2021, the fund allocation showed a quarterly weakening trend. As of the end of 21q4, only one fund was held, with a market value of 539700 yuan, a month on month decrease of more than 88%.
Investment advice
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 addition, the price of raw materials of household paper has a cyclical nature, and there is a large potential profit and repair space. At present, the valuation of the industry sector has fallen back to a reasonable range, and the long-term allocation value is prominent. It is recommended to focus on Imeik Technology Development Co.Ltd(300896) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , and it is recommended to pay attention to C&S Paper Co.Ltd(002511) .
Risk tips
The terminal demand is less than expected; Risks of changes in industrial policies, etc.
