Market Review
Last week (02.21-02.25), the CSI 300 index fell 1.67%. According to the statistics of the key weight companies in the sector selected by us (listed in the market of 1.1 sector in detail), the beauty care industry portfolio fell 0.54%, of which medical beauty / cosmetics / personal care products rose 1.68% / fell 1.95% / fell 1.35% respectively.
Since the beginning of the year, the CSI 300 index has fallen by 7.43%. 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 12.58%, of which the medical beauty / cosmetics / personal care products have fallen by 14.40% / 12.48% / 10.85% respectively.
As of February 25, the price earnings ratio (TTM) of beauty care (801980. SI) was 48.74x, which was at the quantile of 43.69% in two years.
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 have 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) . It is recommended 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) , etc.
As of the latest trading day (February 25), the valuation of key targets:
1) Imeik Technology Development Co.Ltd(300896) : PE corresponding to 22-23 years is 69.82x/53.02x respectively;
2) Yunnan Botanee Bio-Technology Group Co.Ltd(300957) : corresponding PE of 22-23 years is 61.91x/47.77x respectively.
Key industry trends
120 kinds of advanced medical and aesthetic products from China and abroad landed in Hainan; The fast seller has held the salon of beauty makeup brand, helping merchants prepare for the "38 Kwai Yuk season" big promotion. Heyan fully closed its offline stores in the Chinese market.
Announcement of key companies
Bloomage Biotechnology Corporation Limited(688363) released the performance express, and the net profit increased by 21.13% in 2021 C&S Paper Co.Ltd(002511) said that at present, the price of most products of the company has been raised Winner Medical Co.Ltd(300888) said that the company's medical dressings were exported to the European Union and Russia, but not to Ukraine Chongqing Baiya Sanitary Products Co.Ltd(003006) shareholders expect Yaohui's shareholding reduction ratio to reach 1% Bloomage Biotechnology Corporation Limited(688363) relying on the advantages of hyaluronic acid project, it won the provincial science and Technology Award Bloomage Biotechnology Corporation Limited(688363) and the Institute of biology, Shandong Academy of Sciences started strategic cooperation Aoyuan Beauty Valley Technology Co.Ltd(000615) Yimei Technology Valley and headquarters base Aoyuan Beauty Valley Technology Co.Ltd(000615) legal person is changed from Chairman Hu ran to President fan Shijie to complete the registration; Yimei International announced changes in the composition of the board of directors and the audit committee.
Risk tips
Tip 1: risk of industrial policy change;
Tip 2: the terminal demand is less than expected.
