Plate Market Review: plate recovery
Yimei (select 10 listed companies): stocks generally corrected in November; cosmetics (select 11 listed companies): stocks rose by Lafang China Co.Ltd(603630) (10.0%), Lushang Health Industry Development Co.Ltd(600223) (3.6%) and Fujian Green Pine Co.Ltd(300132) (3.5%) in November.
Yimei: the overall supervision is becoming stricter, which is good for the industry leader
(1) Industry trends: on November 2, the law enforcement guide for medical beauty advertising was officially released. On the whole, the content changed little from the exposure draft in August, focusing on the rectification of the chaos of medical beauty advertising; on November 9, the State Drug Administration issued a notice on soliciting the classified catalogue of medical devices Notice of adjustment opinions. Products containing hyaluronic acid and other materials that can moisturize, replenish water and improve skin state are to be supervised according to class III devices; On November 25, the food and Drug Crime Investigation Bureau of the Ministry of Public Security issued a notice to severely crack down on criminal activities such as the illegal manufacture and sale of medical and American products. On the whole, the industry supervision is becoming stricter. (2) Industry view: in the context of stricter supervision: for the upstream, the replacement speed and degree of compliant and licensed products for non-conforming products will be improved, which will benefit the leading products with class III medical device qualification. We believe that the upstream industry of medical beauty has high R & D and qualification barriers, Imeik Technology Development Co.Ltd(300896) , Bloomage Biotechnology Corporation Limited(688363) And other leading companies have been recognized by the downstream in terms of technology, safety and effectiveness, outstanding core competitiveness, and star products + new products are expected to drive sustained growth. For medical beauty institutions, under the background of stricter supervision of medical beauty advertising, the advantages of institutional brand value will be highlighted, which will benefit the leading medical beauty institutions.
Cosmetics: in November, Amoy skin care products performed well, and the double 11 domestic products were the leading products
(1) Online channel data: in November, the Gmv of skin care products online / tmall reached 54.16 billion yuan (+ 15.9%) / 43.97 billion yuan (+ 26.6%), and the Gmv of makeup products online / tmall reached 2.55 billion yuan (- 10.4%) / 9.18 billion yuan (- 3.5%). On the whole, skin care products performed well driven by the double 11 e-commerce shopping festival. (2) Double Eleven: the overall performance is bright, and the whole network caliber of cosmetics is + 35.5% year-on-year (including skin care caliber + 37.6%, color makeup caliber + 33.4%); in terms of sub brands, imported brands are still dominant, but the performance of domestic leading brands is excellent: Winona has a bright performance in all channels, and has been shortlisted in tmall beauty and skin care category for four consecutive years. At present, it is ten (first in domestic products); Shanghai Jahwa United Co.Ltd(600315) The online Omni channel of its brands increased by 38% year-on-year; Bloomage Biotechnology Corporation Limited(688363) has many brands; Lushang Health Industry Development Co.Ltd(600223) its Yilian and Yier doctors broke 100 million. (3) industry view: Overall, the industry market growth rate has been relatively slow in recent years, but the market share of the head market is rising. The brand name and multi-channel logic of the cosmetics brand are continuously tested. Channels, such as the rise of the tiktok channel, contribute to the important increment, and the national goods brand has been overweight. It can contribute to the stable income of the enterprise, and the large single products of various brands continue to perform well this double 11. In the future, it is suggested to focus on leading brands with high-quality large single products and strong multi-channel operation ability, and the market share is expected to continue to increase in the long term.
Investment suggestion: selfie’s economy continues to be in a high boom and pays attention to high-quality companies in subdivided tracks
(1) The cosmetics sector is optimistic about three segments: Dermatology grade and efficacy skin care products, color makeup and upstream ODM, focusing on Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Fujian Green Pine Co.Ltd(300132) , benefiting targets Proya Cosmetics Co.Ltd(603605) , Shanghai Jahwa United Co.Ltd(600315) , and Mao Geping (after the meeting); (2) leading products Imeik Technology Development Co.Ltd(300896) in the medical beauty industry chain and Bloomage Biotechnology Corporation Limited(688363) in the layout of the whole industry chain of hyaluronic acid.
Risk warning: repeated impact of epidemic situation; Increase of enterprise operating costs; Industry competition intensifies.
