Main points:
The downstream demand of medical beauty is strong, and the industry is expected to maintain a high boom, and the two-way improvement of supply and demand will drive the continuous growth of the scale of China's medical beauty market. According to iResearch consulting, China's market scale reached 176.9 billion yuan in 2019, and the compound growth rate from 2012 to 2019 reached 29%. It is estimated that the scale of China's medical and American market will reach 311.5 billion yuan in 2023, corresponding to a compound growth rate of 15% from 2019 to 2023e. We believe that the expansion of medical and American market scale Beijing Dynamic Power Co.Ltd(600405) comes from: 1 The penetration rate of Chinese medicine and the United States is still relatively low. In 2019, the penetration rate of Chinese medicine and the United States was 3.6%, Compare Japan (11%), the United States (17%) and South Korea (21%) still has much room for improvement; 2. With the economic development, optional consumption benefits from the consumption upgrading brought by the increase of per capita disposable income; 3. The convenience of social media and the professionalism of medical and American institutions promote the acceleration of consumer re education process. After a full understanding of medical and American, rational consumption increases the stickiness of audience groups to medical and American; 4. At present, medical and American consumers are still first-line and second-line people Mainly, accounting for about 90%. With the exploration of medical and American institutions to low-level cities, the demand of low-level cities is expected to be released.
Industry supervision continues to be stricter, which is good for compliance enterprises
Since this year, regulatory policies involving practitioners and marketing in the field of medical and beauty have been introduced one after another. For example, in June, eight ministries and commissions jointly issued the work plan for special rectification against illegal medical beauty services, which clearly and severely cracked down on illegal medical beauty activities. In early November, the General Administration of Market Supervision issued the guidelines for law enforcement of medical beauty advertisements to rectify the chaos of various medical beauty advertisements, focusing on the guarantee of efficacy, advertising endorsement and so on. At the end of November, the Ministry of public security requested to further intensify the crackdown on prominent criminal activities in the field of drug safety, such as the illegal manufacture and sale of medical and American products. It can be seen that the medical and American regulatory policies continue to be stricter, there is a possibility of accelerating the departure of non-conforming products and institutions, and the industry demand and resources are expected to tilt to the head standardized operation enterprises.
Head enterprises have high barriers, and their performance is expected to maintain high growth
From the perspective of medical beauty industry chain, enterprise competition barriers: the R & D barriers of enterprises at the product end and the head are high. At present, they have been updated and iterated to injection 2.0 recycled medical beauty products, which have the first mover advantage and are difficult to be overtaken by corners in the short term; On the institutional side, enterprises with brand advantages are gradually making efforts, and the "1 + n" model is expected to reduce the drainage cost and help realize the chain of remote replication. The leading enterprises are expected to take advantage of the development of the industry to further consolidate their competitive advantages and achieve sustained and high performance growth in the waves.
Investment advice
We believe that the medical beauty industry has maintained a high prosperity under the two-way effect of supply and demand, but the industry supervision may continue to be stricter, and we are optimistic about the upstream medical beauty enterprises with complete qualifications and the downstream medical beauty institutions with standardized operation. It is suggested to pay attention to: the product end is [ Imeik Technology Development Co.Ltd(300896) ] domestic hyaluronic acid faucet, and the new products are soaked in white angels; [ Bloomage Biotechnology Corporation Limited(688363) ] local hyaluronic acid is the leading raw material, with strong growth in skin care business; [ Huadong Medicine Co.Ltd(000963) ] the market volume of ellanse girls' needles; [ Shanghai Haohai Biological Technology Co.Ltd(688366) ] comprehensive layout of Ophthalmology and medical beauty industry chain; [Sihuan medicine] acting botulinum toxin letibao. It is suggested to pay attention to medical beauty institutions Lancy Co.Ltd(002612) , Ruili medical beauty, etc.
Risk statement
New product promotion is not as expected; Industry competition intensifies; There are uncertainties in medical and American regulatory policies.
