Main points
The overall growth of medical beauty cosmetics industry is stable, and Q3 plate has been adjusted.
The leading performance of the segment track still maintained a high growth rate. Since the beginning of the year, the valuation has continued to rise, and the 21q3 valuation has been corrected. The zero year-on-year growth rate of 21q3 cosmetics agency was 2.2%, and the total revenue of Bloomage Biotechnology Corporation Limited(688363) , Imeik Technology Development Co.Ltd(300896) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Proya Cosmetics Co.Ltd(603605) , Shanghai Jahwa United Co.Ltd(600315) Q3 was 4.882 billion yuan, with a year-on-year growth rate of 24.16%. Since the second half of the year, the vast majority of individual stocks in the medical and American cosmetics sector have shown negative returns. Due to the impact of stricter regulatory compliance, the decline of medical and American institutions is more obvious than that of cosmetics. Most of the rise and fall of individual stocks in the cosmetics sector have an obvious relationship with performance, and the market has strict requirements on the level of profit margin.
The medical and American industry chain has high vision, low penetration, strict supervision, and high-quality leaders continue to benefit.
The subdivided tracks of the medical beauty industry chain bloom at multiple points, the light medical beauty continues to be hot, and many factors drive the continuous improvement of the medical beauty market scale and penetration. Leading medical beauty institutions are more cautious in compliance, and non-conforming small medical beauty institutions face the risk of shutdown and rectification. Due to the increasingly rigid demand of consumers for medical beauty, the market share and concentration of head standardized institutions are increasing. Generation Z, light medical beauty and low line market help the expansion of medical beauty industry. Hyaluronic acid is the most popular light medical and American project, with fierce competition and the continuous rise of domestic products.
Collagen has multiple effects such as support, repair, moisturizing and whitening. With low industry concentration, it is a high potential subdivision track.
The cosmetics industry chain focuses on the certainty and key links, and the subdivided track is full of flowers.
The rise of national tide and the continuation of prosperity. From channel driven to product and brand driven, efficacy skin care products and make-up racetracks grew rapidly. The flow is decentralized, and the growth rate of Amoy channel slows down. The tiktok traffic growth slowed down, with the social media business platform represented by jitter, Kwai Fu and Xiao Hong book become new opportunities for traffic. Efficacy, IP become a necessary option for breakthrough of domestic cosmetics. The cosmetics industry policy promotes the development of the industry towards high quality, the efficacy track is favored by capital, and the inflection point of industry demand appears, which has changed from ensuring product safety to effective.
Investment advice
We believe that the medical beauty cosmetics track will still maintain a high prosperity trend in 2022, and it is suggested to focus on three main lines: 1) medical beauty leading enterprises with forward-looking product layout Imeik Technology Development Co.Ltd(300896) ; 2) Functional skincare leading enterprises Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Bloomage Biotechnology Corporation Limited(688363) , Lushang Health Industry Development Co.Ltd(600223) that are optimistic about the high growth efficacy skincare track and build multi-dimensional brand barriers, as well as cosmetics OEM enterprises Fujian Green Pine Co.Ltd(300132) and water Jahen Household Products Co.Ltd(300955) that benefit from the new cosmetics regulations, the pull of high growth terminal demand and the improvement of raw material costs; 3) Domestic cosmetics brands Proya Cosmetics Co.Ltd(603605) , Shanghai Jahwa United Co.Ltd(600315) and head brand agent operators Hangzhou Onechance Tech Corp(300792) with brand advantages and emerging channels.
Risk statement
Industry competition intensifies; Consumer demand is less than expected; Repeated epidemics lead to the inhibition of consumption intention; Legal litigation risk and other risks.
(Shanghai Securities)
