Investment advice
In February, tiktok + Joule skin care increased by 17%, make-up increased by 2%, and speed increased by ring. Among them, the efficacy of skin care, high-end skin care / makeup, makeup artists continued to outperform the brand, demand side growth slowed down, the new rules were implemented, brand differentiation intensified, and the brand of the head was highlighted. 3.8 promotion is approaching. From the preparation of major brands, it is expected that the sales of "3.8" promotion is expected to be beautiful. It is suggested to pay attention to the head company Yunnan Botanee Bio-Technology Group Co.Ltd(300957) / Proya Cosmetics Co.Ltd(603605) / Lushang Health Industry Development Co.Ltd(600223) / Bloomage Biotechnology Corporation Limited(688363) , which has strong product R & D strength and online multi platform operation ability.
Market Review
From February 1 to March 4, 2022, the Shanghai Composite Index, Shenzhen Component Index and Shanghai and Shenzhen 300 rose 2.56%, fell 2.31% and 1.48% respectively, and the cosmetics sector rose 0.18%, outperforming Shanghai and Shenzhen Business-Intelligence Of Oriental Nations Corporation Ltd(300166) PCT. In terms of sector comparison, cosmetics is located in the middle and lower reaches of the industry. In terms of individual stocks, Syoung Group Co.Ltd(300740) , Proya Cosmetics Co.Ltd(603605) , Lushang Health Industry Development Co.Ltd(600223) led the gains, while baozun e-commerce, Yixian e-commerce and blue moon group led the declines.
This month's topic: big promotion of pre-sale catalysis, February, Tao Department + tiktok beauty growth rate increased
Skin care: the tiktok skin care market increased by 32% in February, and the reduction of the voice flow was partially increased by 45%. 1-2 months, the cumulative decrease of 4%, tiktok diversion part of the same increase by 17%, of which high-end brands with the increase of 141%/ international brand with the increase of 93%/ local efficacy, skin care with the same 3%/ international efficiency, 5%/ local brands and the 7%/ brand decline 9%. In February, the flow of vibrant skin care continued to divert, accounting for 27% of the tiktok system, which slowed down in January, and accounted for 31% of the total GMV in 1-2 months.
Makeup: Amoy makeup color sector in February with the same 11%, tiktok diversion part, the same increase of 9%; 1-2 months cumulative decrease of 21%, tiktok diversion part of the same increase of 2%. Category 1: high end brands increased by 0% / international brands decreased by 34% / local brands decreased by 44% / popular brands decreased by 53%; Category 2: makeup artist brand increased by 20% / FMCG Brand decreased by 40% / Guofeng brand decreased by 50%.
Tiktok: follow up: 1) Yunnan Botanee Bio-Technology Group Co.Ltd(300957) : Winona 1-2 months Tmall flagship store increased 29%, restore voice and voice bypass part increased 75%, February tremble ranked 20, tiktok accounted for 61%; Winona baby Tmall official flag has been continuously peataged since 21.8, and the total GMV increased by 11 times + 1-2 months, and the tiktok was not yet effective. Tiktok: (2) Proya Cosmetics Co.Ltd(603605) : the main brand 1-2 months Tmall flagship store increased 41%, the reduction of the voice and voice flow part increased by 64%, in February, the voice ranked fourth and 8, and the product three tiktok, the double core, the ruby and the source repair accounted for 57%, and the large single product continued to be beautiful; the product was 1-2. Tiktok Tmall flagship store + vibrato 46% increased by 1-2 in February, tiktok ranked twenty-seventh. (3) Lushang Health Industry Development Co.Ltd(600223) : Dr. Tmall 1-2 months, Tmall flagship store increased 60%, in February twenty-sixth, 34, and 76% tiktok. 1-2 months tiktok Tmall flagship store ranked 5%, and February, ranked twenty-eighth in the voice, 14 in the tiktok, 24% in the sowing and taking goods, and Dr. (4) Shanghai Jahwa United Co.Ltd(600315) : from January to February, tmall flagship store of baicaoji decreased by 4% and Yuze decreased by 40%; Tiktok needs to be activated. (5) Bloomage Biotechnology Corporation Limited(688363) 1-2 month increased 30% of the scouring + trembling sound, and muscle activity / tiktok / M / E / +111%/+50%/+29%/-28% respectively.
The key brands of color cosmetics are following: (1) Mao Geping: Tmall flagship store increased by 23% in 1-2 months, and ranked fourth in February, and 90% of the total tiktok. High end skin care roe, February caviar mask flag sales exceeded 3 million yuan, accounting for 14% ranked first. Tiktok tiktok: (2) Yat Sen Electric: 1-2 month sales of panning cosmetics combined with 68% drop, February perfect diary, fifth of shaking voice, 1 down, and small Austin in smaller volume.
Risk tips
The development of new products / marketing / channels is less than expected; Loss of key customers of production / agent operators; Data accuracy.
