Plate Market Review
Yimei (select 10 listed companies): Sihuan Pharmaceutical (+ 15.2%), Imeik Technology Development Co.Ltd(300896) (+ 9.6%) and Lancy Co.Ltd(002612) (+ 7.8%) were the top gainers in February; Cosmetics (select 11 listed companies): the stocks with the highest growth in February were Syoung Group Co.Ltd(300740) (+ 12.9%), Proya Cosmetics Co.Ltd(603605) (+ 10.0%), Lushang Health Industry Development Co.Ltd(600223) (+ 7.2%).
Yimei: SOTA medical, the parent company of “remaji”, submitted the prospectus and Imeik Technology Development Co.Ltd(300896) released the annual report
(1) industry trends: on February 8, SOTA medical submitted a prospectus to the U.S. Securities and Exchange Commission and planned to be listed on NASDAQ. SOTA medical is a world-famous manufacturer of medical beauty equipment, mainly producing medical beauty equipment for skin firming, whitening and body shaping. It has four brands: Thermage (i.e. “hot Maggie”, positioning non-invasive wrinkle removal and firming products, which are widely popular in the global market), clear + brilliant, Fraxel and VASER; In addition, on March 1, Bloomage Biotechnology Corporation Limited(688363) its oral care brand Wo made its debut at tmall Wo daily chemical flagship store with new products. (2) Industry perspective: Imeik Technology Development Co.Ltd(300896) released the annual report for 2021, and the annual net profit attributable to the parent company was + 117.81% year-on-year, with continuous high growth in performance. We believe that under the background of strong industry regulation, the upstream leaders of Yimei ( Imeik Technology Development Co.Ltd(300896) , Bloomage Biotechnology Corporation Limited(688363) etc.) are expected to continue to benefit from the core competitive advantages brought by R & D and qualification barriers, and the market share is expected to continue to increase in the future.
Cosmetics: the leading brands of Queen’s Day performed well. Proya Cosmetics Co.Ltd(603605) , Lushang Health Industry Development Co.Ltd(600223) released the operation data from January to February
(1) online channel data: in February, the Gmv of skin care product tmall was 5.92 billion yuan (+ 6.5%), and the Gmv of makeup tmall was 2.67 billion yuan (- 3.8%) respectively, and the industry performance improved month on month. (2) Queen’s Day: the national product leader has a bright eye on the Queen’s Day: Sales of Tmall caliber during the Proya Cosmetics Co.Ltd(603605) Queen’s festival increased by 200%+ compared with the same period last year, and the growth of the voice caliber increased by 100%+ compared to the same period. It entered the Tmall beauty industry TOP5, ranking the highest in the Tmall’s national products, the TOP1 in the beauty dress and the TOP1 in Jingdong’s tiktok skin protection. During the queen Winona Festival, tmall flagship store grew by more than 50% year-on-year. (3) Industry perspective: in terms of channels, the head anchor is under strong supervision. The slowdown in the growth of Amoy and the large volume of Amoy channels will further test the brand’s self broadcasting and Amoy channel operation ability. Under the background of channel flow reform and new strict regulation of cosmetics, we are optimistic about leading brands with high-quality large single products and multi-channel operation ability Proya Cosmetics Co.Ltd(603605) 2022: the same ratio of revenue is about + 30% and the same ratio of net profit attributable to parent company is about + 35% 6 Qiming Information Technology Co.Ltd(002232) 022: from January to February, the revenue of cosmetics sector was about + 146.7% year-on-year, and the performance continued to grow steadily. Recently, we have entered a performance intensive disclosure period, focusing on leading companies whose performance is expected to exceed expectations. In addition, in the upstream of the cosmetics industry chain, Chinese raw material manufacturers are expected to benefit from the raw material submission system and cosmetics efficacy declaration system under the new regulations; Under strict supervision, the elimination of small and medium-sized OEM factories and the optimization of competition pattern will also benefit the leading OEM manufacturers with strong R & D capability.
Investment suggestions: the industry supervision is becoming stricter, and the industrial chain leader is benefiting; Pay attention to the elastic target of cosmetics upstream performance
(1) the cosmetics sector is optimistic about three segments: Dermatology grade and efficacy skin care products, cosmetics and upstream manufacturers, with emphasis on Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Proya Cosmetics Co.Ltd(603605) , Lushang Health Industry Development Co.Ltd(600223) , Fujian Green Pine Co.Ltd(300132) , benefiting targets Shanghai Jahwa United Co.Ltd(600315) , Nanjing Cosmos Chemical Co.Ltd(300856) , Jahen Household Products Co.Ltd(300955) ; (2) The medical beauty industry chain mainly recommends Imeik Technology Development Co.Ltd(300896) , Bloomage Biotechnology Corporation Limited(688363) .
Risk warning: repeated impact of epidemic situation; Increase of enterprise operating costs; Industry competition intensifies.
