Market Review
Last week (12.27-12.31), the CSI 300 index rose 0.39%. According to the statistics of the key weight companies selected by us (listed in the 1.1 plate Market in detail), the beauty care industry portfolio rose 0.60%, of which medical beauty / cosmetics / personal care products rose 1.15% / Rose 0.94% / fell 0.29% respectively.
Since the beginning of 2021, the CSI 300 index has fallen by 5.20%. According to the statistics of the key weight companies selected by us (listed in the market of section 1.1 in detail), the beauty care industry portfolio has increased by 4.73%, of which medical beauty / cosmetics / personal care products have increased by 49.32% / decreased by 7.00% / decreased by 28.14% respectively.
Core view
With the increase of the scale and proportion of non-surgical users in the United States year by year, non-surgical projects have accounted for half of the overall market of the United States. According to the data of Yan Research Institute of new oxygen data, the proportion of Chinese medical and American non-surgical users will further increase to 83.1% in 2021, reaching 15.07 million. Photoelectric projects, botulinum toxin, hyaluronic acid and other projects accelerate the popularization of medical and American consumption. In 2021, the scale of China’s non-surgical medical and American market reached 111.9 billion yuan, accounting for about 49.2% of the overall medical and American market.
In 2021, the improvement trend of non-surgical facial consumption continues, and the consumption of photoelectric and injection projects is the most popular in the market. Photoelectric projects, botulinum toxin, hyaluronic acid and other projects continue to accelerate the penetration of medical and American consumption, firmly occupying the top three positions in the consumption scale. Based on the new oxygen data, the compact anti-aging project based on photoelectric operation / wrinkle removal and slimming face based on botulinum toxin / hyaluronic acid consumption account for 14.54% / 11.73% / 9.53% of the overall medical and American consumption respectively. According to the overall scale of the medical and American market in 2021 (RMB 227.4 billion) calculated by iResearch, the corresponding market scale is RMB 33.1/267/21.7 billion.
We believe that with the advancement of the penetration process of medical and American consumption, the leaders of photoelectric and injection compliant drugs and instruments will be given priority to benefit, and the growth certainty is good. At present, the valuation of the sector has dropped to a reasonable range, and Imeik Technology Development Co.Ltd(300896) is continuously recommended. It is recommended to pay attention to Furui medical technology, Bloomage Biotechnology Corporation Limited(688363) , Shanghai Haohai Biological Technology Co.Ltd(688366) , etc.
Key industry trends
Liquid / paste dressings will not be regulated as class I devices; Zhang Ting and Lin Ruiyang company were investigated; New oxygen medical beauty was sued by many stars; Shanghai and the United States will go to Hong Kong for IPO.
Announcement of key companies
Sihuan pharmaceutical plans to acquire genesis of the United States; Chuang’er biology terminated the IPO of Kechuang board; The first injection of Tong Yan needle aesthe fill was completed in Hainan.
Risk statement
Tip 1: risk of industrial policy change;
Tip 2: the terminal demand is less than expected.
