Industry core view:
In February 2022, the turnover of Taoxi platform cosmetics (including beauty and skin care and color makeup) was 17.4 billion yuan, a year-on-year increase of + 18%, and the turnover of jewelry was 7.7 billion yuan, a year-on-year increase of + 47%. Gmv of beauty and jewelry in February increased significantly year-on-year. In terms of the flagship store of tmall brands of listed companies, cosmetics: in February, Chinese brands performed differently, and Proya Cosmetics Co.Ltd(603605) under Proya Cosmetics Co.Ltd(603605) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) Winona and Bloomage Biotechnology Corporation Limited(688363) under mibel performed better; Jewelry: Hong Kong funded jewelry brand Gmv has a good overall performance. In the face value era, the demand for beauty jewelry is strong, and the high-profile atmosphere of the industry continues to maintain the investment rating of “stronger than the big market”. It is suggested to pay attention to the high-quality target of beauty jewelry.
Key investment points:
Data of beauty industry: skin care Gmv increased year-on-year, while makeup Gmv decreased year-on-year. In February 2022, the turnover of Taoxi platform cosmetics (including beauty and skin care and color makeup) was 17.4 billion yuan, a year-on-year increase of + 18% and a month on month increase of + 27%. Among them, the turnover of beauty and skin care was + 32% year-on-year and + 48% month on month; The turnover of cosmetics was – 9% year-on-year and – 9% month on month.
Data of tmall flagship store of beauty brand: international brands and Chinese head main brands have performed brilliantly. ① International brands: Gmv of most brands increased year-on-year, Lancome and HR of L’Oreal performed well, Gmv was + 1246% / + 84% year-on-year respectively, Estee Lauder of Estee Lauder was + 157% year-on-year, and snow show of amore The Pacific Securities Co.Ltd(601099) was + 38% year-on-year. ② Brands of Chinese Listed Companies: Proya Cosmetics Co.Ltd(603605) / Caitang under Proya Cosmetics Co.Ltd(603605) / respectively + 114% / + 37% year-on-year, and Gmv of other brands decreased to varying degrees year-on-year Shanghai Jahwa United Co.Ltd(600315) baicaoji / goufu performed well, with a year-on-year increase of + 66% / 52% respectively Guangdong Marubi Biotechnology Co.Ltd(603983) its MARUMI is + 79% year-on-year, its love fire is brilliant, and Gmv is + 1362% year-on-year Winona under Yunnan Botanee Bio-Technology Group Co.Ltd(300957) company increased by 105% year on year Syoung Group Co.Ltd(300740) , Bloomage Biotechnology Corporation Limited(688363) , Yixian e-commerce and Shanghai Shangmei’s brands fell year-on-year. ③ Brands of unlisted companies in China: Baique Gmv + 68% year-on-year, natural hall + 15% year-on-year. Huaxizi and Lin Qingxuan performed poorly.
Jewelry industry data: gold jewelry Gmv + 49%, jewelry Gmv + 45%. In February 2022, the turnover of Taoxi platform jewelry (gold jewelry and jewelry) was 7.7 billion yuan, a year-on-year increase of + 47% and a month on month increase of – 9%. Among them, the turnover of gold and jewelry was + 49% year-on-year and + 6% month on month; Jewelry turnover was + 45% year-on-year and – 28% month on month.
Jewelry brand tmall flagship store data: Hong Kong funded brands performed well. ① Domestic brands: Chow Tai Seng Jewellery Company Limited(002867) / design circles of Chow Tai Seng Jewellery Company Limited(002867) / under Chow Tai Seng Jewellery Company Limited(002867) / under Chow Tai Seng Jewellery Company Limited(002867) / under Chow Tai Seng Jewellery Company Limited(002867) / under Chow Tai Seng Jewellery Company Limited(002867) / under Zhejiang Ming Jewelry Co.Ltd(002574) , Dr, Caibai, etc. decreased significantly. ② Hong Kong funded brands: Liufu / Chow Tai Fook / Xie Ruilin / Zhou Shengsheng + 53% / + 32%% / + 22% / + 7% year on year respectively. ③ Foreign brands: Cartier + 339% year-on-year, Swarovski and Pandora decreased significantly.
Risk factors: the risk of incorrect and incomplete statistics of Amoy data, the risk of resurgence of epidemic situation and the risk of intensified market competition.
