2021: front high rear low
From the perspective of splitting, the same point of the market of medical beauty and beauty makeup plates is that they both show a trend of high before and low after, while the difference is that the volatility of medical beauty plate is relatively greater (the valuation level is higher); Split the performance valuation, the revenue of the two sectors was under pressure quarter by quarter, and the downward performance growth + valuation callback from Q3 brought double kills; Leading industries: Imeik Technology Development Co.Ltd(300896) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Huaxi and Furui performed relatively well.
Main line of medical beauty: focus on leading strategy and matrix building; And focus on the accompanying rise of postoperative repair.
In 2021, the whole industrial chain accelerates capitalization and compliance, and "injection consumables" is the investment core. Medical and aesthetic research focuses on the approval of upstream regenerative injection and the prosperity of photoelectric equipment; The middle reaches focus on institutional expansion and new business forms; The downstream focus is to increase the share of internet medical and beauty platforms such as meituan new oxygen. We judge that under the background of compliance, the leader will further strengthen the competitive barriers, and the endogenous extension will create a more complete matrix, which will be the trend of the next stage. At the same time, we need to pay high attention to the rising opportunity of post repair of medical art.
Beauty main line: focus on returning to the brand and subdivision rise; And focus on cutting-edge brands in the efficacy era.
In 2021, the whole industrial chain is more mature, but the "brand link" is still the core of investment. The beauty analysis objects focus on the echelon of the national brand camp, and the research focuses on the three visible trends of large single products, new channels and strong supervision. We judge that the beauty industry has officially entered the efficacy era, and the echelon competition returns to the brand essence rather than pure flow games. In the follow-up, we need to focus on exploring the emerging opportunities of low penetration and high prosperity sub tracks such as functional skin care and makeup under the background of the efficacy era.
Subject selection:
Yimei: core recommendation Imeik Technology Development Co.Ltd(300896) , Bloomage Biotechnology Corporation Limited(688363) , focusing on Sihuan medicine, Aoyuan Beauty Valley Technology Co.Ltd(000615) , Furui medical technology, China and South Korea plastic surgery;
Beauty: core recommendation Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Proya Cosmetics Co.Ltd(603605) , focus on Shanghai Jahwa United Co.Ltd(600315) , Yilian parent company, Mao Geping, fuerjia and chuang'er biology.
Risk tip: the industry demand is lower than expected, the epidemic continues to repeat, and the supervision is further strengthened
