Core view
Plate Market Review: in March 2022, Shenwan beauty care industry decreased by 4.30%, outperforming CSI 300 and CSI 500 index by 3.54 PCT and 3.41 PCT respectively In terms of individual stocks, in March, Liuzhou Liangmianzhen Co.Ltd(600249) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Aoyuan Beauty Valley Technology Co.Ltd(000615) rose the most, with increases of 28.07%, 12.93% and 1.77% respectively.
In March, the filing of new cosmetics continued at a low level, and the number of domestic brands in the head picked up. Since the beginning of the year, the filing level of new cosmetics under the new regulations has remained low. In March, the overall filing continued at a low level, in which the filing of cosmetics products was better than that of skin care products, and the filing of some domestic brands in the head improved Proya Cosmetics Co.Ltd(603605) has filed 5 new skin care products, and Bloomage Biotechnology Corporation Limited(688363) has added 18 new products for the record, mainly for facial mask and essence products.
Sales of Amoy cosmetics:
1) skin care products: in March, the sales volume recovered month on month, and the average price of products increased significantly. In March 2022, Taoxi (tmall + Taobao) skin care products achieved sales of 16.5 billion yuan, accounting for 38.2% of 22q1 sales, with a year-on-year growth rate of - 18.5% and a month on month growth rate of 28.1%; In March, the sales volume of Amoy skin care products was 110 million, an increase of 5.2% month on month. In the off-season of 2022q1, the overall sales volume declined significantly. The sales volume of Amoy skin care products in 22q1 reached 43.2 billion yuan, with a month on month growth rate of - 47.3%; The sales volume was 320 million pieces, down 42.5% month on month. In terms of skin care brands, domestic brands Proya Cosmetics Co.Ltd(603605) , Winona, nature hall and gazelle all ranked among the top 20 in sales of Amoy platform in March and the first quarter of 22 years Among them, 1) Proya Cosmetics Co.Ltd(603605) : the sales volume of Amoy platform in March was 360 million yuan, an increase of 80.1% year-on-year; 2) Winona: the sales volume of Amoy platform in March was 290 million yuan, a year-on-year increase of 89.6%.
2) cosmetics: in March, the average price of cosmetics increased, the sales volume decreased, and the sales volume decreased slightly month on month. In March 2022, Taoxi (tmall + Taobao) cosmetics achieved sales of 5.9 billion yuan, accounting for 33.2% of 22q1 sales, with a year-on-year growth rate of - 24.8% and a month on month growth rate of - 5.9%; In March, the sales volume of Amoy cosmetics reached 90 million pieces, a month on month increase of - 11.7%. The amount and price of makeup in the off-season of 2022q1 decreased month on month, and the sales volume of Taoxi makeup in 22q1 reached 19 billion yuan, with a month on month growth rate of - 28.5%; The sales volume was 320 million pieces, down 25.8% month on month. In terms of brands, domestic cosmetics brands huaxizi, color key, perfect diary, into you and kazilan all rank among the top 20 in platform cosmetics sales Among them, the sales volume of Caitang Taoxi platform in March was 30 million yuan, a year-on-year increase of 51.1%.
Sales of vibrato cosmetics tiktok:
Tiktok 22Q1 cosmetics sales scale nearly 20 billion yuan, cosmetics sales in March accounted for about 40% of Q1, skin care products to achieve rapid growth. In March tiktok tiktok cosmetics sales total 7 billion 400 million yuan, accounting for 37.6% of 22Q1 sales, 8.3% growth in the ring, and 19 billion 700 million yuan in 22Q1 channel sales. Including: 1) skin care products: the sales volume was 5.6 billion yuan, accounting for 38.9% of the sales volume of 22q1, with a month on month increase of 14.0%; 2) Make up:
The sales volume was 1.5 billion yuan, accounting for 32.7% of the sales volume of 22q1, with a chain comparison of - 9.5%. In terms of brand, the Proya Cosmetics Co.Ltd(603605) sales volume of skin care products increased rapidly, and the price of Winona rebounded; The sales of Caitang, a cosmetics brand, doubled and performed brilliantly.
Investment suggestion: the domestic brands in the cosmetics industry are rising rapidly. Under the strategy of large single product, the R & D investment is strengthened, and the product strength and brand strength are rapidly improved. Stricter supervision will promote the standardized development of the industry, accelerate the clearance of tail enterprises in all links, and improve the market share of head brands. It is recommended to pay attention to the leader of sensitive skin care products Yunnan Botanee Bio-Technology Group Co.Ltd(300957) ( Yunnan Botanee Bio-Technology Group Co.Ltd(300957) . SZ), the leader of domestic beauty cosmetics Proya Cosmetics Co.Ltd(603605) ( Proya Cosmetics Co.Ltd(603605) . SH) with efficient operation, continuous verification of large single product strategy and multi-channel layout, the leader of medical beauty injections Imeik Technology Development Co.Ltd(300896) ( Imeik Technology Development Co.Ltd(300896) . SZ), the world's largest supplier of hyaluronic acid Bloomage Biotechnology Corporation Limited(688363) ( Bloomage Biotechnology Corporation Limited(688363) . SH) Biomedicine + ecological health two wheel drive Lushang Health Industry Development Co.Ltd(600223) ( Lushang Health Industry Development Co.Ltd(600223) . SH).
Risk tip: the market demand for new products is less than expected; Intensified market competition; Price fluctuation of raw materials; Repeated outbreaks outside China have impacted channel sales; Macroeconomic pressure.
