Plate Market Review
Yimei (select 10 listed companies): Furui medical technology (+ 14.2%) and Aoyuan Beauty Valley Technology Co.Ltd(000615) (+ 1.8%) were the top gainers in March; Cosmetics (select 11 listed companies): the stocks with the highest growth in March are Yunnan Botanee Bio-Technology Group Co.Ltd(300957) (+ 12.9%), Lafang China Co.Ltd(603630) (+ 3.8%), Guangzhou Ruoyuchen Technology Co.Ltd(003010) (+ 1.5%).
Yimei: “Shuiguang needle” and other products are included in the management of class III medical devices (1) industry dynamics: the State Food and Drug Administration adjusts the classification catalogue of medical devices (hereinafter referred to as the catalogue), brings “Shuiguang needle” and other products into the management of class III medical devices, and further defines the composition and purpose of the products.
“Shuiguang needle” usually refers to a kind of composite solution product with sodium hyaluronate as the main component, which produces effect by injection into the dermis. It is deeply loved by consumers because of its low price, various effects and short recovery period; In addition, the recombinant botulinum toxin type a independently developed by Yinming biology was approved to enter the clinic. (2) Industry view: the adjustment of the catalogue will, on the one hand, reduce the use of non-conforming products by institutions and promote the purchase demand of relevant compliant products in the short term. On the other hand, it will encourage major manufacturers to accelerate product declaration in order to enjoy the dividend period of the compliance market. In addition, it will also play a certain educational role for consumers. We believe that the strong regulatory trend in the industry is still continuing, and the leading upstream products of Yimei ( Imeik Technology Development Co.Ltd(300896) , Bloomage Biotechnology Corporation Limited(688363) etc.) continue to benefit from the core competitive advantages brought by R & D and qualification barriers, and the market share is expected to further increase in the future.
Cosmetics: Several cosmetics companies released performance reports
(1) online channel data: in March tiktok store TOP10, Proya Cosmetics Co.Ltd(603605) (90 million 740 thousand yuan) and Winona (57 million 780 thousand yuan) ranked the top three in skin care category, and the flower West (83 million 560 thousand yuan), perfect diary (24 million 750 thousand yuan), Cai Tang (22 million 850 thousand yuan) ranked among the top five of make-up category. (2) Industry trends: Several cosmetics companies released performance reports: Yunnan Botanee Bio-Technology Group Co.Ltd(300957) 2021 achieved revenue of 4.022 billion yuan (+ 52.57%) and net profit attributable to parent company of 863 million yuan (+ 58.77%) Shanghai Jahwa United Co.Ltd(600315) 2021: revenue of RMB 7.646 billion (+ 8.73%) and net profit attributable to parent company of RMB 649 million (+ 50.92%) Proya Cosmetics Co.Ltd(603605) 2022 in the first quarter, the revenue is expected to increase by 30% – 40% year-on-year, and the net profit attributable to the parent company is expected to increase by 35% – 45% year-on-year, which continues to grow steadily. (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; In the recent annual report season, we focused on the performance of some high-quality companies exceeding expectations and the high prosperity of the track. 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 targets of the upstream performance of cosmetics (1) the cosmetics sector is optimistic about three segments: Dermatology grade and efficacy skin care products, color makeup 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) , and 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.
