Plate Market Review
Yimei (select 10 listed companies): Yimei International (+ 35.9%) and Huadong Medicine Co.Ltd(000963) (+ 18.6%) ranked first in December; In terms of annual growth, the top three are Furui medical technology (+ 187.8%), Sihuan medicine (+ 81.4%) and Huadong Medicine Co.Ltd(000963) (+ 52.1%). Cosmetics (11 listed companies selected): the top growth in December was Guangzhou Ruoyuchen Technology Co.Ltd(003010) (12.4%), Fujian Green Pine Co.Ltd(300132) (10.0%), Guangdong Marubi Biotechnology Co.Ltd(603983) (5.5%); In terms of annual growth, the top three are Lushang Health Industry Development Co.Ltd(600223) (+ 57.5%), Lafang China Co.Ltd(603630) (+ 25.2%) and Yunnan Botanee Bio-Technology Group Co.Ltd(300957) (+ 18.3%).
Yimei: Bloomage Biotechnology Corporation Limited(688363) France CytoCare Sili has been approved by Hainan Food and drug administration
(1) industry trends: on December 26, Bloomage Biotechnology Corporation Limited(688363) announced on its official website that the core products “CytoCare Sili kinetin 516 and 532” of its wholly-owned subsidiary, revitacare, France, have been officially approved by Hainan Food and drug administration. As a clinical urgently needed medical device (Class III), it can be used first in the pilot area of Lecheng, Hainan; In addition, the tissue repair material of South Korean Tongyan needle aesthefill (represented by Jiangsu Wuzhong Pharmaceutical Development Co.Ltd(600200) in China) also successfully completed the first injection in China in Hainan on December 27. In terms of new products, on December 9, aierjian’s “qiaoyadeng Zhiyan” (approved in April) was officially listed. It is the first and only hyaluronic acid product approved for lip injection in China.
(2) industry perspective: the industry maintains the trend of strict supervision. Under this background, the R & D and qualification barriers of the upstream products of Yimei ( Imeik Technology Development Co.Ltd(300896) , Bloomage Biotechnology Corporation Limited(688363) ) bring core competitive advantages and are expected to continue to benefit; In addition, the layout of leading enterprises in Hainan is also expected to introduce overseas high-quality products into the Chinese market faster.
Cosmetics: in December, the overall market of cosmetics industry declined, and the leading domestic products performed well
(1) online channel data: the overall decline of Amoy cosmetics industry in December; Throughout the year, tmall realized gmv1184 RMB 300 million (- 2.7%), basically unchanged, and the caliber of color tmall reached RMB 40.55 billion (- 18.7%), with a significant decline. We believe that the annual growth rate of the panning system is slowing down, mainly due to the diversion of traffic dividends and the diversion of tiktok channels. In terms of brands, leading brands such as Proya Cosmetics Co.Ltd(603605) and Winona still achieved good growth in December.
(2) industry trends: on December 20, super anchor Weiya was punished for tax evasion; On December 25, the first cabinet of Winona national department store opened in Hangzhou. (3) Industry view: in terms of channels, we expect that online still maintains a high proportion, but the growth rate of Amoy is slowing down, and the contribution of Amoy channels is increasing; At the level of policy supervision, Taobao’s super anchor is strictly supervised, which will further test the brand’s self broadcasting and overseas channel operation ability. In addition, since January 1, 2022, the new cosmetics regulations require registrants and filers to evaluate the efficacy claims and upload them to the designated website. The cost of filing and testing increases, and the process of new products of small and medium-sized brands may slow down. Under the background of channel flow reform and strict supervision, we are optimistic about leading brands with high-quality large single products and multi-channel operation ability, and the market share is expected to continue to increase in the future; Stricter industry supervision will also significantly benefit the head brand and upstream OEM with high-quality products and strong detection ability.
Investment suggestions: the industry supervision is becoming stricter and the industry chain leader is benefiting; Pay attention to the elastic target of cosmetics upstream performance
(1) the cosmetics sector is optimistic about three segments: Dermatology grade and efficacy skin care products, color makeup and upstream ODM, with emphasis on Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Proya Cosmetics Co.Ltd(603605) , Fujian Green Pine Co.Ltd(300132) , and the beneficiary targets Shanghai Jahwa United Co.Ltd(600315) , Nanjing Cosmos Chemical Co.Ltd(300856) and Mao Geping; (2) The leading product Imeik Technology Development Co.Ltd(300896) and Bloomage Biotechnology Corporation Limited(688363) of the whole hyaluronic acid industry chain layout are mainly recommended in the medical and American industry chain.
Risk warning: repeated impact of epidemic situation; Increase of enterprise operating costs; Industry competition intensifies.
