Investment advice
In March, the growth of beauty e-commerce was stable and affected by the epidemic, but the head brand had little influence and high growth, which further verified that the brand differentiation was intensified. Looking ahead to Q2, April and may are the retail off-season, and the impact of the epidemic is limited. It is suggested to pay attention to the head brands that promote the sales of "618", such as Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Proya Cosmetics Co.Ltd(603605) , Lushang Health Industry Development Co.Ltd(600223) , Bloomage Biotechnology Corporation Limited(688363) and so on, and pay attention to the risk of whether the efficacy verification report of the new regulations can be submitted on time.
Industry
In March / 22q1, cosmetics e-commerce gmv415 / 116.7 billion yuan, yoy + 3 / + 8%, which was generally stable, and the growth rate in March slowed down compared with February, partly affected by the impact of the epidemic in many places in late March on Logistics & consumer demand. Sub channel, Q1 Tao / jitter / Jingdong / tiktok accounted for 54%/23%/15%/8%, up -6%/+164%/+4%/-40%, of which -9%/+148%/-1%/-37% was -9%/+148%/-1%/-37% in March.
Key companies and brand tracking
Skin care: (1) Yunnan Botanee Bio-Technology Group Co.Ltd(300957) : /22Q1 GMV+83%/+96% of March, GMV+83%/+96%, tiktok, Jingdong / panning. Winona, the main brand, increased /22Q1 tiktok 80%/95% in March, Tmall grew faster and shook 15. Winona baby's sales in March /22q1 were +858%/855% year-on-year, mainly contributed by Amoy. 22q1 accounted for 1.5% of Winona's main brand online sales. (2) Proya Cosmetics Co.Ltd(603605) : the company's e-commerce sales in March / 22q1 + 52% / + 39%, and the main brand Proya Cosmetics Co.Ltd(603605) continued to grow rapidly, with a simultaneous increase of 50% / 42% in March / 22q1; Tiktok /22Q1 increased 96%/42% in March, mainly 3.8 major promotion performance beautiful, Amoy line & tiktok volume, 22.3 trembling ranked 21 years first time into the top ten. (3) Lushang Health Industry Development Co.Ltd(600223) : the /22Q1 electricity supplier sold +61%/+87% tiktok in March, mainly due to the volume of the sound and the increase of 700%+. In March, /22Q1 sales of +18%/+39%, the 35 ranking of the tiktok group and the jitter group, promoted the growth of the company. Dr. tiktok March /22Q1 electricity supplier sales +70%/+97%, Tmall continued to increase, Jingdong / tiktok volume, vibrato ranked 41. (4) Shanghai Jahwa United Co.Ltd(600315) 3 /22Q1 electricity supplier sells +4/+3%, cosmetic business is tiktok / Jingdong grows pretty; Herborist 3 and /22Q1 electricity supplier sales increased by 32%/41%, and the growth of the company was steady, and the vibrato / Jingdong / tiktok was increasing. Yu Ze March /22Q1 -9%/-16%, mainly Department of the Department of Amoy slipped, vibrato / Jingdong / tiktok all exert their strength. (5) Bloomage Biotechnology Corporation Limited(688363) 3 month /22Q1 online +30%/+72%, the four brands are all tiktok & Jingdong driven growth; Kwadi March / 22q1 Online - 47% / + 14%; Run Baiyan in March / 22q1 + 9% / + 36%; Muscle activity 3 months / 22q1 + 243% / 186%; Mibel increased by 110% in March. (6) Shanghai tiktok: Han, March /22Q1 Tmall official flag was -49%/-57%, March ranked tenth. A leaf has narrowed down in March, and Tmall's official flag -21%/-32% and tiktok has been smaller since /22Q1 22.1. Red elephant March sales of Tmall official flag 30 million +, tiktok ranked 51, down 19. (7) Guangdong Marubi Biotechnology Co.Ltd(603983) 3 month /22Q1 tiktok -20%/-22% year-on-year, vibrato growth pretty. (8) Syoung Group Co.Ltd(300740) : March / 22q1 - 50% / - 47% year on year.
Make-up: (1) Mao Geping: in March, Tmall official flag -42%/-3%, /22Q1 ranked 15, tiktok 11, compared with February. (2) Yin Xian tiktok: color cosmetics continue to decline, high-end skin care tremble ranking; Perfect diary March /22Q1 tiktok -63%/-55%, the top 5. Little Austin / pike tiktok ranked the lowest. Corran Lee / Dahl's tiktok rank has improved significantly. Tiktok: (3) tiktok: /22Q1 Tmall + yoke -44%/-30% in March, and 21.1 of the tremble ranked 21.1.
Risk tips
The development of new products / marketing / channels is less than expected; Loss of key customers of production / agent operators; Data accuracy.
