Investment advice
The performance of key companies in 21q4 cosmetics and medical beauty terminal sector is generally in line with expectations; 1) Yunnan Botanee Bio-Technology Group Co.Ltd(300957) 21q4 revenue / net profit is expected to increase by 57% / 51% respectively; 2) The revenue / net profit of Proya Cosmetics Co.Ltd(603605) 21 increased by 26% / 21% respectively; 3) Shanghai Jahwa United Co.Ltd(600315) 21q4 revenue / net profit decreased by 3.3% and increased by 2.5% respectively.
22 years, we are concerned about the impact of new regulations and channel changes (tiktok) on the industry. 1) tiktok tiktok: the rise of trill, the diversion of Amoy system, the monopoly or the end of 21H2, the international head brand has been shaking, the tiktok "de centralization" flow strategy has been supporting the store broadcasting, and the test has been a test of the brand independent investment. 2) New regulations: there is no longer a buffer period for the effectiveness verification of new product registration and filing requirements in January. Brand competition returns to product strength and is good for head brands with strong R & D strength / product strength. Under stricter supervision and traffic decentralization, it is good for head brands with multi category / brand and multi-channel / platform operation ability Yunnan Botanee Bio-Technology Group Co.Ltd(300957) / Proya Cosmetics Co.Ltd(603605) / Bloomage Biotechnology Corporation Limited(688363) , and Lushang Health Industry Development Co.Ltd(600223) with preferred track and rising stage; Increase the demand for high-efficiency raw materials and benefit the head raw material suppliers, such as Nanjing Cosmos Chemical Co.Ltd(300856) .
Market Review
Last week, the Shanghai Composite Index fell 1.65% / the Shenzhen Component Index fell 3.46% / the Shanghai and Shenzhen 300 fell 2.39%, and the cosmetics sector fell 5.40%, underperforming the Shanghai and Shenzhen 3003.01pct, which is located in the middle and lower reaches of the industry. In terms of individual stocks, Jahen Household Products Co.Ltd(300955) / Lafang China Co.Ltd(603630) / baozun e-commerce led the increase, and Yixian e-commerce / Proya Cosmetics Co.Ltd(603605) / Yunnan Botanee Bio-Technology Group Co.Ltd(300957) led the decrease.
Industry dynamics
Industry news: the first cosmetics industry regulation will be implemented in 2022 and will be implemented from 22.7.1, including the establishment of quality and safety personnel, the improvement of sample retention and sampling inspection system, the refinement and improvement of traceability chain management, and the improvement of multi release management system of entrusted and entrusted enterprises; 21.12.31 the drug administration released the catalogue of the first class medical device products. In the name of the product, the medical cold patch and cold compress gel were deleted. The first class medical cold compress paste was officially banned. In the future, the state will increase the punishment for prohibit illegal products, and the market of medical dressing will be cleaned. In the past 21 years, more than 130 beauty enterprises have been financed, with a total amount of 15 billion yuan. Functional skin care and oral care are popular tracks, and the men's care track and beauty instrument market are also favored by capital; The head anchor was punished for tax evasion one after another, which opened the prelude to the tax reform in 2022. The Ministry of Finance and the State Administration of Taxation announced that since 22.1.1, all sole proprietorships and partnerships holding equity investments such as equity / shares / partnership property shares will apply the audit collection method to calculate and levy individual income tax; In 21 years, international beauty giants invested 31.9 billion yuan and 13 acquisitions, and cutting-edge / skin care brands were favored.
Key announcement: Lancy Co.Ltd(002612) the pledge of 5.77 million shares of the company held by the controlling shareholder expires; Aoyuan Beauty Valley Technology Co.Ltd(000615) after the completion of major asset restructuring, passively form related party guarantees and charge financing guarantee fees; Bloomage Biotechnology Corporation Limited(688363) Li Huiliang, deputy general manager and chief technical officer of the company, resigned; Lushang Health Industry Development Co.Ltd(600223) in 2021, the amount of guarantee for wholly-owned companies and holding companies was 2.031 billion yuan, and the guarantee balance was 2.059 billion yuan; Yunnan Botanee Bio-Technology Group Co.Ltd(300957) passed the recognition of high-tech enterprises again; Shanghai Jahwa United Co.Ltd(600315) the cumulative number of shares repurchased was 968400, accounting for 0.14% of the total share capital of the company, and the total amount paid was 42.7713 million yuan; Proya Cosmetics Co.Ltd(603605) the pledge of the shares of Mr. Yuyou, the shareholder holding more than 5%, is released; Lafang China Co.Ltd(603630) the company plans to repurchase and cancel a total of 50500 restricted shares granted but not lifted by five people, including Wei pan and Wang Mei; Shanghai Sunglow Packaging Technology Co.Ltd(603499) 51000 restricted shares were lifted.
Risk tips
The development of new products / marketing / channels is less than expected; Loss of key customers of production / agent operators.
