Main points:
Review of sector Market:
This week (4.18 ~ 4.22), Shenwan beauty care sector fell - 0.87%, stronger than the market. Shanghai Composite Index and gem index were - 3.87% and - 6.66% respectively. Shenwan beauty care sector outperformed Shanghai Composite Index by 3.00pct and gem index by 5.79pct.
Wind medical beauty and cosmetics index: this week, the CSI 300 index was - 4.19%, and the wind medical beauty index was - 1.70%, outperforming the CSI 300 market by 2.49pct; The wind cosmetics index was - 3.82%, outperforming the Shanghai and Shenzhen 300 market by 0.37pct.
Industry highlights:
(1) the National Bureau of statistics released the retail sales data of Q1 consumer goods in 2022: the total retail sales of 022q1 was 108659 billion yuan, an increase of 3.3% year-on-year, including online retail sales of 3012 billion yuan (+ 6.6%); In March 2022, the total amount of social retail sales was 3423.3 billion yuan, a year-on-year decrease of 3.5%, of which the online retail sales was 1056.2 billion yuan (+ 0.5%), and the offline sales were 2367.1 billion yuan (- 5.2%). The total Q1 of cosmetics was 94.9 billion yuan, a year-on-year increase of 1.8%. In March, the total retail sales of cosmetics was 34.5 billion yuan, down 6.3% year-on-year. (National Bureau of Statistics)
(2) according to the medical beauty consumption trend list in March released by the medical beauty survey, non-surgical medical beauty projects are more favored by consumers, accounting for 60% and 96.67% respectively in terms of consumption scale and consumption orders. According to the specific data, in March this year, the top 5 items of medical beauty consumption scale were firmness improvement, hot Maggie, injection of thin face, injection of thin leg and photon rejuvenation.
Among them, the demand for compact anti-aging ushered in explosive growth. In terms of consumption scale, the consumption scale of compact upgrading projects increased by 587.99% year-on-year. At the same time, the demand for whitening and rejuvenation has also increased steadily. The orders for photon rejuvenation increased by 47.37% month on month, ranking first in the list of medical and American consumer orders in March. (medical and aesthetic investigation)
Company announcement:
Jahen Household Products Co.Ltd(300955) : the annual report for 2021 was released. In 2021, the company achieved a revenue of 1.16 billion yuan (YoY + 19.89%), a net profit attributable to the parent company of 100 million yuan (YoY + 4.02%), and a basic earnings per share of 1.03 yuan / share.
Proya Cosmetics Co.Ltd(603605) : ① the annual report for 2021 was released. In 2021, the company achieved a revenue of 4.63 billion yuan (YoY + 23.47%), a net profit attributable to the parent company of 580 million yuan (YoY + 21.03%), and a basic earnings per share of 2.87 yuan / share. In Q4 of 2021, the revenue was 1.62 billion yuan and the net profit attributable to the parent company was 210 million yuan. ② The first quarter report of 2022 was released. In the first quarter of 2022, the revenue of Q1 was 1.25 billion yuan (YoY + 38.53%), and the net profit attributable to the parent company was 160 million yuan (YoY + 44.16%).
Lancy Co.Ltd(002612) : the annual report for 2021 was released. In 2021, the company achieved a revenue of 3.66 billion yuan (YoY + 27.42%), a net profit attributable to the parent company of 190 million yuan (YoY + 31.97%), and a basic earnings per share of 0.43 yuan / share.
Nanjing Cosmos Chemical Co.Ltd(300856) : the annual report for 2021 was released. In 2021, the company achieved a revenue of 1.09 billion yuan (YoY + 8.13%), a net profit attributable to the parent company of 130 million yuan (yoy-18.72%), and a basic earnings per share of 1.18 yuan / share Jinfa Labi Maternity & Baby Articles Co.Ltd(002762) : the annual report of 2021 was released. In 2021, the company achieved revenue of 300 million yuan (yoy-4.4%), net profit attributable to parent company of 14.07 million yuan (yoy-57.0%), and basic earnings per share of 0.04 yuan / share. In Q4 of 2021, the company achieved revenue of 90 million yuan (yoy-15.6%) and net profit attributable to parent company of 740.3 million yuan (yoy-21.0%).
Investment advice
(1) cosmetics industry: this week, a number of companies disclosed their performance in 2021 and 2022q1. Among them, the revenue of brand side Proya Cosmetics Co.Ltd(603605) increased sharply in the first quarter; Upstream OEM enterprises Jahen Household Products Co.Ltd(300955) 2021 cosmetics business growth bright. Under the background of stricter supervision of the cosmetics industry, strong products + strong brands bring the possibility of breaking the brand circle, and continue to pay attention to the head cosmetics brands with strong R & D ability and brand strength. In addition, pay attention to upstream OEM enterprises Jahen Household Products Co.Ltd(300955) . Attention: [ Yunnan Botanee Bio-Technology Group Co.Ltd(300957) ] subdivide the leader in the field of sensitive muscle skin care; [ Proya Cosmetics Co.Ltd(603605) ] diversified high-quality brands; [ Shanghai Jahwa United Co.Ltd(600315) ] multi category development and continuous innovation to create new items; [ Guangdong Marubi Biotechnology Co.Ltd(603983) ] focuses on medium and high-end, with rich marketing and distribution channels; [ Syoung Group Co.Ltd(300740) ] strong operation capacity and gradual improvement of category structure; [ Jahen Household Products Co.Ltd(300955) ] cosmetics business increased rapidly, and new production capacity helped expand the scale.
(2) medical beauty industry: the demand side of the medical beauty industry continues to expand, the supply side products are more diversified, and the policy side strengthens the supervision of medical beauty institutions and medical beauty products. We are optimistic about upstream medical and American enterprises with class III medical device certificate and perfect product matrix layout and downstream medical institutions with long-term standardized operation. Attention: [ Bloomage Biotechnology Corporation Limited(688363) ] local hyaluronic acid raw material leader; [ Imeik Technology Development Co.Ltd(300896) ] Tongyan needle is heavily listed, and differentiation meets higher demand; [ Huadong Medicine Co.Ltd(000963) ] overall layout of medical beauty business; [ Shanghai Haohai Biological Technology Co.Ltd(688366) ] integration of R & D, production and sales; [Sihuan medicine] botulinum toxin + double antibody go hand in hand; Pay attention to Lancy Co.Ltd(002612) etc. of the layout of downstream medical and aesthetic institutions.
Risk tips
The impact of repeated outbreaks; The risk of intensified industry competition; Uncertainty of industrial regulatory policies; Macroeconomic fluctuations, etc
