Industry core view:
In March 2022, the online platform data of cosmetics (skin care and make-up) performed poorly, of which the transaction volume of Amoy platform was 22.4 billion yuan, a year-on-year increase of - 20%. ① In terms of key companies: in March, the data of online platforms such as Yunnan Botanee Bio-Technology Group Co.Ltd(300957) , Proya Cosmetics Co.Ltd(603605) and Yunnan Botanee Bio-Technology Group Co.Ltd(300957) / Proya Cosmetics Co.Ltd(603605) / Lushang Health Industry Development Co.Ltd(600223) , the turnover of Amoy platform was + 96% / + 61% / + 22% respectively year-on-year Bloomage Biotechnology Corporation Limited(688363) / Proya Cosmetics Co.Ltd(603605) / Yunnan Botanee Bio-Technology Group Co.Ltd(300957) turnover of JD platform was + 99% / + 48% / + 27% year on year respectively. ② Platforms for key brands: platforms for platforms: in March, China's brand differentiation in terms of key brands: Chinese brand differentiation in March: Chinese brand differentiation in March: the Poten Environment Group Co.Ltd(603603) 605 maogeping performed well. Despite the impact of the epidemic, beauty consumption has been suppressed in the short term, but in the medium and long term, in the face value era, beauty demand has changed from "optional" to "mandatory". The expansion of beauty consumer groups and the increase of per capita consumption are still important driving forces for the rapid growth of the industry. To maintain the industry's "stronger than the market" investment rating, it is recommended to pay attention to the high-quality standard of beauty.
Key investment points:
Industry data: cosmetics online platform data performed poorly in March. In March, 2022, the turnover of cosmetics (skin care and color makeup) Amoy platform / jd.com / Suning / pinduoduo was 22.4/37/1/2.1 billion yuan, with a year-on-year turnover of -20%/-8%/-55%/-40% respectively, and the turnover of Tiktok was 4.3 billion yuan. Among them, skin care is better than color makeup as a whole.
Key company sub platform data: in March, the online e-commerce platform of head beauty company performed well Yunnan Botanee Bio-Technology Group Co.Ltd(300957) 3 in March, the online platform performed well, and the turnover of Amoy / JD / Suning / pinduoduo was + 96% / + 27% / - 36% / + 192% year-on-year respectively Proya Cosmetics Co.Ltd(603605) Taoxi platform performed well, with a year-on-year increase of + 61%, and JD / Suning / pinduoduo + 48% / + 3% / - 51% respectively Bloomage Biotechnology Corporation Limited(688363) Taoxi / Jingdong / Suning + 2% / + 99% / - 84% year on year respectively Shanghai Jahwa United Co.Ltd(600315) Taoxi / Jingdong / Suning / pinduoduo - 38% / + 15% / - 75% / + 152% year on year respectively Lushang Health Industry Development Co.Ltd(600223) Taoxi / Jingdong / Suning / pinduoduo + 22% / - 8% / + 10% / + 8% year on year respectively Guangdong Marubi Biotechnology Co.Ltd(603983) Amoy platform + 4% year-on-year, with other negative growth; Maoge Pingtao series / Jingdong + 37% / + 12% year-on-year; The online transaction volume of Shangmei group, Syoung Group Co.Ltd(300740) , Yixian e-commerce decreased year on year.
Data of Taoxi platform for key brands: China's top main brands have performed brilliantly Winona Gmv under Yunnan Botanee Bio-Technology Group Co.Ltd(300957) company increased by 91% year on year, and Winona baby increased by 1072% year on year Proya Cosmetics Co.Ltd(603605) subordinate Proya Cosmetics Co.Ltd(603605) / Caitang / youzilai / yuefuti were + 68% / + 51% / + 27% / + 34% year-on-year respectively, and Gmv of other brands decreased in varying degrees year-on-year Bloomage Biotechnology Corporation Limited(688363) runbaiyan / kuadi / mibeier / BM muscle activity - 45% / - 8% / + 141% / + 126% year on year Guangdong Marubi Biotechnology Co.Ltd(603983) subsidiary MARUMI / love fire / Chunji - 23% / + 3034% / - 74% year on year Syoung Group Co.Ltd(300740) 's big water drop increased by + 2556% year-on-year, and the rest increased negatively Lushang Health Industry Development Co.Ltd(600223) 's Yilian / Yier doctor + 36% / + 12% year-on-year; Maogeping's maogeping / beloved lifetime + 38% / - 57% year-on-year Shanghai Jahwa United Co.Ltd(600315) , Shangmei group and Yixian e-commerce's Gmv of several brands decreased year-on-year.
Risk factors: the risk of incorrect and incomplete statistics of radish investment and Research (if the data are inconsistent, please refer to the caliber of the listed company), the risk of resurgence of the epidemic, and the risk of intensified market competition.
