Core view
Plate Market Review: in April 2022, Shenwan beauty care industry decreased by 1.75%, outperforming CSI 300 and CSI 500 index by 3.14pct and 9.27pct respectively. In terms of individual stocks, in March, Eyebright Medical Technology(Beijing) Co.Ltd(688050) , Imeik Technology Development Co.Ltd(300896) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) rose the most, recording increases of 14.79%, 9.41% and 5.28% respectively, while Liuzhou Liangmianzhen Co.Ltd(600249) and Jieya shares fell significantly, down 24.19% and 23.30% respectively. In April, the 21-year and 22q1 performance reports of Listed Companies in cosmetics and medical beauty sector were successively disclosed. The performance of leading enterprises was bright, and the industry showed that the strong was always strong.
The number of product filings continued to rise, and the head brands continued to promote new products. With the seasonal launch of sunscreen, whitening and other new products, the product structure was optimized, and the creation of high-value and large-scale products such as essence was increased: in April, the number of filings of Proya Cosmetics Co.Ltd(603605) Shanghai Jahwa United Co.Ltd(600315) cosmetics increased month on, and the number of filings of Bloomage Biotechnology Corporation Limited(688363) Bloomage Biotechnology Corporation Limited(688363) april recorded 18 pieces, the same as March, mainly facial mask and essence products. In April, major domestic brands launched new products, Proya Cosmetics Co.Ltd(603605) launched two essence solutions and one essence cream, and a new fixed makeup spray on Caitang; Winona has a new essence water and a soothing cream; A new hyaluronic acid facial mask for moistening the face.
Sales of Amoy cosmetics:
1) skin care products: sales fell in April, and the average price of products fell month on month. In April 2022, Taoxi (tmall + Taobao) skin care products achieved sales of 12.1 billion yuan, a year-on-year increase of - 16.9% and a month on month increase of - 26.8%; In April, Amoy skin care products sold 90 million pieces, a month on month increase of - 14.8%. In terms of skin care brands, in April, domestic brands Proya Cosmetics Co.Ltd(603605) , Winona, nature hall and Baique all ranked among the top 20 in sales of Amoy platform. Among them, 1) Proya Cosmetics Co.Ltd(603605) : the sales volume of Amoy platform in April was 220 million yuan, a year-on-year increase of 60.1%; 2) Winona: in April, the sales volume of Amoy platform was 160 million yuan, a year-on-year increase of 13.8%.
2) cosmetics: the average price and sales volume of cosmetics decreased month on month in April, and the sales performance was poor. In April 2022, Taoxi (tmall + Taobao) cosmetics achieved sales of 4.2 billion yuan, with a year-on-year growth rate of - 35.1% and a month on month growth rate of - 29.7%; In April, the sales volume of Amoy cosmetics reached 70 million pieces, a month on month increase of - 22.9%. In terms of brands, domestic cosmetics brands huaxizi, colorkey, perfect diary, intoyou, ermugue and kazilan all rank among the top 20 in platform cosmetics sales. Among them, the sales of Caitang Amoy platform in April was RMB 20 million, a year-on-year increase of - 13.3%
Sales of Tiktok cosmetics:
In April of Tiktok 22, the overall sales volume of cosmetics was 7.4 billion yuan, down 6.1% month on month. The sales volume of cosmetics from January to April was 26.8 billion yuan. Among them, 1) skin care products: the sales volume in April was 5.6 billion yuan, down 5% month on month. 2) Cosmetics: the sales volume in April was 1.4 billion yuan, down 9.1 month on month. In terms of brand: 1) skin care products, Proya Cosmetics Co.Ltd(603605) fell slightly month on month, ranking third, with estimated sales of 100 million yuan, month on month - 4%, and 584000 pieces in April, month on month - 7%; The average price is 170 yuan / piece, a month on month increase of + 3%. Dr. yu'er's sales volume was 40 million yuan, a month on month increase of + 34%, the monthly sales volume was 277000 pieces, a month on month increase of + 26%, and the average price was 127 yuan / piece, a month on month increase of + 6%. Winona ranked 24th in April, with a sales volume of 30 million yuan, a month on month ratio of - 43.59%, a sales volume of 163000 pieces, a month on month ratio of - 39.21%, and an average price of 200.48 yuan / piece, a month on month ratio of - 7.21%. The sales volume of runbaiyan ranked 26th. The sales volume in April was 30 million yuan, with a month on month ratio of - 16.34%, the sales volume was 117000 pieces, with a month on month ratio of - 24.67%, and the average price was 274.96 yuan / piece, with a month on month ratio of 11.06%. 2) Caitang ranks 11th in cosmetics, with an estimated sales volume of 20 million yuan, a month on month ratio of - 20%, a sales volume of 109000 pieces, a month on month ratio of - 21%, and an average price of 168 yuan, a month on month ratio of + 1%.
Investment suggestion: according to the online sales tracking in April, the logistics was blocked under the epidemic, and the online sales were affected to some extent. The skin care and make-up of various platforms declined in varying degrees. The sales volume of domestic head skin care brands Proya Cosmetics Co.Ltd(603605) , Yunnan Botanee Bio-Technology Group Co.Ltd(300957) decreased by 35% - 45% month on month, maintaining a positive growth year-on-year. The new promotion of head brands has a stable rhythm, and the performance continues to grow with strong certainty. We pay attention to the sales rebound brought by the logistics recovery after the epidemic and the demand repair of end consumption. It is recommended to pay attention to the leader of sensitive skin care products Yunnan Botanee Bio-Technology Group Co.Ltd(300957) ( Yunnan Botanee Bio-Technology Group Co.Ltd(300957) . SZ), the leader of domestic beauty cosmetics Proya Cosmetics Co.Ltd(603605) ( Proya Cosmetics Co.Ltd(603605) . SH) with efficient operation, continuous verification of large single product strategy and multi-channel layout, the leader of medical beauty injections Imeik Technology Development Co.Ltd(300896) ( Imeik Technology Development Co.Ltd(300896) . SZ), the world's largest supplier of hyaluronic acid Bloomage Biotechnology Corporation Limited(688363) ( Bloomage Biotechnology Corporation Limited(688363) . SH) Biomedicine + ecological health two wheel drive Lushang Health Industry Development Co.Ltd(600223) ( Lushang Health Industry Development Co.Ltd(600223) . SH).
Risk warning: shareholders lift the ban and reduce the selling pressure; The regulatory environment of the industry has changed beyond expectations; Product development and registration risks; Risk of major medical accidents; The price of raw materials fluctuates greatly; The R & D progress is less than expected; The launch of new products is less than expected; The market demand for new products is less than expected; Intensified market competition; Downside risk of product price; Product quality problems; Repeated impact of the epidemic Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channel sales; Risk of rapid increase in online traffic cost; Major macroeconomic pressure and weak demand.
