Key investment points:
Vs hyaluronic acid: supply side constraints, small market volume. Collagen and hyaluronic acid are biomedical materials with excellent performance, which have a wide range of applications such as medicine / medical beauty / cosmetics / food. However, at present, the commercialization of collagen lags behind that of hyaluronic acid, which is mainly restricted by the supply side, including ① higher barriers to collagen due to differences in molecular structure; ② The large-scale production of raw materials has not made a breakthrough, limiting the development of the middle and lower reaches of the industrial chain; ③ Crosslinking technology is still immature, with high cost, short validity period and low terminal cost performance.
Vs overseas: with different development rhythms, China is better than overseas. Overseas collagen has been ahead of hyaluronic acid for 20 years and had a good time, but the sensitization rate of early bovine collagen products is high, and the safety is facing a test under the spread of mad cow disease. After hyaluronic acid products were approved in 2003, they replaced collagen, and the collagen market gradually shrinks. However, after returning to China, the development rhythm of China’s collagen market is just the opposite: ① Shuangmei collagen was approved in 2009, but at that time, China’s medical beauty market was just starting, the product positioning was high-end, the injection was difficult, the storage was not convenient, the collagen market was flat, and the hyaluronic acid market expanded rapidly; ② With many years of clinical experience, the characteristics of collagen have been excavated by doctors. The effect of refined parts around the eyes is better than hyaluronic acid, and the effect of Collagen Whitening and improving skin quality accurately meets the needs of Asian women; ③ Superimposed Shuangmei biology has been deeply cultivated in the mainland for many years for market education, and the collagen market has sprung up in 2019.
Future outlook: injection filling in large quantities or technology deepening, collagen repair and skin care will usher in a new era.
1. Injection field: the long-term large-scale production still needs to be deepened, and the natural / reorganization dislocation competition situation continues. In the long run, if the collagen produced by genetic engineering can maintain good biological activity, meet the requirements of biomedical materials, and reduce the production cost in large-scale mass production, collagen is expected to become an upgraded version of hyaluronic acid, and the market space is worth looking forward to. In the medium and short term, ① the volume of collagen in the field of injection filling largely depends on the capacity supply of stock enterprises (Shuangmei biology + Changchun Botai). It is expected that animal derived collagen fillers will still maintain the medium and high-end positioning, the competitive pattern is significant, Shuangmei biology has a significant first mover advantage, the brand image of the leader in collagen market education has been established, and it is expected to remain in a leading position. ② Recombinant collagen has outstanding repair effect and low immunogenicity, but its support is weaker than that of animal origin. It is expected to be mostly used in the field of water light anti-aging. Leading enterprises have product pipeline layout, and are still in the stage of jointly expanding the market and good competition pattern.
2. Medical skin repair dressing + functional skin care market: relatively small, but with high growth and stronger consumption attributes, the competition focuses on marketing and brand. The demand for repair dressings and functional skin care mainly comes from light medical art post repair + sensitive muscle patients with damaged skin barrier + ordinary consumers pursuing “component efficacy”.
① repair dressing Market: light medical beauty bonus + higher consumption frequency, and the dressing market enjoys high growth and broad space; The market barrier of dressings is lower than that of fillers, and the number of approved dressings reaches hundreds. The market educator of “Yimei facial mask” concept “fuerjia” takes the lead in the market. The repair effect of collagen dressings is better than that of hyaluronic acid and enjoys the approval of three types of medical devices. However, the current pricing is slightly higher and the market education is less than that of fuerjia, and the share is quite different from that of fuerjia; In the future, with the increase of market education and the deepening of market awareness of collagen dressing products, as well as the reduction of mass production cost of recombinant collagen raw materials, the market is expected to usher in a large volume after the terminal pricing goes down.
② functional skin care products: at present, the application of collagen in functional skin care products is mostly repair patch facial mask, while repair patch facial mask has stronger consumption attribute and more fierce competition than dressing market; Moreover, the product line perfection, advertising investment and brand cognition foundation of collagen manufacturers are weaker than those of mass cosmetics brands; In the future, collagen manufacturers still need to expand the categories of collagen skin care products (cleansing / cream / essence, etc.) and strengthen the marketing methods of consumer products to occupy the minds of users.
Investment suggestion: focus on the collagen leader with first mover advantage. The medical beauty industry is in a high business cycle driven by the improvement of penetration. Collagen materials in subdivided fields have excellent performance and outstanding repair effect. It continues to be optimistic about the growth potential of collagen in the field of medical beauty and cosmetics, and gives the medical beauty industry a “recommended” rating. It is suggested to pay attention to the leading giant creatures of collagen with first mover advantage and perfect product layout, Bloomage Biotechnology Corporation Limited(688363) , Jinbo biology, chuang’er biology and Shuangmei biology.
Risk warning: regulatory policy changes beyond expectations; The epidemic situation worsened further, impacting terminal consumption; Medical risk accidents; International experience is not completely reproducible, and relevant data and materials are only for reference; Medical resources, medical technology, consumption habits and other uncertainties; Focus on the risk that the company’s performance is lower than expected.
