Market Review
Last week (01.10-01.14), the CSI 300 index fell 1.98%. According to the statistics of the key weight companies selected by us (listed in the 1.1 market in detail), the beauty care industry portfolio fell 0.26%, of which medical beauty / cosmetics / personal care products rose 0.11% / fell 1.04% / Rose 0.15% respectively.
Since the beginning of the year, the CSI 300 index has fallen by 4.32%. According to the statistics of the key weight companies selected by us (listed in the market of 1.1 sector in detail), the beauty care industry portfolio has fallen by 2.25%, of which the medical beauty / cosmetics / personal care products have fallen by 3.80% / fell by 3.62% / increased by 0.66% respectively.
Core view
We believe that with the advancement of the penetration process of medical and American consumption, the leaders of photoelectric and injection compliant drugs and instruments will be given priority to benefit, and the growth certainty is good. At present, the valuation of the sector has dropped to a reasonable range and continues to be optimistic about Imeik Technology Development Co.Ltd(300896) . It is recommended to pay attention to Furui medical technology, Bloomage Biotechnology Corporation Limited(688363) , Shanghai Haohai Biological Technology Co.Ltd(688366) , etc.
As of January 14, the valuation of key subjects:
1) Imeik Technology Development Co.Ltd(300896) : corresponding to 22-23 years, PE is 69.15x/52.51x respectively;
2) Yunnan Botanee Bio-Technology Group Co.Ltd(300957) : PE corresponding to 22-23 years is 62.01x/47.85x respectively.
Key industry trends
7 platforms explicitly prohibit the return of praise; Shanghai's new regulations require that doctors shall not carry out medical beauty projects independently without the filing of beauty clinic; Bain and CVC may acquire boots, a British cosmetics chain; Shiseido will sell Za and Bomei.
Announcement of key companies
Imeik Technology Development Co.Ltd(300896) the former chief financial officer resigned in March last year, and the new candidate recently filled the vacancy; Huadong Medicine Co.Ltd(000963) cold touch beauty instrument Kuxue glacial spa is expected to be officially listed in Shanghai, China this month; Sihuan pharmaceutical and South Korea viol reached an exclusive agency agreement for gold microneedles; Shanghai Haohai Biological Technology Co.Ltd(688366) received government subsidies totaling 28.2128 million yuan; Lancy Co.Ltd(002612) answer medical and American industry fund and other matters.
Risk tips
Tip 1: risk of industrial policy change;
Tip 2: the terminal demand is less than expected.
