[key investment points]
The industry supervision is becoming stricter, the cost of compliance is increasing, and the dual attributes of medical beauty consumption and medical treatment have higher and higher requirements for institutions and doctors. People’s cognition and pursuit of beauty are overweight. The head medical beauty institutions with technical advantages and brand advantages will continue to expand their own advantages through mergers and acquisitions and authorization. It is inevitable for the industry to integrate and improve the concentration.
There is no national medical and Beauty Organization in China, but a number of excellent enterprises have tried first and accumulated a certain reputation brand in some regions. Excellent medical and aesthetic institutions introduce advanced management mode and digital management system to realize the standardization of operation management, improve the chain operation efficiency of institutions, and realize the scale effect in the process of continuous expansion. According to their own development strategies, different enterprises look for their own replicable expansion path.
The key for medical and beauty institutions to improve their profit margin is to make full use of the Internet platform (including private domain) to reduce the cost of marketing, cultivate brand reputation, improve consumer stickiness, open up the whole industrial chain and shorten the intermediate links.
[configuration suggestions]
1) regional leading institutions: they are optimistic about Yisi health (2138. HK), and it is recommended to pay attention to Ruili Yimei (2135. HK) and Beijing YiMeier (quasi H shares); 2) Promotion of M & A Integration: it is suggested to pay attention to Lancy Co.Ltd(002612) (002612. SZ), Aoyuan Beauty Valley Technology Co.Ltd(000615) (000615. SZ) and pengai medical (AIH. O); 3) Excellent profitability or continuous improvement: it is recommended to pay attention to perfect medical treatment (1830. HK) and Huahan plastic surgery (430335. NQ);
[risk tips]
Uncertainty of epidemic development;
Major changes in industrial policies;
The overall growth rate of the industry slowed down;
Medical and cosmetic safety accidents;
Replication and expansion did not meet expectations;
