Industry Overview - The market capitalization volatility of the beauty, medical aesthetics, and jewelry sectors increased post the 2024 mid-year reports, reflecting macroeconomic changes and unexpected industry shifts [1][2] - European and emerging markets showed strong growth momentum, while North America and Asia-Pacific regions exhibited mixed performance [1][8] - The Chinese market faced operational pressures but identified growth opportunities in specific segments and emerging products [1][8] Cosmetics Sector - The global cosmetics market is expected to grow at a low single-digit rate in 2024, with most leading companies maintaining single-digit revenue growth in Q2 2024 [3] - Sales of major international cosmetics brands in China declined in Q2 2024, with L'Oréal, Estée Lauder, Shiseido, Coty, P&G, and Amorepacific experiencing drops of -2.4%, -4.0%, -9.0%, -2.0%, -8.0%, and -44.0% respectively, indicating a rise in domestic market share [3] - Dermatological skincare and fragrance categories showed strong growth globally, while sun protection and haircare segments presented growth opportunities [3] Contract Manufacturing Sector - The rise of emerging and independent brands boosted demand for contract manufacturing, with leading companies like Cosmax, Kolmar, and Intercos achieving revenue growth of +15.1%, +10.1%, and +9.9% respectively in Q2 2024 [4] - Regional demand differences led to divergent performance among contract manufacturers, with Intercos achieving double-digit growth in China, while Cosmax and Kolmar saw declines of -4.0% and -6.6% respectively [4] Medical Aesthetics Sector - Both the North American and Chinese medical aesthetics markets faced demand pressures in 2024, with mature brands experiencing slowed growth or declines, such as Allergan Aesthetics (+0.7%) and Juvederm (-6.8%) [5] - Emerging businesses maintained high growth through channel penetration, with Galderma China, Thermage, and Classys achieving revenue growth of +15.9% and +28.0% respectively in Q2 2024 [5] - Long-term optimism remains, with Allergan Aesthetics projecting 1 billion by 2030 [5] Jewelry Sector - The Asia-Pacific region (excluding Japan) faced double-digit sales declines in Q2 2024, while Europe performed strongly and the Americas showed mixed results in high-end jewelry [6] - Product innovation drove sales growth, with Pandora's lab-grown diamond series achieving an 88% revenue increase and Bulgari's new Aeterna high jewelry series setting record revenues [6] - Online sales continued to grow, with Pandora's online channel CAGR at 29% from 2016 to 2023, and Richemont's online revenue accelerating to +6% in Q2 2024 [6] - Jewelry brands are strengthening their brand positioning and deepening their moats, with Pandora adjusting its marketing strategy in China and LVMH planning to enhance brand value through product and brand image [6]
美业｜变局之下，从海外龙头中报看国内外美业发展：海外龙头2024年中报业绩复盘
中信证券研究·2024-09-11 00:14