中信证券：美妆行业持续存在结构性机会

Core Viewpoint - The beauty industry, as a discretionary consumption sector, exhibits strong cyclicality influenced by macroeconomic cycles, industry cycles, channel dynamics, component trends, and conceptual cycles [1] Group 1: Industry Characteristics - The beauty industry is characterized by intense competition and a high reliance on talent, leading to significant management cycles within companies [1] - The industry is currently experiencing structural opportunities due to factors such as market consolidation, domestic substitution, and the emergence of overseas expansion [1] Group 2: Investment Focus - Companies that are in a favorable component track and are well-managed during prosperous cycles should be prioritized for investment [1] - Firms with a high-end positioning, strong consumer perception, deep offline competitive advantages, and rapid online growth are key targets [1] - Enterprises that are consumer-centric, exhibit excellent management, and continuously iterate on products and components while offering high quality-to-price ratios should be considered [1] - Companies undergoing transformation with performance yet to be realized or those with standout sub-businesses are also of interest [1]