万联证券：美护行业预盈率为69% 建议关注医美、化妆品及个护用品龙头公司

Core Viewpoint - The beauty and personal care industry in China is expected to see continued growth, with specific focus on medical aesthetics, cosmetics, and personal care products, driven by increasing consumer acceptance and demand for domestic brands [1][2]. Industry Overview - As of February 13, 2026, there are 31 A-share companies in the beauty and personal care sector, with 13 having released earnings forecasts, resulting in a disclosure rate of 42%, ranking 8th among eight major consumer sectors [2][3]. - The industry has a projected earnings rate of 69%, the highest among the eight consumer sectors [2][3]. Subsector Performance - The personal care sector shows a high earnings forecast rate of 100% among the companies that have disclosed their earnings, indicating stable performance [4]. - The cosmetics sector has a forecast earnings rate of 57%, while the medical aesthetics sector stands at 50% [4]. - In 2025, the medical aesthetics sector shows a mixed performance with one company forecasting profit growth, while others are expected to continue losses [4]. Earnings Forecasts - In 2025, 31% of companies in the beauty and personal care sector are expected to report profit increases, while 8% anticipate slight increases, indicating a decline in the proportion of companies expecting significant profit growth compared to 2024 [3]. - Among the cosmetics companies, 43% are forecasting losses, with 14% expecting to report first-time losses and 29% continuing losses [4]. - The personal care sector maintains a consistent forecast with 50% of companies expecting profit increases, while 25% anticipate profit declines, showing a notable rise in companies turning losses into profits compared to 2024 [4].