高盛：韩国化妆品来自亚马逊韩国美妆大会的要点韩国独立在美国崛起,今年迄今业绩强劲,仍有较大空间

Investment Rating - The report maintains a "Buy" rating for AmorePacific Group and Amorepacific, with target prices set at W32,350 and W167,300 respectively [12]. Core Insights - The K-beauty market is experiencing significant growth, driven by indie brands which account for over 67% of Korean cosmetics exports, fueled by the popularity of K-drama and K-pop [2][4]. - The U.S. market presents substantial growth potential for K-beauty, with projections indicating that the market size could more than double by 2026 [2][4]. - K-beauty sales on Amazon have shown robust performance, increasing by 78% year-on-year in 2023, with a further acceleration of over 100% year-on-year in the first five months of 2024 [5]. Summary by Sections Competitiveness of K-beauty Brands - K-beauty brands are characterized by continuous innovation and the use of local and oriental ingredients, rapid product launches, and strong customer engagement, leading to diversified portfolios [4]. - The brands excel in creating unique experiences through digital marketing and social media, enhancing brand loyalty [4]. K-beauty in the U.S. - Korean cosmetics exports to the U.S. grew by 57% year-on-year, reaching a historic high in Q1 2024, while exports to China declined by 5% year-on-year [4]. - The U.S. beauty market is marked by diverse demographics and a strong preference for daily skincare routines among younger consumers, with social media playing a critical role in brand promotion [4]. K-beauty in Japan - K-beauty has gained a significant share in Japan, accounting for approximately 25% of the market in 2022, surpassing French brands [4]. - Japanese consumers are increasingly interested in dermocosmetics and the individuality offered by K-beauty products, with e-commerce channels contributing to 45% of K-beauty purchases [4]. Overall Performance on Amazon - K-beauty sales on Amazon are primarily driven by strategic product selection, with 70-80% of total sales coming from hero SKUs [5]. - The strong performance of indie brands like Cosrx, Tir Tir, and Beauty of Joseon highlights the effectiveness of promotional strategies during peak sales periods [5].