Investment Rating - The investment rating for the cosmetics industry is optimistic [6]. Core Insights - The Chinese cosmetics market is expected to exceed 570 billion yuan by 2025, with a market size of approximately 516.9 billion yuan in 2023 [2][9]. - The competition in the cosmetics industry is intense, with high-end markets dominated by international brands, while domestic brands are gaining traction in the mid-range market due to e-commerce advantages [2][9]. - The 2024 "618" shopping festival saw a total GMV of 742.8 billion yuan, with beauty categories outperforming the overall market, achieving a GMV of 499.49 billion yuan, a year-on-year increase of 6.64% [3][20][21]. Summary by Sections 1. Market Growth of the Cosmetics Industry - The cosmetics industry in China is experiencing steady growth, with retail values of 414.2 billion yuan in 2023 and 176.3 billion yuan from January to May 2024, showing growth rates of 5.24% and 8.90% respectively [11][9]. - The market is projected to see more innovations and breakthroughs in the coming years [9]. 2. Review of the 2024 "618" Event - The 2024 "618" event featured three main characteristics: extended promotional periods, cancellation of pre-sale mechanisms in favor of direct sales, and aggressive pricing strategies across platforms [17][20]. - Major platforms like Taobao and Douyin were key players in the beauty category, with significant sales growth during the event [20][21]. 3. Key Companies - Proya, a leading domestic cosmetics brand, has seen significant sales growth, ranking first in GMV on major platforms during the "618" event [25][26]. - Proya's product range includes skincare and makeup, with notable products like the Ruby Essence and various skincare lines [25][26]. - The average P/E ratio for the branded cosmetics industry is projected to be 20.19x for 2024 and 16.73x for 2025, with Proya slightly above the industry average [27].
品牌化妆品专题研究系列：消费者肌肤护理和悦己意识不断增强，珀莱雅领跑国货美妆行业
Yuan Da Xin Xi·2024-07-04 06:30