中银证券中银晨会聚焦

Key Insights - The Chinese medical beauty industry is still in its growth phase, with a projected annual growth rate of 15% from 2023 to 2027, while injection-based and phototherapy markets are expected to grow at 20%-30% during the same period [1] - The market penetration of medical beauty in China is lower than in overseas markets, indicating significant growth potential [1][12] - The upstream manufacturers in the medical beauty industry are experiencing strong performance and profitability, with stable gross margins and no significant pressure on product prices [12] Medical Beauty Industry - The medical beauty sector is characterized by various growth opportunities across different segments, with emerging fields showing potential for "external competition" [1] - Hyaluronic acid injection products are expected to see rapid growth as they are commonly used as lead-in projects by downstream institutions [1] - The high-end market for hyaluronic acid in China has been dominated by imported products, but domestic manufacturers are gradually gaining market share through product upgrades and differentiation [1] - The regenerative medical beauty market is still developing, with limited approved products and significant growth potential [1] - The collagen injection market presents a blue ocean opportunity, with recombinant collagen products being scarce and having clear advantages over animal-derived products [1] Natural Cow Bile Market - The price of natural cow bile has been rising significantly due to supply shortages, with prices increasing from 340,000 CNY/kg in January 2019 to 1,200,000 CNY/kg in November 2023, representing a cumulative increase of 252.94% and 300.00% in key markets [3][4] - Companies are implementing strategic price increases to cope with rising costs, with notable price adjustments for products like Pian Zai Huang and An Gong Niu Huang Wan [4] - The market demand for cow bile products remains strong, with An Gong Niu Huang Wan's retail market size growing from 1.23 billion CNY in 2017 to 4.26 billion CNY in 2022, achieving a compound annual growth rate of 37.05% [4]