化妆品双周报：创健拟新三板挂牌，重组胶原延续热度

Investment Rating - The report maintains an "Accumulate" rating for the cosmetics industry, consistent with the previous rating [1]. Core Insights - The report highlights the strong performance of leading domestic brands in the cosmetics sector, driven by product innovation and effective channel expansion. The overall market is expected to see a growth rate of 20-30% for top companies, with some potentially exceeding 30% growth [2][5]. - The report emphasizes the upcoming listing of Chuangjian Medical on the New Third Board, which is expected to sustain interest in the collagen segment. The company reported a revenue of 280 million yuan and a net profit of 70 million yuan in 2023, marking year-on-year growth of 61% and 72% respectively [2][6]. Summary by Sections Investment Recommendations - The report suggests accumulating shares in companies with strong brand momentum, such as Proya and Juzhibio, as well as cost-effective brands like Runben and Shangmei. It also identifies companies like Furuida and Beitaini as having potential for recovery [5][18]. - The report notes that the overall beauty market is experiencing a recovery trend, with significant growth during the 618 shopping festival, where major e-commerce platforms achieved double-digit growth [5][18]. Industry Updates - The report indicates that the domestic beauty market is benefiting from a shift towards local brands, with companies like Proya and Kefu Mei gaining market share. The focus on product quality and marketing strategies is enhancing their competitive edge [2][5]. - Chuangjian Medical's business primarily revolves around raw materials and OEM services, with a leading position in the collagen protein market. The company has achieved significant growth in its raw material and OEM segments [6][10]. Key Financial Information - Chuangjian Medical's revenue breakdown for 2023 shows that raw materials accounted for 140 million yuan, OEM services for 90 million yuan, and its own brand products for 40 million yuan, with gross margins of 81%, 68%, and 90% respectively [6][9]. - The report projects that leading companies in the sector will maintain a growth trajectory, with many expected to achieve a compound annual growth rate (CAGR) of 20% or more over the next three years [18][20].