24H1美护业绩总结：美妆分化加剧，医美新品催化

Investment Rating - The report maintains a "Buy" rating for the beauty and personal care sector [19] Core Insights - The cosmetics industry is experiencing increased differentiation, with a focus on channel, product, and organizational optimization. The total revenue for cosmetics in H1 2024 is projected to be 27.292 billion yuan, representing a year-on-year increase of 17.33%. The net profit attributable to the parent company for the same period is expected to be 4.080 billion yuan, up 20.71% year-on-year [4][5] - The medical beauty sector shows a slowdown in overall growth, with a focus on new materials and products driving performance. The total revenue for medical beauty in H1 2024 is expected to reach 8.702 billion yuan, a year-on-year increase of 15.36%. The net profit attributable to the parent company is projected to be 1.957 billion yuan, reflecting a year-on-year increase of 26.16% [4][12] Summary by Sections Cosmetics - Revenue for H1 2024 is projected at 27.292 billion yuan, with a year-on-year growth of 17.33%. Q2 alone is expected to generate 11.487 billion yuan, a 5.58% increase year-on-year [5][8] - The net profit attributable to the parent company for H1 2024 is expected to be 4.080 billion yuan, up 20.71% year-on-year, while Q2's net profit is projected at 1.319 billion yuan, down 3.99% year-on-year [5][8] - The overall gross margin for cosmetics in H1 2024 is expected to be 69.99%, showing a continuous improvement attributed to changes in product structure. The management expense ratio has improved, while the sales expense ratio continues to rise [8][4] Medical Beauty - Revenue for H1 2024 is projected at 8.702 billion yuan, with a year-on-year growth of 15.36%. Q2 is expected to generate 3.777 billion yuan, a 11.68% increase year-on-year [12][14] - The net profit attributable to the parent company for H1 2024 is expected to be 1.957 billion yuan, reflecting a year-on-year increase of 26.16%, with Q2's net profit projected at 1.028 billion yuan, up 26.78% year-on-year [12][14] - The overall gross margin for medical beauty in H1 2024 is expected to be 64.50%, with Q2's gross margin at 70.83%. The management and R&D expense ratios remain stable, while the sales expense ratio has improved due to enhanced efficiency [14][12] Investment Recommendations - The report suggests focusing on the trend of cost-effective consumption, highlighting companies like Runben and Shangmei. It also emphasizes strong alpha beauty leaders such as Proya, Juzhibio, and Aimeike. Additionally, it recommends paying attention to new product catalysts in medical beauty, including Jinbo Biological and Jiangsu Wuzhong [19][4]