社会服务行业深度报告：美丽消费专题：从海外三大美妆集团中报看大众国货β机会

Industry Investment Rating - The report maintains a "Stronger than the Market" rating for the beauty and personal care industry [1] Core Views - The report highlights the performance and strategies of three major global beauty conglomerates: L'Oréal, Estée Lauder, and Shiseido, with a focus on their performance in China and emerging markets [1][9] - L'Oréal continues to show resilience with steady growth, while Estée Lauder faces challenges in the Asia-Pacific region, particularly in China's high-end beauty market [1][9] - Shiseido is shifting its focus towards premium brands and restructuring its business for sustainable profit growth [1][9] - The report suggests that domestic Chinese beauty brands are gaining market share, benefiting from the downgrading of high-end beauty consumers and the competitive advantages in product formulation, marketing, and brand operations [2] Summary by Sections Overview of the Three Major Beauty Conglomerates - L'Oréal, Estée Lauder, and Shiseido are the three major global beauty conglomerates, with L'Oréal reporting revenues of €41.18 billion in 2023, Estée Lauder reporting $15.61 billion for FY2024, and Shiseido reporting ¥973.04 billion (approximately $6.5 billion) in 2023 [9] - Since 2017, all three companies have expanded rapidly due to growth in the Chinese market, but their trajectories diverged after 2021, with L'Oréal maintaining steady growth, Estée Lauder struggling in the Asia-Pacific region, and Shiseido focusing on premiumization [9] L'Oréal's Performance and Strategy - L'Oréal achieved a 7.3% YoY sales growth in H1 2024, reaching €22.12 billion, with strong performance in Europe and emerging markets [14][16] - The company's Consumer Products division outperformed the Luxe division, with a 37-38% share of total sales [14][20] - L'Oréal is focusing on expanding its reach to 2 billion consumers globally, with a particular emphasis on emerging markets and China, where it aims to increase its consumer base from 100 million to 400 million [16][34] Estée Lauder's Performance and Strategy - Estée Lauder reported a 1.9% YoY decline in revenue for FY2024, primarily due to weak high-end beauty consumption in China and a decline in Asia-Pacific travel retail [37] - The company is focusing on revitalizing its skincare segment, leveraging growth in high-end fragrances, and improving profitability through its PRGP (Profit Recovery and Growth Plan) [37][45] - Estée Lauder expects the global high-end beauty market to grow by 2-3% in FY2025, with a return to mid-single-digit growth by FY2026, assuming stabilization in the Chinese market [45] Shiseido's Performance and Strategy - Shiseido reported a 4% YoY decline in net revenue for Q2 2024, with strong growth in Japan and EMEA regions but weak performance in China and travel retail [18] - The company is undergoing a business transformation, focusing on premium brands and cost-cutting measures, aiming for a combined profit improvement of ¥40 billion in 2024 and 2025 [18][49] - Shiseido plans to accelerate growth in the Americas, EMEA, and Asia-Pacific regions through strategic partnerships and acquisitions [18] Investment Recommendations - The report recommends focusing on leading domestic Chinese beauty brands such as Proya, Giant Biogene, Shanghai Jahwa, Runben, Freda, Marubi, Bloomage Biotech, and Betaine, which are expected to benefit from the ongoing market opportunities in the mass beauty segment [2]