美容护理行业专题研究：增长稀缺，分化加剧，关注业绩确定性

Industry Investment Rating - The investment rating for the beauty and personal care industry is Stronger than the Market (maintained) [4] Core Views - Growth in the beauty and personal care sector is becoming increasingly scarce, with companies experiencing significant differentiation and intensifying competition [2] - The valuation of core companies has risen, and future stock price increases will be driven more by EPS growth and certainty [2] - Short-term focus for Q4 2024 to Q1 2025 includes the recovery of medical aesthetics and jewelry retail during peak seasons, as well as the performance of beauty brands during promotional events like Double 11 and Double 12 [2] - Recommended companies based on sub-sector growth, earnings certainty, and valuation include Giant Biogene, Shanghai Jahwa, Proya, and Runben [2] Industry Overview - The beauty and personal care sector underperformed the CSI 300 by 17 percentage points year-to-date, while the jewelry sector underperformed by 26 percentage points [6] - The sector's fund allocation ratio declined from 0.43% to 0.39% in Q3 2024, with Giant Biogene, Proya, and Runben leading in terms of market value held by funds [6][21] Performance Analysis Medical Aesthetics - The medical aesthetics industry saw a slowdown in growth, but companies like Jinbo Biotech continued to deliver strong revenue and profit growth, driven by high demand for recombinant collagen products [7][24] - Aimeike and Langzi experienced slower revenue growth due to seasonal factors [24] Beauty and Cosmetics - The beauty sector faced a weak off-season, with significant differentiation among brands [7] - Proya, Marubi, and Runben achieved over 20% revenue growth in Q3 2024, while Shanghai Jahwa, Bloomage Bio, and Betaine faced profit pressures due to strategic and organizational adjustments [7][28] Jewelry - High gold prices put pressure on jewelry retailers, with most brands experiencing significant declines in revenue and profits, except for Yuyuan and Mankeleon, which saw positive profit growth [7][34] Investment Recommendations - Focus on companies with strong earnings growth certainty, particularly in medical aesthetics (recombinant collagen, new formulations) and domestic beauty brands [9] - Key companies to watch include Giant Biogene, Shanghai Jahwa, Proya, and Runben [9]