美容护理行业周报：美妆业绩分化加剧，医美稳健增长

Investment Rating - The industry investment rating is maintained at "Overweight" [5][12]. Core Insights - The beauty industry is experiencing overall growth pressure, with increasing performance differentiation among individual stocks. The combined revenue of the beauty sector for the first three quarters of 2024 reached 29.639 billion yuan, a year-on-year increase of 4.13%, while net profit attributable to the parent company was 3.218 billion yuan, a year-on-year decrease of 9.17% [5]. - The medical aesthetics sector shows steady growth, with total revenue for the first three quarters of 2024 amounting to 11.264 billion yuan, a year-on-year increase of 14.17%, and net profit attributable to the parent company at 2.701 billion yuan, a year-on-year increase of 26.07% [6]. Summary by Sections Beauty Sector - The beauty sector's revenue for Q3 2024 was 8.447 billion yuan, a year-on-year decrease of 0.56%, while net profit was 522 million yuan, a year-on-year increase of 43.88%. The gross margin was 67.83%, up 0.65 percentage points year-on-year [5]. - Individual stock performance varies significantly, with companies like Proya, Runben, and Marubi achieving revenue growth rates exceeding 20% in Q3 2024 [5]. Medical Aesthetics Sector - In Q3 2024, the medical aesthetics sector generated revenue of 3.704 billion yuan, a year-on-year increase of 10.12%, with net profit of 859 million yuan, a year-on-year increase of 22.22%. The gross margin was 69.71%, up 3.56 percentage points year-on-year [6]. - Notable performers include Jiangsu Wuzhong and Jinbo Biological, with revenue growth rates of 9.46% and 92.07% respectively in Q3 2024 [6]. Investment Recommendations - Long-term growth potential in the medical aesthetics sector is expected to continue, with a focus on companies like Aimeike, Jiangsu Wuzhong, and Jinbo Biological, which are showing strong sales performance and product pipeline development [7]. - In the beauty sector, leading domestic brands such as Proya and the emerging brands in specific niches are expected to maintain competitive advantages and continue to perform well [7].