化妆品医美行业2024年三季报业绩回顾：淡季费用高企，等待估值业绩反转

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty industry, indicating a "Look Positive" investment rating for the sector [1]. Core Insights - The overall consumption demand in the cosmetics industry is weak during the off-season, with high sales expenses due to pre-promotional activities for events like Double Eleven. The total retail sales of cosmetics in China for the first three quarters of 2024 reached 306.9 billion yuan, a year-on-year decline of 1% [1][6]. - Despite the current weak market conditions, the report anticipates a gradual recovery in the cosmetics market, driven by the expansion of product categories and the rise of domestic brands, alongside favorable policies [1][6]. - The online sales growth is slowing down, with the total GMV of beauty products on platforms like Taobao, JD, Douyin, and Kuaishou exceeding 377.69 billion yuan, reflecting a year-on-year growth of 3.49%, but a significant decline in growth rate compared to the previous year [1][8]. Summary by Sections 1. Industry Overview - The cosmetics industry is experiencing weak consumption demand in Q3 2024, with high promotional expenses leading up to major sales events. The total retail sales for cosmetics in the first three quarters of 2024 were 306.9 billion yuan, down 1% year-on-year [6]. 2. Cosmetics Sector - The report categorizes companies in the cosmetics sector into three groups based on performance: 1. Strong performers like Proya, which saw a revenue of 7 billion yuan, up 32.7% year-on-year. 2. Companies optimizing product structures and expanding channels, such as Marubi and Runben, with revenues of 1.95 billion yuan and 1.04 billion yuan, respectively, showing growth rates of 27.1% and 26.0% [1]. 3. Companies undergoing strategic adjustments, such as Betaini and Shanghai Jahwa, facing revenue declines [1]. 3. Medical Beauty Sector - The medical beauty sector shows stable growth among major companies, with Love Beauty reporting a revenue of 2.376 billion yuan, up 9.46% year-on-year, and a net profit of 1.586 billion yuan, up 11.79% [1]. 4. Investment Analysis - The report emphasizes the strength of domestic brands in the cosmetics sector, particularly in online channels, and suggests that the market will gradually recover as brands innovate and expand their product offerings. Key companies to watch include Proya, Marubi, and Runben, with recommendations to focus on companies with strong R&D capabilities in the medical beauty sector, such as Love Beauty and Langzi [1].