2024年美妆双十一点评：双十一美妆销售超预期，关注产品势能

Investment Rating - The report maintains an "Overweight" rating for the cosmetics industry [1] Core Insights - The 2024 Double Eleven sales in the beauty sector exceeded expectations, achieving double-digit growth, driven by improved demand trends from the 618 shopping festival, Tmall's recovery, extended promotional periods, and bundling strategies [2][3] - The overall GMV for the Double Eleven event reached 1,441.8 billion yuan, a year-on-year increase of 27%, with comprehensive e-commerce GMV at 1,109.3 billion yuan, up 20% year-on-year, and live-streaming e-commerce GMV at 332.5 billion yuan, up 55% year-on-year [3] Summary by Relevant Sections Investment Highlights - Recommended to overweight: 1. High-growth flexible targets: brands like Ruanyucheng and Runben, which are accelerating through new product launches, and Marubi, which is entering a harvest phase with its flagship products [3] 2. Strong brand momentum leaders: Proya, with excellent organization and product-driven growth; Giant Bio, with significant growth in its collagen products; and Up Beauty, which continues to grow rapidly on Douyin [3] 3. Companies expected to bottom out and potentially turn around: companies like Dengkang Oral Care, Betaini, and Huaxi Biological [3] 4. Overseas expansion and acquisition catalysts: Jiabiyou [3] Key Company Performances - Proya's main brand showed steady growth, with Tmall, Douyin, and JD.com sales increasing by over 10%, 60%, and 30% respectively [3] - Giant Bio's products, including Kefu Mei and Keli Jin, achieved impressive growth, with Kefu Mei's GMV increasing by over 80% across all channels [3] - Ruanyucheng's flagship brand, Zhanjia, ranked first in the home cleaning brand list on Tmall, with significant growth driven by its seasonal laundry liquid [3] Financial Forecasts - The report includes updated earnings forecasts for key companies, with Proya expected to have an EPS of 3.92 in 2024, and Giant Bio projected to reach an EPS of 1.97 [4]