美护行业三季报综述：行业增速收敛，化妆品公司盈利能力分化

Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Insights - The cosmetics industry is experiencing a slowdown in growth, with significant differentiation in profitability among companies [6][9] - The medical beauty sector shows a trend of stabilizing high profitability despite a decrease in revenue growth [41][43] Summary by Sections Cosmetics Industry - Retail sales of cosmetics for Q1-Q3 2024 showed year-on-year changes of 3.3%, -1.2%, and -5.5%, indicating a widening decline in Q3 [9] - The average revenue growth for the cosmetics industry was 8%, 1%, and -6% for Q1, Q2, and Q3 respectively, with a notable decline in Q3 [13] - Leading brands like Proya and Marubi achieved stable growth, while companies like Shanghai Jahwa and Water Sheep experienced a slowdown due to proactive business adjustments [13] - The average gross margin for the brand segment increased slightly to 67.7% in Q3 2024, driven by product and structural upgrades [16] - Sales expense ratios increased to 33.3% in Q3 2024, reflecting rising competition and platform costs [27] - The report suggests that brands with strong product innovation and operational capabilities will maintain better profitability [43] Medical Beauty Sector - The average revenue growth for representative medical beauty companies was 33%, 20%, and 14% for Q1-Q3 2024, indicating a significant slowdown in Q3 [41] - Despite the slowdown in revenue growth, the average net profit growth for these companies remained robust at 38%, 30%, and 26% [41] - The report highlights the potential investment opportunities in new materials and products within the medical beauty sector, particularly focusing on collagen as a key growth driver [43][45]