Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][4]. Core Insights - The overall GMV for the "Double 11" shopping festival in 2024 reached 1,441.8 billion yuan, a year-on-year increase of 26.6%. This is a significant acceleration compared to the 2.08% growth in 2023 [2]. - The beauty and personal care sector saw rapid sales growth, with skincare sales reaching 71.5 billion yuan, up 22.85% year-on-year, and cosmetics sales at 23.7 billion yuan, up 16.18% year-on-year [2]. - Domestic beauty brands performed well, with Proya ranking first in Tmall's beauty brand sales during "Double 11," showing growth rates of over 10% on Tmall, 60% on Douyin, and 30% on JD [2]. Summary by Sections Overall Market Performance - The total sales for the "Double 11" event in 2024 was 1,441.8 billion yuan, with a breakdown showing e-commerce sales at 1,109.3 billion yuan (up 20.1%), live-streaming sales at 33.25 billion yuan (up 54.6%), and instant retail sales at 28.1 billion yuan (up 19.1%) [2]. - The sales growth was attributed to factors such as the "old-for-new" subsidy policy, an extended shopping period, and increased consumer behavior of "grouping" purchases due to platform incentives [2]. Beauty Industry Insights - The online GMV for beauty products is expected to exceed 120 billion yuan, with Tmall, Douyin, and JD accounting for 50.1%, 26.7%, and 11.7% of the sales, respectively [2]. - Proya and other domestic brands are gaining significant market share, with Proya leading in multiple sales rankings across platforms [2]. Investment Recommendations - The report suggests a positive outlook for the cosmetics demand recovery, with "Double 11" sales data exceeding expectations. It recommends focusing on leading cosmetic companies with strong product capabilities and multi-channel strategies [2].
美容护理行业快评报告：“双11”大盘增长强劲，国货美妆品牌表现持续亮眼
Wanlian Securities·2024-11-19 06:55