Investment Rating - The industry investment rating is "In line with the market" [2][6] Core Insights - The beauty and personal care industry showed significant recovery during the Double Eleven shopping festival, with domestic beauty brands performing exceptionally well. The estimated GMV for beauty products reached 123.78 billion yuan, representing a 27% increase compared to last year's Double Eleven [5][6] - Tmall remains the dominant platform for beauty sales, capturing 50.6% of the market share, followed by Douyin at 26.6% and JD at 11.8%. The growth rates for these platforms were 25.8%, 21.6%, and 10.5% respectively [5][6] - Domestic brand Proya led the beauty sales rankings on both Tmall and Douyin, with sales growth of over 10% and 60% respectively. Other domestic brands like Han Shu also performed well, surpassing international brands in sales [6] Summary by Sections Industry Performance - The beauty and personal care sector experienced a notable rebound during the Double Eleven event, with a significant increase in sales compared to previous periods [4][5] - The overall performance of the beauty sector compared to the CSI 300 index showed a decline of 11.67% over 12 months, while the index itself increased by 10.80% [4] Key Stocks - Proya: EPS for 2023 is 3.01 yuan with a PE ratio of 30.66; projected EPS for 2024 is 3.82 yuan with a PE of 24.16; and for 2025, EPS is expected to be 4.75 yuan with a PE of 19.43, rated as "Buy" [4] - Runben: EPS for 2023 is 0.56 yuan with a PE of 43.21; projected EPS for 2024 is 0.73 yuan with a PE of 33.15; and for 2025, EPS is expected to be 0.91 yuan with a PE of 26.59, also rated as "Buy" [4]
美容护理2024年双十一总结：双十一美妆大盘显著回暖，国货美妆龙头成绩亮眼
Caixin Securities·2024-11-21 09:53