国际化妆品医美公司24Q1-Q3业绩跟踪报告：国际集团中国市场再遇冷，国货崛起正当时

Investment Rating - The report maintains a "Positive" outlook on the beauty and personal care industry, particularly highlighting the rise of domestic brands in China as international brands face challenges [1]. Core Insights - The global beauty market grew by 8% in 2023, with North Asia and North America each holding a 29% market share, while Europe accounted for 24% [19][21]. - The skincare segment, which represents 40% of the market, is highly competitive, followed by hair and scalp care at 21% [19][21]. - The performance of international cosmetic groups in China has been under pressure, with a 6% decline in retail sales in Q3 2024, attributed to low consumer confidence [1][29]. Summary by Sections Global Market Overview - The global beauty market continues to thrive, with a notable growth rate of 8% in 2023, despite a high base from 2022 [19]. - North Asia and North America are key regions, each contributing 29% to the global market, while Europe holds a significant 24% share [19][21]. Company Performance - L'Oréal: In Q1-Q3 2024, L'Oréal led the market with a revenue growth of 6%, driven by strong performance in Europe and emerging markets [27][71]. - Estée Lauder: The company faced a revenue decline of 4% in Q3 2024, with expectations of recovery in the latter half of the fiscal year [29]. - Shiseido: Revenue remained flat in Q1-Q3 2024, with significant challenges in both domestic and international markets [29]. - Procter & Gamble: The company reported stable performance but struggled with revenue growth, particularly in the Greater China region [29]. Domestic Brand Opportunities - The report emphasizes the potential for domestic brands in China, which are expected to benefit from the decline of international brands and the rising consumer preference for cost-effective products [4][5]. - Recommendations include brands like Proya and Up Beauty, which are well-positioned to leverage e-commerce and innovative product offerings [4][5]. Market Trends - The report notes a shift towards value-driven consumption among consumers, particularly among the younger generation, which is favoring high-quality, cost-effective products [5][6]. - The rise of live-streaming and interest-based e-commerce is reshaping marketing strategies in the beauty sector, allowing domestic brands to gain market share [5][6].