化妆品医美行业周报：毛戈平上市在即迎超额认购，重组胶原赛道持续添员

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty industry, indicating a "Buy" rating for the sector [2][3]. Core Insights - The upcoming IPO of 毛戈平 has garnered significant investor interest, achieving 826 times oversubscription, reflecting strong market confidence in the beauty sector [3][4]. - The report highlights the ongoing expansion in the recombinant collagen market, with companies like 巨子生物 benefiting from government support and expected market growth [3][4]. - International cosmetic companies are facing challenges in the Chinese market, with local brands gaining momentum, as evidenced by the performance of 欧莱雅 and 雅诗兰黛 [3][17]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector underperformed the market, with the Shenyuan Beauty Care Index increasing by 1.2%, lagging behind the Shenyuan A Index by 1.1 percentage points [10][11]. - The Shenyuan Cosmetics Index rose by 1.8%, also underperforming compared to the Shenyuan A Index [10][11]. Key Developments - 毛戈平's IPO has attracted significant attention, with a total subscription amounting to 173.81 billion HKD, marking a notable event in the high-end cosmetics market [4][28]. - 上美股份 has entered the recombinant collagen market by forming a joint venture with 聚源生物, indicating strategic moves by domestic brands to enhance their market position [5][31]. Market Trends - The global beauty market is experiencing a shift, with local brands in China gaining market share as international companies face declining sales [17][21]. - The report notes that the Chinese cosmetics retail market saw a 3% increase in sales for the first ten months of 2024, indicating a steady recovery [23][24]. Company Performance - 毛戈平 reported a 41% year-on-year revenue growth to 1.97 billion CNY in the first half of 2024, showcasing strong performance amidst market challenges [4][28]. - The report tracks the performance of major international brands, noting that 欧莱雅 led with a 6% revenue growth in Q1-Q3 2024, while 雅诗兰黛 faced a decline [17][20].