化妆品医美行业周报：巨子丸美逆势高增，若羽臣自有品牌亮眼

Investment Rating - The report gives a "Buy" rating for the company 若羽臣, highlighting its strong growth potential and market position [14]. Core Insights - The cosmetics and medical beauty sector has underperformed the market, with the Shenwan Beauty Care Index rising by 0.9%, lagging behind the Shenwan A Index by 1.8 percentage points [5]. - Notable brands like 巨子生物 and 丸美 have shown significant growth, with Douyin GMV increases of 89% and 104% respectively in January, indicating strong brand and product strength [9]. - 若羽臣's self-owned brand "斐萃" achieved over 10 million in Douyin GMV in January, suggesting upward brand momentum [9]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weak performance compared to the overall market, with specific indices underperforming [5][7]. - The Shenwan Cosmetics Index increased by 1.2%, while the Shenwan Personal Care Index declined by 0.9% [5]. Company Highlights - 若羽臣 has a solid foundation in e-commerce operations and has successfully expanded into brand management, leading to significant growth in its self-owned brand business [10]. - The company expects to achieve net profits of 1.12 billion, 1.64 billion, and 2.15 billion yuan from 2024 to 2026, respectively [14]. Market Trends - The overall retail sales of cosmetics in 2024 are projected to decline by 1.1%, indicating a challenging market environment [15]. - The report anticipates a recovery in growth for the cosmetics sector in 2025 due to favorable policies [15]. Key News - L'Oréal reported a negative growth in the Chinese market, with a 3.4% decline in the North Asia region, primarily due to a slight downturn in the Chinese market [19]. - Estée Lauder's Q2 financial report showed a 6% decline in net sales, marking a continuous decline over three fiscal years [20]. Investment Recommendations - The report recommends focusing on brands with comprehensive product matrices and strong performance in live e-commerce, such as 珀莱雅 and 丸美生物 [14]. - It also suggests keeping an eye on companies with high R&D barriers and strong profitability in the upstream segment of the medical beauty sector, like 爱美客 [14].