美容护理行业国际化妆品医美公司2024年业绩跟踪报告：美妆竞争格局洗牌，国货品牌全面反攻

Investment Rating - The report indicates a cautious outlook for the beauty and cosmetics industry, with a focus on the performance of international brands in China and the competitive landscape against domestic brands [4][6][29]. Core Insights - The global beauty market is projected to grow at a rate of 4.5% in 2024, down from 8% in 2023, with significant regional disparities in performance [4][15]. - The North Asia market, particularly China, is experiencing a decline, with a 2% drop in year-on-year growth, marking it as the weakest major beauty market globally [4][15]. - Domestic brands in China are gaining market share, leading to a challenging environment for international brands, which are now facing significant competition [6][29]. - Major international companies like L'Oréal and Estée Lauder are adapting their strategies to cope with the changing market dynamics, including investments in local brands and product innovation [29][30]. Summary by Sections Global Market Overview - The global beauty market is expected to grow by 4.5% in 2024, with Europe and North America outperforming the global average at 7.5% and 5% respectively, while North Asia is declining [4][15]. - The mass market segment is growing at 6%, indicating a trend towards value-driven consumption [4][15]. Company Performance - L'Oréal's revenue is projected to increase by 5.6% in 2024, with a focus on high-end and mass-market products, despite facing challenges in the Chinese market [20][33]. - Estée Lauder is undergoing a strategic overhaul due to declining profits and sales, particularly in the Asia-Pacific region, and is expected to implement cost-cutting measures [29][50]. - Shiseido is experiencing a recovery in its domestic market but is still facing significant profit declines due to high marketing costs [29][50]. Competitive Landscape - Domestic brands are increasingly capturing market share in China, with a notable rise in consumer preference for local products since 2020 [6][29]. - International brands are responding by enhancing their product offerings and investing in local partnerships to strengthen their market position [28][29]. Investment Recommendations - The report recommends focusing on companies with strong brand matrices and those benefiting from the rise of domestic brands, such as Proya and Marubi [5][20]. - In the medical beauty sector, companies with robust R&D capabilities and strong profit margins are highlighted as potential investment opportunities [5][20].