Amlogic(SH:688099) KAIYUAN SECURITIES·2025-04-20 00:25Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The report highlights the growth potential in the medical beauty and cosmetics sectors, driven by innovative products and changing consumer preferences towards self-care and emotional consumption [6][7][36][50] - The medical beauty segment is expected to benefit from the approval of new products, particularly in the recombinant collagen market, which is gaining traction as a substitute for animal-derived collagen [6][31][49] - The cosmetics industry is witnessing a rise in domestic brands, with a focus on high-quality products and emotional connections with consumers, suggesting a shift towards "self-care" trends [7][36][50] Summary by Sections Market Review - The beauty and personal care index rose by 3.41% in March, outperforming the broader market [15][18] - Notable stock performances in the medical beauty sector included Jinbo Biological (+32.2%), Furuier Medical Technology (+22.8%), and Kedi-B (+9.5%) [19] - In the cosmetics sector, Shangmei Co. (+31.8%), Maogeping (+31.6%), and Runben Co. (+16.4%) led the gains [25] Medical Beauty - Jinbo Biological received approval for its recombinant type III human collagen gel, marking a significant advancement in the medical beauty field [6][31] - The product offers dual benefits of filling and repairing, positioning Jinbo as a leader in the recombinant collagen market [31][33] - The report emphasizes the importance of differentiated strategies in the recombinant collagen industry, including technological advancements and diverse product offerings [33] Cosmetics - The report identifies the "self-care" trend as a key driver in the cosmetics market, with consumers increasingly seeking products that enhance their emotional well-being [7][36] - It suggests focusing on domestic brands that are adapting to market trends and consumer preferences, particularly in high-growth segments [37][50] - The report highlights the rise of high-end domestic brands, with Maogeping being a notable example, leveraging its unique brand identity and product quality [42][50] Investment Recommendations - The report recommends focusing on leading domestic beauty brands that are expected to gain market share, including Maogeping, Shangmei Co., and Runben Co. [49][50][53] - It suggests that the medical beauty sector will see growth driven by new product launches and the increasing acceptance of domestic brands [49][51] - The report anticipates that the emotional consumption trend will continue to shape the cosmetics market, creating opportunities for brands that can connect with consumers on a deeper level [50][51]