IMEIK(SZ:300896) Shenwan Hongyuan Securities·2026-01-11 12:11Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, despite recent underperformance compared to the market [2][3]. Core Insights - The cosmetics and medical beauty sector has shown weaker performance than the market, with the Shenwan Beauty Care Index rising by 2.6% from December 31, 2025, to January 9, 2026, which is lower than the Shenwan A Index by 2.8 percentage points [3][4]. - 毛戈平 has initiated an international strategic partnership with L Catterton, focusing on global market expansion, acquisitions, and strategic investments, which is expected to enhance its high-end retail channels and operational optimization [9][21]. - Recent approvals for products such as 爱美客's botulinum toxin and 奇璞生物's collagen implant highlight the ongoing advancements in the medical beauty supply chain, supporting diversified competition in 2026 [9][22][23]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has underperformed the market, with specific indices showing lower growth rates compared to the overall market [3][4]. - The top-performing stocks in the sector include 力合科创 (+14.7%), 毛戈平 (+8.6%), and 水羊股份 (+7.6%), while the worst performers were 嘉亨家化 (-3.9%) and 百亚股份 (-2.8%) [5]. Recent Developments - 毛戈平's strategic partnership with L Catterton aims to enhance its brand's global presence and operational capabilities [9][21]. - The approval of 爱美客's botulinum toxin and 奇璞生物's collagen implant signifies a robust supply chain in the medical beauty sector [22][23]. Investment Recommendations - Recommended companies include 毛戈平, 上美股份, and 上海家化 for their strong brand matrices and growth potential. Companies like 爱美客 and 朗姿股份 are highlighted for their strong profitability and product pipeline [3][10]. - The report suggests focusing on companies with high R&D barriers and strong profitability in the upstream medical beauty segment [3][10].