美容护理行业周报：国际美妆品牌业绩发布，关注国货龙头推新进展

Investment Rating - The industry investment rating is "Overweight" [49] Core Views - L'Oréal Group reported steady growth with a sales increase of 11.0% in 2023, reaching €41.18 billion (approximately ¥319.29 billion) [16] - Estée Lauder Group experienced a decline in revenue by 7% and net profit by 18% in Q2 of fiscal 2024 [17][18] - Coty Group achieved a sales growth of 13% in Q2, marking the 14th consecutive quarter of exceeding expectations [19] - Unilever's revenue decreased by 0.8% in 2023, but core sales grew by 7%, with the Beauty & Wellbeing segment showing an 8.3% increase [21][22] - Kao Group's net sales fell by 1.2% in 2023, with a significant drop in operating income by 45.5% [24] Summary by Sections 1. Key Points - L'Oréal's four divisions showed growth, with skincare and mass cosmetics achieving over 10% growth rates [16] - Estée Lauder's skincare and makeup categories saw revenue declines, primarily due to challenges in Asian travel retail [18] - Coty's high-end beauty segment grew by 20% in the first half of fiscal 2024 [19] - Unilever's Beauty & Wellbeing segment accounted for a quarter of its total revenue, with double-digit growth in Prestige Beauty [21][22] - Kao's consumer products division faced a decline, particularly in the Asian market due to external factors [24] 2. Market Review - The beauty and personal care industry index increased by 9.01% from February 5 to February 16, outperforming the CSI 300 index by 3.18 percentage points [28] - The cosmetics sector rose by 6.76%, while personal care products increased by 9.68% [28] 3. Industry News and Announcements - L'Oréal's investment fund BOLD acquired a minority stake in the luxury perfume brand To Summer [35][36] - Estée Lauder is considering selling parts of its business in Europe and Asia [37] - Coty announced a new product line and continued to exceed sales expectations [19] - Unilever is implementing a growth action plan focusing on quality growth and productivity [22] - Kao closed several underperforming brands and acquired a sunscreen brand to boost sales in the Americas [24]