美容护理行业周报：业绩披露期来临，关注超预期表现企业

Investment Rating - The industry investment rating is "Market Perform" indicating that the industry index is expected to perform within -10% to 10% relative to the CSI 300 index over the next six months [32]. Core Insights - The beauty and personal care sector has shown a decline, with the CSI 300 index down by 0.70% and the Shenwan Beauty and Personal Care Index down by 1.23%, underperforming the market by 0.53 percentage points [7][13]. - Notable stock performances include Yiyi Co. with a rise of 9.53%, and Beitaini with a decline of 8.61% [7][16]. - The report highlights the stable growth of Aimeike in 2023, achieving a revenue of 2.869 billion yuan, a year-on-year increase of 47.99% [8][20]. - Furuida's cosmetic segment is expected to grow following the divestment of its real estate business, with a revenue of 2.416 billion yuan in 2023, up 22.71% year-on-year [8][22]. - Jiangsu Wuzhong's completion of the documentation for recombinant type I collagen is significant for its future product registrations [8][25]. Market Performance - The beauty and personal care sector's performance this week shows a decline of 1.23%, ranking 24th among all Shenwan first-level industries [7][14]. - The retail sales of cosmetics in January-February 2024 showed a year-on-year growth of 6.7% for above-designated size units [26]. Company News - Aimeike's Q4 2023 revenue reached 699 million yuan, a 55.55% increase year-on-year, with a gross margin of 95.1% [8][20]. - Furuida's transformation into a health industry group is underway, with a focus on cosmetics and pharmaceuticals [8][22]. - Jiangsu Wuzhong's recombinant collagen product is expected to accelerate its market entry following regulatory approval [8][25]. Investment Recommendations - The report suggests focusing on high-quality domestic brands in cosmetics due to changing consumer preferences and opportunities presented by the national trend [9]. - In the medical beauty sector, the report recommends attention to leading companies with a rich product line and compliance, such as Aimeike and Jiangsu Wuzhong [9].