化妆品行业双周报：618第一阶段销售回暖，多品牌抖音高增

Investment Rating - The report assigns an "Increase Holding" rating for the cosmetics industry, maintaining the previous rating of "Increase Holding" [1]. Core Insights - The first phase of the 618 sales event shows a recovery trend, with Tmall and Douyin platforms experiencing significant growth. Strong product momentum and daily sales brands are expected to continue high growth [2][11]. - Domestic beauty brands are anticipated to drive brand upgrades through product innovation and channel expansion, focusing on differentiation and cost-effectiveness [1][10]. Summary by Sections Investment Recommendations - Recommended to increase holdings in brands with strong brand momentum and single product-driven growth such as Proya and Giant Biological. Other recommendations include: - Affordable consumer brands like Runben and Up Beauty, which are expanding product channels and improving operations [10]. - Brands expected to reach a turning point include Betaini, Shanghai Jahwa, and others [10]. - Companies like Jiabiyou are highlighted for capacity release and overseas expansion strategies [10]. Industry Updates - The first phase of the 618 sales event has shown a recovery, with Tmall canceling pre-sales and starting sales earlier. Douyin has also seen multiple promotional activities leading to high growth for many brands [11]. - As of May 31, 2024, Tmall's beauty and skincare categories saw Proya and Kefu Mei ranking first and seventh, respectively, with sales exceeding the entire 2023 618 period [11][12]. Key Industry Information and Profit Forecast - The report highlights the performance of domestic brands during the 618 event, with Proya leading the beauty and skincare category. The report also notes the significant growth of brands like Kefu Mei and the overall positive trend for domestic brands in the market [12][18]. - The report includes a forecast for several companies, projecting a compound annual growth rate (CAGR) of 20-30% for leading companies in the sector [19].