Produce l View Finance
author l Dazhao
annual “ A double tenth ” The shopping festival has begun , At the station 、 On the radio 、 The major e-commerce platforms in TV are full of advertisements , It's like an explosive situation .
And cosmetics as the sales star of double 11 over the years , With the help of various platforms , Also take the lead in becoming this year's popular goods .
data display ,11 month 1 Pre sale of Taobao on November 11 10 Minutes later , Taobao live broadcast leads to more transactions than last year , Up to 4 times , Cosmetology 12 A single item on Taobao 1 More than 100 million hours .
Guojin securities research report thinks , In the first round of pre-sale activities , Cosmetics 94% Stores participating in pre-sale , And enterprises participate in the pre-sale of single products accounted for more than the total amount of the industry 20% Of , Participation is far higher than that of household appliances and textile and clothing enterprises .
Domestic cosmetic brands have developed for many years , At present, the market share has gradually approached that of Europe 、 Foreign brands such as Japan, South Korea and the United States , And it's emerged like pelaia 、 Huaxi Biology 、 MARUMI shares 、 Shanghai Jiahua and other cosmetics listed companies .
recently , All of the above enterprises have been handed over 2020 Third quarter performance report , And for the double 11 Shopping Festival made different arrangements , This article will explain these cosmetic enterprises from many angles .
Gold track ：“ face ” Gold mine and trap in Shanghai
at present , There are thousands of cosmetic enterprises in China , But it has not yet formed a monopoly pattern , Consumer demand for cosmetics continues to rise , The market is favorable for investment .
According to Euromonitor data ,2019 The market scale of China's cosmetics industry reached as high as 4777.2 One hundred million yuan , Year-on-year growth 13.84%.2010-2019 year , The compound annual growth rate has reached 8.82%. since 2017 From the year onwards , The market scale of cosmetics industry has exceeded that of tourism and wholesale and retail industry at a high speed for three consecutive years , It is one of the few industries with high growth rate .
2019 year , China's per capita consumption of cosmetics is only Japan 、 Han 、 beauty 16%、19% and 17%.
According to Euromonitor and the world bank ,2019 China's per capita consumption of cosmetics only accounted for per capita disposable income 0.8%, Lower than Japan （1.3%） With Korea （1.5%）. future , With 95 The growing purchasing power of the new generation of consumers and e-commerce channels further help the penetration of local cosmetics brands , Cosmetics market will show an explosive trend .
picture source ： Huatai securities
From the performance of capital market , Domestic cosmetics companies 5 The change of market value was relatively stable ,2019 Pelaia 、 Shanghai Jiahua 、 Huaxi Biology 、 Maru Mei stock average PE stay 80 More than times , expect 2020 In the year PE There will be a slight drop in multiples .
China's cosmetics industry has great development potential , Not only has it attracted the attention of Chinese investors , It has attracted the attention of international cosmetics giants , Gradually form a diversified competitive pattern .
among , Chinese local cosmetics brands rely on high cost performance 、 Channel sinking and other advantages are more competitive in the low-end market , International brands rely on brand power 、 Product force and marketing force occupy a dominant position in the high-end market .
2019 The overall sales share of domestic cosmetics in China was only about 28.5% Market share , And from Europe 、 Foreign brands such as Japan, South Korea and the United States occupy nearly 50% Market share .
Cosmetics brands in the domestic market can be roughly divided into four grades , They are the top 、 High-end 、 Middle end and low end .
From the beauty products , top 、 Middle and high-end brands are dominated by well-known European and American brands , Top representative brands include Tomford( Tom · ford )、 Chanel . The representative brand of high-end market is Dior 、 Estee Lauder . In the middle market, there are some brands with medium price , Like L'Oreal 、 maybelline . There are some Korean and domestic brands in the low-end market , Like kaziran 、 Ellie's Cabin .
Lack of competitiveness of Chinese local high-end brands , Leading to the emergence of high-end cosmetics consumption in China “ External prosperity and internal decline ” The phenomenon of , Once a famous little nurse in China 、 Ding Jiayi 、 Beauty, mask and so on also came out of the news. .
Under the background of increasingly obvious high-end consumption trend , The rise of China's local high-end brands is urgent .
In recent years , Many domestic brands continue to increase R & D investment and marketing efforts , Build high terminal brand , Form brand moat , To enhance the brand image and visibility , Enhance market competitiveness , Grasp the pricing power of products .
A Who won in four cosmetics companies
At present , The local brands that break through the domestic market rely on their own understanding of the preferences and skin texture of the local market , All of them adopt differentiated brand positioning strategy , We have created products that are more suitable for domestic consumers . meanwhile , Also enjoy the low-level city consumption upgrade bonus .
The two are superimposed on each other , The main reason for the rapid growth of local cosmetics brand performance has been formed .
Data sources ： Oriental wealth choice
From pelaia 、 Huaxi Biology 、 MARUMI shares 、 Shanghai Jiahua's four typical A Share cosmetics listed companies , The overall performance data of the third quarter of this year is relatively good .
At the revenue level ：
Pelaia achieves revenue 22.9 Billion , Net income of 2.85 Billion ;
Huaxi biological revenue 16.0 Billion , Net profit 4.38 Billion ;
Revenue of Maru 11.4 Billion , net 2 profits 3.38 Billion ;
Shanghai Jiahua's revenue 53.6 Billion , Net profit 3.12 Billion .
Driven by performance , end 2020 year 11 month 5 Closed yesterday , Peleya 、 Huaxi Biology 、 MARUMI shares 、 The market value of the four companies in Shanghai Jiahua is 366.01 Billion 、788.64 Billion 、256.8 Eva 289.98 Billion , The total market value exceeds 1700 One hundred million yuan .
For a long time , Domestic cosmetics brands have been relying on offline channels led by supermarkets and beauty shops , In the face of the sudden epidemic and its subsequent impact , Enterprises with more comprehensive online channels are more resilient .
Take pelaia for example , In the first half of this year, the proportion of online revenue of pelea reached 63.55%（2019 In the same period of year 46.01%）, Take advantage of Online , In the third quarter of this year, pelaia's revenue achieved a year-on-year increase 10.14% The growth of .
by comparison , MARUMI shares, which rely more on traditional channels 、 Shanghai Jiahua's revenue fell year on year 6.13% and 6.51%.
In terms of earning power ：
Data sources ： Oriental wealth choice
Although the net interest rate of Huaxi biological has decreased , But overall, it remained at 26%-29% Within the scope of , You can be “ Haughty A group of Heroes .
Maru Mei shares showed a significant decline , Net interest rate in the second quarter remained at 35.26% The high , In the third quarter, it fell to 20.31%, Down about 15 percentage .
Peleya relies on 12% Net interest rates around the top three .
Shanghai Jiahua's net interest rate rose slightly , Net interest rate in the third quarter of this year 7.67%, Up from the same period last year 2.35 Percentage points .
In terms of expenditure , Sales expenses account for the majority of domestic cosmetics enterprises , Among them, Huaxi biology is particularly prominent , Can be said to be “ Money is not easy ”.
2020 The three quarter of 2014 , Sales expenses of Huaxi biological Co., Ltd 6.454 Billion , Accounting for the total cost of the company in the current quarter 56%, More than half of the cost goes to sales and marketing .
by comparison , Peleya 、 MARUMI shares 、 The sales expenses of Shanghai Jiahua in the third quarter were 8.186 Billion 、3.757 Eva 24.26 Billion , The proportion of the total cost in the current quarter is 43%、47% and 47%, This ratio is also quite high .
picture source ： Wanlian securities
Through observation we found that , Peleya 、 Huaxi Biology 、 MARUMI shares 、 Since this year, Shanghai Jiahua has been focusing on online sales channels , Including self operated e-commerce stores 、 Agent stores and live delivery .
According to the data report of Wanlian securities , This year, 9 month ：
Sales volume of pelaia series products in the flagship store of pelaia tmall 8635 Ten thousand yuan , Year on year slight increase 0.2%, Sales breakthrough of sub brand youzilai in one month 712 Ten thousand yuan , Year-on-year increase 385%;
Monthly sales of kuadi, a brand of Huaxi biology 6746 ten thousand , Year on year growth 190.73%, Run also achieved sales 3574 The year-on-year increase was nearly 10000 yuan 200%;
Maru Mei shares only love fire to achieve year-on-year growth , Sales of other sub brands declined by nearly the same extent “ Waist cut ”;
Shanghai Jiahua has only Yuze and Shuangmei achieving year-on-year growth , In addition, several brands have experienced double-digit decline .
picture source ： Guoyuan securities
With the rise of live delivery , Cosmetics brands also began to try to cooperate with online red to promote sales performance .
This year 9 Take the month , Huaxi biological cosmetics brands kuadi and mibeier successively 5 The first time appeared in Li Jiaqi's studio , Moisten a hundred beauties 2 It's in Viva's studio . In addition, pelaia and Shanghai Jiahua have also brought their own brands to test water and cooperate with Weiya , At present, the effect is remarkable .
so , Thanks to the popularity of local brand image and the expansion of new channels , Domestic major cosmetic listed companies have made adjustments to varying degrees in the face of the adverse impact of the epidemic .
future , As the epidemic tends to stabilize , And double eleven 、 Launch of marketing activities such as double 12 and Christmas season , The cosmetics sector is expected to break out in the fourth quarter .
But here's the thing , Several leading enterprises at this stage rely too much on marketing sales model , Whether the company can continue to maintain the expected performance growth in the next stage , It's questionable .
Average gross profit super 60%
Low R & D investment
China's cosmetics industry chain can be divided into upstream 、 In the middle 、 The downstream , Upstream market participants can be divided into raw material suppliers and cosmetic OEM manufacturers , The main participants in the midstream are cosmetics brand enterprises , Downstream involves sales channels and consumers .
picture source ： Cheetah Institute
Cosmetics enterprises in the middle , It has been in the position of the highest gross profit rate in the whole industry chain , The average gross profit margin is 60%-80% Between .
The specific term ,2019 The third quarter of 、 Huaxi Biology 、 MARUMI shares 、 The gross profit rates of the four enterprises in Shanghai Jiahua are 61.72%、80.88%、67.44% and 61.5%.
However, the gross profit margin of domestic cosmetics enterprises is affected by the popularity of enterprises 、 Marketing mode 、 Upstream raw materials and labor costs have a greater impact , In the long run, there may be a decline .
Data sources ： Oriental wealth choice
In addition to the above factors , The proportion of R & D investment in some enterprises is small 、 Backward product technology 、 The scientific formulation research and development is still in the imitation stage, and so on .
Peleya 、 Huaxi Biology 、 MARUMI shares 、 The four enterprises of Shanghai Jiahua 2020 R & D investment in the third quarter of 5365 ten thousand 、9552 ten thousand 、3523 ten thousand 、1.009 Billion , The proportion of R & D investment in revenue is 2.34%、5.98%、3.09% and 1.88%, Overall low .
The proportion of investment in R & D of these companies is just a microcosm of the domestic cosmetics industry .
In fact, from the perspective of industry development , Domestic bioengineering has not been deeply integrated with skin health industry , It is also quite different from the international level .
Jiang Ligang, chief R & D officer of pelaia, pointed out in her public speech that “ The basic research of cosmetics in China is weak , Enterprises are even less powerful , Now medical schools 、 Research institutions lack cosmetics （ The skin ） Teaching staff input in molecular biology and industry university research cooperation with enterprises , Cosmetics is no longer a small industry , The scientific and technological circles should pay more attention to it , Organization leading industry university research cooperation , And then promote the internal R & D of enterprises .” Jiang Ligang hopes , In College 、 Medical school 、 Research Institute （ Research institute, ） Establish several key laboratories related to cosmetics , Solve the key issues of safety and efficacy assessment for the industry , At the same time, academicians and experts lead the industry university research cooperation .
Because skin care products directly act on consumer skin , Product safety is very important to consumers .
In the past two years , Due to the use of counterfeit 、 Unqualified and lead to allergic reaction of consumers , Even disfigurement events emerge in endlessly , The frequent occurrence of skin care product quality problems has also become one of the main obstacles affecting the development of the industry .
2016 year 8 month 9 Japan , The State Food and Drug Administration issued a report on 84 Notice on the inconsistency between the sunscreen ingredients actually detected in batches of sunscreen cosmetics and the approved products and the marked ingredients , Among them, there are some products of pelaia and Maru Mei .
The announcement shows , The approval and label of pelaia marine Whitening & Moisturizing & isolating sunscreen milk has not been detected “ Methylene bis - Benzotriazolyl tetramethyl butyl phenol ”. The unqualified products of Wan Mei are sunscreen cream. SPF18 PA++, Sunscreen is included in product approval and label “ Butyl methoxy dibenzoylmethane ”, But the sampling unit did not detect the labeled sunscreen from the product , contrary , Another sunscreen agent not marked in the approval and label was detected in the product by the sampling unit “ double - Ethylhexoxyphenol methoxyphenyl triazine ”, The content is 0.5％.
Similarly, , China food and drug network this year 4 month 8 Japan also said ：
Shanghai Jiahua Hainan Daily Chemical Co., Ltd., a subsidiary of Shanghai Jiahua, has many defects in the production process , Including that the finished product warehouse has not set up the unqualified product area according to the regulations ; Some raw materials are marked on the package “ Storage conditions ： Cool and dry place ”, It was found that the temperature and humidity of raw material room did not meet the requirements ; Some samples of raw materials were not stored in the shade as required .
With the domestic supervision of daily chemical products and cosmetics increasingly strengthened , Make part of the production capacity weak 、 Small and medium-sized enterprises with nonstandard quality control have been gradually eliminated , The management of large enterprises can also be improved steadily .
Improve the standardization of industry operation and competition , It is conducive to the promotion of industry concentration , Create a good environment for the healthy growth of high-quality enterprises in the industry .
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