The Report is produced in Chinese only.
中國醫美市場逐步復蘇 2022 年以來醫美板塊由於嚴監管常態化、疫情、以及業績增速放緩等因素迎來震盪調整,全年醫美上市公司營收增速均有所放緩,其中上游業績增速更高,整體表現更具韌性。上游藥械耗材醫美板塊 2022年共實現營收76.48億元,同比增長31.11%, 較2021年增速68.26%有所回落;中遊醫美機構上市公司醫美板塊 2022年共實現營收 32.98億元,同比增長14.63%,較2021年增速44.14%減少29.51pcts。從短期來看,醫美行業在 2023 年存在疫後需求回補的邏輯,醫美需求復蘇趨勢明朗,即將進入醫美消費旺季,且迭加去年下半年低基數影響,醫美需求會改善;從中長期來看,國內醫美滲透率較低,長期來看提升空間大,且隨著產品推新和結構升級,以及行業合規化發展後競爭格局優化,行業龍頭的盈利能力有望持續優化。 從行業來看,2023 年醫美市場規模有望達到 25%,注射類市場規模增速略高於醫美市場規模增速。儘管中國醫美市場規模龐大,但是與其他國家相比,中國醫美市場的滲透率仍然較低。2020 年中國每千人療程量為20.8次,是巴西的一半,韓國的四分之一,存在較大的提升空間。隨著年輕一代對醫美的接受度不斷提高,2021 至 2026 年 25 歲以下消費人群預計將以 16.5%的年均複合增長率增長。行業內國內公司產品研發能力快速提升,行業中游出現了國產產品替代進口產品的趨勢,國產產品的市場份額逐漸增加。 輕醫美、合規化成為行業主旋律。目前“顏值經濟”井噴期產品端持續更新反覆運算、監管端不斷強化細化。近年來,非手術類醫美的市場規模增速已超過醫美市場的整體增速。輕醫美有望成為醫美主力市場。新品反覆運算升級讓市場看到求美者需求廣闊的發掘空間,有利於上游藥械儀器類公司中長期保持較強盈利及現金流水平,維持板塊較高估值;在醫美市場高速增長下,行業亂象時有發生,近年國家出臺了多部門聯合的綜合監管政策法規。2022年是醫美市場合規發展元年,政策層面出臺了更多細則、標準制定等檔。隨著監管政策的不斷強化和細化,市場擔憂情緒得到釋放。 綜上所述,2022年上游藥械儀器商立足產品自主研發,密集推新,龍頭企業收入同比保持較高增速,但受到疫情反復帶來的負面衝擊,業績增速相較上年有所放緩;中游服務機構加速產業鏈資源整合,規模化發展醫美業務,受疫情影響業績增速下降,淨利率普遍下滑。今年2月份調整至今,目前來看醫美行業逐步復蘇,從產業鏈的角度出發,優選附加值最高、護城河深、競爭格局最優的上游耗材儀器板塊,重點關注重視需求、佈局豐富、管道資訊通暢的龍頭目標。 |
|
|
This report is produced and is being distributed in Hong Kong by Phillip Securities Group with the Securities and Futures Commission (“SFC”) licence under Phillip Securities (HK) LTD and/ or Phillip Commodities (HK) LTD (“Phillip”). Information contained herein is based on sources that Phillip believed to be accurate. Phillip does not bear responsibility for any loss occasioned by reliance placed upon the contents hereof. The information is for informative purposes only and is not intended to or create/induce the creation of any binding legal relations. The information provided do not constitute investment advice, solicitation, purchase or sell any investment product(s). Investments are subject to investment risks including possible loss of the principal amount invested. You should refer to your Financial Advisor for investment advice based on your investment experience, financial situation, any of your particular needs and risk preference. For details of different product's risks, please visit the Risk Disclosures Statement on http://www.phillip.com.hk. Phillip (or employees) may have positions/ interests in relevant investment products. Phillip (or one of its affiliates) may from time to time provide services for, or solicit services or other business from, any company mentioned in this report. The above information is owned by Phillip and protected by copyright and intellectual property Laws. It may not be reproduced, distributed or published for any purpose without prior written consent from Phillip.