From beauty to medical beauty, a new era of “beauty economy” From CICC

The following is the From beauty to medical beauty, a new era of “beauty economy” From CICC recommended by recordtrend.com. And this article belongs to the classification: Securities report, Life data.

As an extension of beauty consumption demand, medical beauty integrates medical and consumption attributes, and is a high-quality track with high medical threshold and high consumption ceiling. In this paper, we systematically sort out the structure of China’s medical and beauty market segments and the distribution pattern of interests in the upstream and downstream of the industrial chain, and deconstruct the key competitive elements in each link of the industrial chain through the development process of domestic and foreign markets and the path of leading enterprises’ rise, so as to provide reference for the sorting out of investment opportunities.

China’s medical beauty market has entered a period of high prosperity. In 2019, the scale of China’s medical beauty market is 1436 billion yuan, corresponding to 3.6% penetration rate of medical beauty, annual repurchase frequency of about 1.6 times per capita and average consumption amount of about 5909 yuan per time; In 2015-19, China’s medical and aesthetic industry expanded rapidly with a CAGR of 22.5%, but the per capita number of diagnosis and treatment, penetration rate and other indicators are still six times larger than those of overseas markets. Benefiting from the gradual release of demand, the continuous enrichment of product supply and the entry of industrial capital, we expect the industry to maintain a sustained high prosperity in the next 5-10 years. Among them, the light medical beauty projects represented by injection and skin beauty are expected to occupy a larger market share.

The medical beauty service chain is long, and the whole chain excavates the layout opportunities. The main links include upstream raw material suppliers, midstream pharmaceutical manufacturers and equipment suppliers, downstream medical and beauty service institutions, and customer acquisition channels. From the perspective of profit distribution pattern, the upstream raw materials and midstream medical equipment and equipment have high technical threshold and qualification barriers, which are the most concentrated links in the industrial chain. Among them, domestic brands have sprung up in the medical equipment sector, and the market share has continued to increase; However, the profit margin of downstream institutions and customer acquisition channels is relatively small. We think that it is related to the decentralized competition pattern, low chain rate and insufficient standardization of downstream links in China’s medical and beauty industry at the present stage, and there is a large space for integration in the future.

Business model of each link: ① Yimei medical equipment: we believe that the essence of medical equipment business is high-value consumables with high R & D threshold and heavy cultivation attribute. For medical equipment manufacturers, referring to the development process of Aerjian, relying on the first mover advantage of R & D innovation can win them more than 3 years of exclusive time window, At the same time, the continuous upgrading and innovation of products can effectively extend the life cycle of single product, and the successful market cultivation strategy is an important catalyst to create hot products; ② Downstream institutions: we believe that the pain point of chain replication of downstream institutions lies in the high difficulty of standardization of professional doctors, management personnel and service chain, with horizontal reference to the development of Ophthalmology and dental leading companies, the establishment of training mechanism and standardization of management process as the top priority.

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