Original title: Can the hottest medical stocks in the market continue to be popular?
Summary
[Canthehottestmedicalstocksinthemarketcontinuetobepopular?】RecentlytheenthusiasmofmedicalaestheticshasbeenhighandmanystockshavecontinuouslysetnewhistoricalhighsInstitutionsgenerallybelievethattheoverallvaluationofthemedicalaestheticssectoriscurrentlytoohighbutinthelongrunthereisampleroomforimprovementandtheindustry’scontinuedboomisexpectedInthefuturegrowthcompaniesthatcancontinuetodeliverperformancedeservelong-termattention
Recent medical beautythemeThe enthusiasm is high, and many stocks continue to set new historical highs.Institutions generally believe that the overall valuation of the medical aesthetics sector is currently too high, but in the long run, there is ample room for improvement, the industry’s continued boom is expected, and the future will continue to deliverPerformanceThe growth company deserves long-term attention.
Multi-factors support the hot medical beauty sector
The medical beauty sector has been recognized by various sources of funds this year and has maintained a high degree of popularity in the secondary market. As of June 4, the medical beauty concept index rose 239.57% during the year.
For the formerly mixed people’s healthfundThe fund manager Lin Cai said that in the age of beauty, the demand for beauty drives the vigorous development of the medical beauty industry. Non-surgical “light medical beauty” represented by hyaluronic acid, botulinum toxin injection, and photoelectric beauty has low risk and price-friendliness, which significantly lowers the threshold for initial attempts; looking at the demand side, consumers’ acceptance of medical beauty behaviors as concepts change At the same time, the consumer group’s youthfulness has also given rise to daily needs for skin beautification and anti-aging projects.
China SecuritiesXie Wei, manager of the medical and health fund, said that the medical aesthetics industry is closely related to the consumption upgrade in recent years. At the same time, many leading medical aesthetics companies have been listed the second time in the past one or two years.New crotch, Which further increased the attention of the sector.
In the view of Luo Ying, the proposed fund manager of the HSBC Jinxin Medical Pioneer Hybrid Fund, the accelerated influx of capital is due to the long-term optimism of the domestic medical beauty industry. From the perspective of the supply side: on the one hand, the entry of capital has accelerated the introduction of overseas mature products, and on the other hand, it has also expanded the scope of application of compliant products in the downstream. From the demand side, the penetration rate of my country’s medical aesthetics market is still very low, and the future development space is also large.
The market is concerned that the overall industry valuation is too high
Many analysts believe that the valuation of the medical aesthetics sector is not low. Lin Cai bluntly stated that the market size of the medical beauty industry in 2020 is about 150 billion yuan, and the compound growth rate from 2014 to 2019 is 24%. In 2018, the penetration rate of medical beauty in China is only 1.48%, which is 2.7% higher than that in the developed markets of Japan, the United States, and Korea. The penetration rate of %, 5.2%, and 8.6% has room for improvement of 2-6 times, and the development prospect of the industry is very broad. However, the current valuation of the medical aesthetics sector is relatively high, and it is necessary to select companies with good quality and core competitiveness.
In response to this wave of pharmaceutical stocks represented by anti-epidemic and medical beauty,Thai Trust FundFund manager Xu Muhao said that the logic of the two rises should be viewed differently-the concept of the epidemic is driven by performance and increased vaccination rates, while medical beauty and medical services are more of valuation fluctuations.
Xu Muhao believes that, relatively speaking, medical beauty and medical services belong to the rebound after the previous oversold. Even at the low stock price in the previous period, the valuation of related companies is more than 80-90 times, and the performance growth rate in the next few years is expected to be general Between 30%-40%, there is no accelerating trend.Therefore, at the current stock price position, medical stocks are more of valuation fluctuations, which are difficult to measure from a value perspective, and more are tracking domestic and overseas stocks.interest rateGo with market sentiment.
“In addition, many real estate companies have acquired medical aesthetics terminal hospitals, and their share prices have risen sharply in the short term. Although the overall market space for medical aesthetics is indeed large, medical aesthetics-related hospitals need to invest a lot of advertising costs, and it is difficult to form brand effects in the short term. Therefore, the overall profitability of the industry is poor. Transforming enterprises also need time to test their professional capabilities.” Xu Muhao said.
The agency recommends focusing on three major directions
Despite the high valuation of the current sector, institutions generally recognize the investment value of the medical beauty sector. Sun Lei, manager of Jinxin Minchang Fund, believes that the medical aesthetics sector has just begun. The subject matter hype is difficult to last. Only high-quality stocks that continue to deliver and have been focusing on medical beauty may be the leading varieties in the future.
“The overall penetration rate of China’s medical beauty industry is very low, but the penetration rate among young people is very high. Strong stickiness is one of the characteristics of the medical beauty industry. Once users accept its products, it will be accompanied by a long-term use From this point of view, the view on the future penetration rate of the medical aesthetics industry can be relatively optimistic. From the perspective of the stock market, an industry cannot burst out suddenly. There was also a medical aesthetic fever in 2014-2016. Since 2019, Some medical beauty concept stocks have been listed successively, and investors are gradually paying attention to the rapid growth of the medical beauty industry, but what really raises everyone’s attention is the market performance of explosive medical beauty products and the continuous expansion of capital in mid-range channels.” He said.
From Lincai’s point of view, it may be a bit early to say that the leader is now. After all, the current domestic enterprises are still relatively small and the products are not very rich, but there is indeed a large market space, which provides very good development opportunities for companies with strength and technology. The domestic consumption power is improving, and the future medical beauty leader will still appear in the A-share market.
According to research analysis of AVIC Securities, with the continuous improvement of regulatory policies, market regulation and transparency are expected to help the medical aesthetics industry to maintain a rapid growth trend. From the perspective of revenue structure, the medical aesthetics industry presents a spindle-shaped structure: the scale of medical services in the intermediate links is the largest, but due to the large number of institutions, low concentration, and low profitability; upstream drug and device suppliers account for a low proportion of revenue, but the market The degree of concentration is relatively high, the competitive landscape is good, and the profitability is strong; the revenue and profits of the downstream channels are relatively small, and the competition is sufficient. The rapid development of the medical beauty industry drives investment opportunities for upstream and downstream integration. The agency recommends focusing on three directions: first, upstream medical aesthetics product suppliers with rich product pipelines, high competition barriers, and strong pricing capabilities; second, midstream medical service organizations that benefit from the standardized development of the industry and whose profitability needs to be improved; third, they have technology Attribute and social attribute, asset-light operation channel company.
Luo Ying said that medical aesthetics can be divided into two parts, the first part is the product side, and the second part is the service side of medical aesthetics. China’s medical beauty market is now almost 150 billion yuan, and the corresponding product side is 15 billion yuan. “From these two directions, we are more optimistic about the product side of Medical Beauty. The main reason is that the service side of Medical Beauty is actually relatively poor in profitability. It has very high customer acquisition costs, low barriers, and relatively no profit margins. So high. On the contrary, the barriers on the product side are very high. Hyaluronic acid and botulinum toxin are the “reinforced steel” and “cement” of Yimili. I may be more optimistic about Botoxin. The medical aesthetics sector may have a relatively high valuation and competition The pattern has not yet been solidified. The current leader is not necessarily the future leader. We will continue to follow up in the future,” she said.
industry analysis:
Secrets of the high-profit medical beauty industry: upstream “lie earning”, middle and downstream “eat soil”
Hot!The market size will exceed 300 billion yuan, a picture to understand the medical beauty industry chain
Institutional research:
How happy is the medical beauty sector? Is it true that it can be increased by just hitting it?
Medical beauty concept stocks collective callback agency: the industry is in a sunrise period, focusing on three directions
China CITIC Construction Investment: my country’s real medical beauty market can reach trillions of dollars to maintain a high level of prosperity under high demand
(Source: China Fund News)
(Editor in charge: DF545)
Solemnly declare: The purpose of this information is to spread more information, and it has nothing to do with this stand.
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