2021-10-31-瑞士信贷集团-中国美学领域_聚光灯下的美学_60页_2mb

报告摘要

Market Overview:
- China's medical aesthetics market reached Rmb155 billion in 2020 with a 19% CAGR and is expected to grow to Rmb540 billion by 2030 (13% CAGR).
- Growth drivers: rising affordability, younger consumer profiles, high repurchase rates, and increasing demand for non-invasive procedures.
Key Growth Segments:
- BTX (Botulinum Toxin): Market expected to reach Rmb29 billion by 2030, driven by anti-aging demand and new licensed products like Letybo.
- Collagen Stimulators: Emerging niche segment with potential for exponential growth post-approval in 2021, though starting from a smaller base.
- HA Fillers: Largest segment (20% CAGR) but facing increased competition and ASP declines.
Upstream Focus:
- Upstream companies (e.g., Bloomage, Haohai, Botanee) preferred due to higher margins, resilience, and regulatory advantages.
- Bloomage is the top pick with OUTPERFORM rating, targeting Rmb204.
Downstream Challenges: Short-term disruptions from regulatory inspections, advertising uncertainties (releasing in 2022), and COVID-19 impacts, but this supports long-term industry discipline.
Market Penetration: China's penetration rate is low (4% vs. 17-21% in developed markets), offering significant upside through import substitution and licensed product adoption.
Risks:
- Competition, potential price wars, macro slowdown, and policy risks (especially advertising regulations).