零售業行業化粧品行業深度報告之四：從薇諾娜、玉澤和潤百顏看功能性護膚品賽道，維持“推薦”評級
機構：國元證券
評級：推薦
報告要點：
消費羣體變化+營銷觸達加速，促進功能性護膚品需求釋放
近年來功能性護膚品市場快速崛起，其中細分的皮膚學級市場空間2019 年達到 135.51 億元，2014-2019 年均複合增長率達到 23.2%，增速遠高於化粧品行業的整體增速。國產品牌中，以成分原料為主導的護膚品牌 HomefacialPro、華熙生物旗下潤百顏、以及皮膚學級護膚品牌薇諾娜、玉澤等品牌均實現強勢爆發。我們認為，功能性護膚品賽道快速爆發的主要原因有二：一方面，90 後為核心的年輕消費羣體在化粧品消費領域增速最快，他們對於美粧消費的需求更加細分；另一方面，功能性護膚品的品牌故事（醫研共創、成分故事）在 90 後消費羣體中的認可度更高，同時內容營銷與直播電商成為品牌 “放大器”，一批功能性護膚品牌快速成長。
功能性護膚品信任背書強，自帶自然流量，後續盈利提升空間大
功能性護膚品產品門檻較高，研發週期與研發投入通常高於大眾護膚品，但對於消費者而言具備更強的信任背書，品牌自帶自然流量，從歐萊雅集團各部門的營業利潤率對比中可以看出，活性健康化粧品部平均比大眾化粧品部高 3pct，同時國產化粧品公司中貝泰妮的盈利能力顯著領先，長期看這一賽道品牌盈利空間大。此外，對標國際頭部功能性護膚品牌雅漾、理膚泉 80-100 億的規模，國內僅有薇諾娜收入規模接近 20 億，其餘規模均在 5 億以下，目前仍處於高速成長期。
投資建議與盈利預測
功能性護膚已成為當前美粧消費的風口之一，預計在消費者代際切換、美粧消費持續升級的情況下，行業仍將保持快速增長。同時因功能性護膚的醫研背景或原料背景，天然具備強大背書，年輕羣體認可度高；並且品牌本身具備強內容屬性，在內容營銷和直播電商的紅利期下，銷售額迅速被放大。建議關注：上海家化：國內日化用品龍頭，具備多品牌多渠道矩陣，2019 年在自有電商團隊運營下，推動功能性護膚品牌玉澤異軍突起，2020 年管理層換帥有望為公司經營效率、盈利能力帶來邊際改善；華熙生物：全球透明質酸龍頭，在原料、醫療終端、護膚品等板塊全產業鏈佈局，2018 年發力功能性護膚品板塊後推出多個差異化定位的品牌，在強大原料優勢下有望順應行業趨勢快速增長；貝泰妮：旗下主品牌薇諾娜為國內 TOP1 功能性護膚品牌，近年在電商渠道與線下醫藥渠道均有良好表現，當前 IPO 正式獲深交所受理。
風險提示
品牌市場競爭加劇，行業景氣度下滑，新冠疫情影響具有不確定性。
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