天風研究：功能性護膚開啟黃金時代，國貨品牌乘勢而起
本文來自：天風研究，作者：天風商社劉章明團隊
皮膚學級+功效性+械字號組成功能性護膚市場，國產品牌加速搶佔市場
功能性護膚品主要包含皮膚學級護膚品、功效性護膚品和醫美“械字號”，國內功能性護膚市場迅速崛起，外資品牌憑藉產品力+品牌力佔據先發優勢，國產功能性護膚品牌有望憑藉本土優勢實現彎道超車，薇諾娜、玉澤、潤百顏等品牌迅速崛起中。
皮膚學級護膚：核心成分成就產品力，醫生背書提升專業度
多重因素引發敏感性肌膚人羣比例居高，疫情期間長期戴口罩加重皮膚問題，皮膚學級市場規模增速高於整體護膚品行業。1）核心成分成就產品力：國際品牌方面，法國三大藥粧品牌理膚泉、雅漾、薇姿均主打温泉水，由於地理位置等差異成分、功效不盡相同，薇諾娜依靠雲南地理優勢開闢新成分青刺果油、馬齒莧提取物等，成功開闢並搶佔新市場，玉澤獨創PBS技術。2）醫生背書提升專業度：國際品牌採用藥房渠道開拓中國市場，國內品牌薇諾娜依靠醫學背書優勢積極佈局線下渠道充分利用皮膚科專家問診進行推廣，玉澤不斷加強醫研共創。
功效性護膚：立足成分打造明星產品，成分+功效概念不斷營銷強化
隨着護膚教育普及和護膚理性化趨勢加強，消費者對產品成分、具體功效的關注日益提升。1）立足成分打造明星產品：國際品牌方面修麗可以抗氧化成分起家，TheOrdinary以高濃度成分+平價為特點。國內品牌華熙生物潤百顏和誇迪以玻尿酸為核心原料，代表性產品次拋產品深入人心，HFP提供秉持“以成分打動肌膚”。2）成分+功效消費者教育不斷營銷強化：功效性護膚品牌持續以專業性研究成果背書，以最優化配方原則開發單品，產品多以產品+功效命名強化概念，包裝常見滴管瓶、次拋包裝提升專業感，通過營銷不斷強化消費者教育打造明星產品。
醫美“械字號”：緊扣消費者痛點，醫用敷料市場快速增長
醫美接受度提升，醫美市場快速增長拉動術後修復產品需求，“械字號”產品因温和性和專業性迎合消費者需求迎高增。1）緊扣消費者痛點帶動品牌銷售：創福康把握電商紅利迎高增，敷爾佳憑藉公開的温和配方和皮膚科醫生認可的專業形象吸引消費者，可復美打造“類人膠原蛋白”口碑收穫關注。2）“械字號”監管趨嚴：醫療器械監管新條例頒佈，通過強化主體、完善監管、加大懲處推動行業健康發展。
強產品+耕渠道+精營銷，本土品牌有望彎道超車
1）產品端：品牌力影響弱化，產品功效成為主要決策點，國貨市佔提升迎發展機遇；2）渠道端：線上全渠道全平台競爭，線下差異化競爭，藥房與CS渠道有望成為下沉市場的補充擴展；3）營銷端：以醫院精準“營銷”疊加醫生“權威代言”提升專業度，跨界聯名擴大聲量並進行品牌升級，持續發力直播營銷。
投資建議
功能性護膚市場迎來黃金時代，產品功效成為主要決策點，線上+線下多平台多渠道競爭，營銷契合醫生+跨界聯名+發力直播，國貨崛起進行時。關注皮膚學級護膚品龍頭【貝泰妮】，生物活性物從原料到終端的全產業鏈公司【華熙生物】，孵化醫研共創品牌玉澤的【上海家化】，活性膠原生物醫用材料領先公司【創爾生物】。
風險提示：行業競爭加劇、獲客成本快速增長、產品質量控制的風險
Follow us
Find us on
Facebook,
Twitter ,
Instagram, and
YouTube or frequent updates on all things investing.Have a financial topic you would like to discuss? Head over to the
uSMART Community to share your thoughts and insights about the market! Click the picture below to download and explore uSMART app！
Disclaimers
uSmart Securities Limited (“uSmart”) is based on its internal research and public third party information in preparation of this article. Although uSmart uses its best endeavours to ensure the content of this article is accurate, uSmart does not guarantee the accuracy, timeliness or completeness of the information of this article and is not responsible for any views/opinions/comments in this article. Opinions, forecasts and estimations reflect uSmart’s assessment as of the date of this article and are subject to change. uSmart has no obligation to notify you or anyone of any such changes. You must make independent analysis and judgment on any matters involved in this article. uSmart and any directors, officers, employees or agents of uSmart will not be liable for any loss or damage suffered by any person in reliance on any representation or omission in the content of this article. The content of the article is for reference only and does not constitute any offer, solicitation, recommendation, opinion or guarantee of any securities, virtual assets, financial products or instruments. Regulatory authorities may restrict the trading of virtual asset-related ETFs to only investors who meet specified requirements. Any calculations or images in the article are for illustrative purposes only.
Investment involves risks and the value and income from securities may rise or fall. Past performance is not indicative of future performance. Please carefully consider your personal risk tolerance, and consult independent professional advice if necessary.
