華泰證券:二季度美粧、醫美表現有分化,三季度淡季或更考驗新品賣相
華泰證券研報指出,2024年二季度美容護理表現有分化,分不同環節看:1)美粧品牌商:頭部國貨在大單品帶動下份額提升。2)美粧原料商:傳統防曬劑品種整體價格微降、新型防曬劑快速起量、去屑劑等洗護品種逐漸爬坡。3)醫美品牌商:整體“以價換量”,滲透率還在提升,定位大眾的差異化品種仍在快速放量,但終端價格有壓力並可能傳導到出廠端。4)醫美服務商:生美穩健、抗衰快成長、醫美以價換量。三季度迎來行業淡季,但也是諸多品牌商推新蓄力雙11的重要窗口期,建議積極關注新品進展。
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