Zhitong Financial APP learned that a research report released by Bank of China Securities pointed out that thanks to the development of extraction technology and the promotion of downstream appearance economy, the field of medical beauty, functional skin care products and medical dressings has driven the rapid growth of the collagen industry and the rapid increase of penetration in the field of beauty care. From the perspective of the industrial chain, the high-quality target covers the middle and lower reaches of the industrial chain, with strong R & D capability and profitability. With the strict policy supervision, the head enterprises are expected to achieve efficient growth by relying on their own strong product strength and consumer stickiness. Recommended attention: Huaxi creature (688363.SH), Emick (300896.SZ), giant creature (02367) and Bethany (300957.SZ).
The main points are as follows:
Collagen industry overview: collagen is the most abundant protein in the human body, which plays the role of support and repair, and is widely used in medical, food and beauty care and other fields. From the point of view of the extraction method, it can be divided into animal extraction method and recombination method. At present, animal-derived collagen is widely used and occupies the mainstream. Recombinant collagen is growing rapidly in the field of beauty care under the condition of favorable technology, policy and performance. From the perspective of the industrial chain, the middle and lower reaches benefit from high technology and strong demand, and the gross profit margin is maintained at around 80%.
The downstream multi-dimensional development of collagen has led to a rapid increase in permeability in the field of beauty care.Collagen has a unique triple helix structure and is widely used in the field of cosmetology.
1) Medical injection:The light medical beauty market is in the stage of rapid growth, of which injection medicine accounts for more than 80%. Collagen benefits from the characteristics of natural whitening, strong repair and non-water absorption expansion, and has outstanding advantages in the field of periocular, water light needle and regenerated injection. By 2021, the domestic collagen injection market will be 3.7 billion yuan, and it is expected to reach 13.7 billion yuan by 2027, with a five-year compound growth rate of 21.85%.
2) Medical dressings:Medical dressings are used for light medical art post-repair, and the repair effect makes collagen outstanding in wound repair and reducing inflammation, while benefiting from the fact that only collagen medical dressings enjoy three types of approval and stronger product endorsement. Therefore, the permeability of collagen medical dressings increased rapidly, of which the market scale of recombinant collagen medical dressings reached 7.183 billion yuan in 2021, with a compound growth rate of 92.2% in 4 years.
3) functional skin care products:The increase of allergic skin population leads to the demand for functional skin care products. Collagen exists as a small molecule in skin care products, focusing on the comprehensive effects of anti-aging, repair and whitening, and forms a differentiated and complementary market segment with hyaluronic acid. The market size of collagen functional skin care products has reached 6.2 billion yuan in 2021, and the permeability is expected to continue to increase in 2027. The market size is expected to reach 77.5 billion yuan in 2027. Benefiting from the characteristics of low antigenic activity, low cytotoxicity and biodegradability, collagen is widely used in medical and health fields (wound dressings, hemostatic materials, etc.) and food fields (artificial collagen casings, etc.). By 2019, the market size of collagen medical and health will be US $470 million, accounting for 47.81% of the global market size; the market size of collagen food and beverage will be US $315 million, accounting for 32.06% of the total market size. The penetration rate of collagen in the food and pharmaceutical market is expected to increase.
The development of head manufacturers is different, to grasp the quality targets of the industry:At present, the domestic head manufacturers mainly have three enterprises: Chuanger Biology, Giant Biology and Jinbo Biology. Chuang'er Biology is mainly animal-derived collagen, with leading preparation technology and strong recitation; Jinbo Biology specializes in recombinant human Ⅲ collagen, which lives alone in the field of medicine and beauty; Juzi Biology has established a multi-product matrix, which can grow rapidly. The three companies maintained high revenue growth, with gross margins of about 80 per cent.
Under the current situation, head enterprises are expected to achieve efficient growth by relying on their own strong product strength and consumer stickiness.At present, we mainly recommend Bettany (its brand Winona), which is the leader of skin care track with product differentiation; Huaxi biology with the layout of the whole industry chain and multi-brand matrix; and Emick, the leader of medical beauty with differentiated product layout. It is recommended to pay attention to the recombinant collagen leading giant creatures with multi-brand matrix.
Risk Tips:The expansion of new products is not as expected; the competition in the industry is intensified; the risk of macroeconomic fluctuations.