The Zhitong Finance App learned that Minsheng Securities released a research report saying that the optoelectronic medical and aesthetic program refers to medical and aesthetic devices as energy sources that act on the skin treatment technology through forms of energy such as lasers, radiofrequency, and ultrasound. As awareness of light medicine and aesthetics increases, the size of the optoelectronic medical and aesthetic market continues to rise. Domestic enterprises are mostly involved in mergers and acquisitions in the optoelectronics market, and their advantages in segmentation are gradually becoming prominent. 1) FuRui Medical Technology (01696): The merger and acquisition of Feyton lays out the market and seizes pain points to provide services. 2) Huadong Pharmaceutical (000963.SZ): Acquisition+participation in the optoelectronics market, with a rich product matrix. 3) Haohai Biotechnology (06826): The acquisition model lays out in the field of optoelectronics. 4) Pumen Technology (688389.SH): A number of core technologies+flexible promotion plans to help the optoelectronic medical and aesthetic business move forward.
The main views of Minsheng Securities are as follows:
Optoelectronic medical and aesthetic projects refer to medical and aesthetic devices that act on the skin as energy sources through the form of energy such as lasers, radiofrequency, and ultrasound.
According to the type of energy source, medical and aesthetic devices are further divided into optical, electrical and ultrasonic categories; from the energy source medical and aesthetic device structure, it is mainly composed of the main body, handtool/treatment head, and foot switch; from the perspective of the industry chain, divided into the three segments of raw material and component suppliers, optoelectronic medical and aesthetic equipment manufacturers and terminal institutions, the gross margin of the entire value chain of medical and aesthetic devices in China is 30% to 60%. Among them, the gross margin of medical and aesthetic equipment manufacturers in China is high.
As awareness of light medicine and aesthetics increases, the size of the optoelectronic medical and aesthetic market continues to rise.
1) Increased penetration rate+product upgrade+equipment plus consumables model drives the market scale upward. According to Medical Insight, in 2016, the market size of the global optoelectronic medical and aesthetic industry was 1,674 million US dollars, and China's optoelectronic medical and aesthetic industry reached about 160 million US dollars. Optical projects account for a large share in the domestic market, including lasers and pulsed light, and global projects mainly focus on RF/ultrasound, and there is a certain difference. 2) Future trends: Whitening+anti-aging demand drives the domestic optoelectronic medical and aesthetic market to continue to improve. ① Demand for skin whitening drives the continuous improvement of the laser and pulsed light markets. As consumer awareness of optoelectronic projects continues to rise, compounded by demand for immediate whitening and brightening, etc., the market for optical whitening projects is expected to continue to rise. ② The demand for anti-decay drives the RF/ultrasonic market. The global anti-aging market increased from 150 billion US dollars in 2015 to 223.6 billion US dollars in 2021. CAGR reached 8.3%, and the CAGR is expected to reach 8.0% in 21-24. The domestic anti-aging market has entered a fast track of development. The size of China's anti-aging market reached 10.89 billion US dollars in 2021, and the CAGR is expected to reach 11% in 21-24. In the future, as domestic demand for anti-aging continues to grow, the market for RF and ultrasonic optoelectronic projects that focus on anti-aging will continue to rise.
Starting from the business model, analyze the competitive changes of optoelectronic equipment manufacturers.
1) Review domestic medical and aesthetic development and interpret competitive factors from a business model perspective. From the perspective of the business model, optoelectronic equipment is sold by upstream equipment manufacturers to midstream medical and aesthetic institutions, to consumer experience. Based on this industrial chain distribution model, we look at the stage of domestic industry development. Currently, the level of education of consumers on the upstream manufacturer side, whether they have a differentiated/proactive competitive advantage, and whether they can bring more profit margins to institutions are the core elements of institutional product selection. In a situation where profitability on the institutional side is not strong and upstream supply has increased significantly, the agency's choice of upstream equipment not only examines product strength, but its investment in education on the C side has also become a key factor.
2) With the help of product power+brand strength, overseas companies are temporarily in an advantageous position. In the domestic market, the main market share of laser and pulse projects is occupied by overseas companies, but domestic companies either occupy a certain market through acquisitions or with cost-effective advantages; while the RF category mainly occupies the market by overseas companies, but domestic enterprises are accelerating their deployment.
How to become a new generation of leaders?
1) Take advantage of people's strengths: consolidate technology to continuously optimize products+strengthen market education+upgrade business models. Strengthen R&D technology, seize market demand in a forward-looking manner, optimize iterative products, and meet refined consumer demand; strengthen their own sales channels, use channel resources to increase B-side and C-side education, establish brand power, and accelerate product penetration; for the long-term development of enterprises themselves, they also need to build a platform-based product matrix; continuous optimization of business models to lay the foundation for long-term enterprise development; the model of mergers and acquisitions will also be a way for major enterprises to accelerate the expansion of their own sectors.
2) Addressing market pain points: expensive equipment+efficient service throughout the life cycle has yet to be solved. ① The price of imported equipment is high, making it difficult for small to medium medical and aesthetic institutions to bear, and they mostly use the leasing model. There is little difference between the current product performance of domestic enterprises and imported products, but there is a significant advantage in product purchase prices, which has brought a major breakthrough to domestic substitution. ② Imported equipment is difficult to achieve high efficiency in service throughout the life cycle. In terms of full-cycle services, domestic products have the advantage of a stronger geographical location, and also have stronger domestic resources to complement services such as improving institution-side training. ③ The market still needs optoelectronic equipment that is more suitable for the skin condition of Chinese people. Compared with overseas companies, domestic enterprises are better able to understand the skin characteristics of Chinese people and launch refined products to meet domestic needs.
Risk warning:New product expansion fell short of expectations, industry competition intensified, product safety risks, stricter medical and aesthetic policies, etc.