Zhitong Finance APP learned that released a research report stating that the double-11 GMV achieved double-digit growth exceeded expectations of the 24th year. It is expected that the beauty market will achieve a double -digit growth, which will continue the trend of 618 demand. According to Green Eye data, as of November 11, the beauty of the double -line online channel is estimated to be 123.78 billion yuan, a year -on -year+27%.trend.It is recommended to increase its holdings: 1) high growth elastic targets; 2) strong brand potential energy leaders; 3) expected to build the bottom, which is expected to usher in the target of inflection points;
Guotai Junans main point of view is as follows:
24 years Double 11 GMV GMVRealize two -digit growth exceeding expectations. According to the data of the star map, in 2024, the Double Eleven Full Network GMV1441.8 billion yuan was+27%year-on-year (year-on-year calculation was 24.10.14-11.11 vs 23.10.24-11.11), of which the comprehensive e-commerce company GMV1109.3 billion yuan was +20%, Live broadcast e -commerce 332.5 billion yuan is+55%year -on -year.From the perspective of the division category, comprehensive e -commerce, home appliances, mobile phone digits, clothing, beauty protection, shoe bags, food and drinks, computer office, furniture building materials, maternal and infant toys, sports outdoor GMV year -on -year+27%, 23%, 21%, 21%, 21%, 21%, 21%, 21%, 21%, 21%, 21%23%, 15%, 12%, 7%, 15%, 13%, 19%.On the whole, the growth rate of Double Eleven GMV is super market expectations. It is expected that part of the period is affected by cyclical stretching, subsidies and large vouchers, and the price competition between the platforms is still fierce.
It is expected that the beauty market will achieve a double -digit growth, which will continue the trend of demand for 618. According to Green Eye data, as of November 11, the beauty of the double -line online channel is estimated to be 123.78 billion yuan, a year -on -year+27%.trend.It is expected to be related to the recovery of Tmall, the event cycle, and the increase in single ratio.
Key Company : The main brand of Perlaya is stable and the sub -brand has blossomed.Yuchen Blooming Family Brands big single products accelerate the volume.
1) Perlaya (603605.SH): Perlayas main brand Tmall, Douyin, and JD.com increased by 10%+, 60%, 30%++, respectively., Douyin Beauty TOP1, JD.com ’s beauty TOP1; Caitang Tmall and JD.com increased by 30%+, 190%+, and Douyin -30%year-on-year; OR Tmall, Douyin, and JD.com increased by 150 year-on-year respectively by 150 respectively.%+, 450%+, 200%+; Yuefu 媞 Tmall, Douyin, JD, and Pinduoduo are+20%+, flat,+80%+,+100%+.
2) Giant creature (02367): Finding US online omni -channel full -cycle GMV increased by 80%+, of which Tmall, Douyin, JD, and Vipshop will be year -on -year respectively year -on -yearGrow up 50%+, 100%+, 200%+, 100%+, and the collagen rod joint TOP1; the full -cycle GMV of the full -cycle of the Coco Gold Line increases 150%+, JD.com and Vipshop will increase by 100%+, 500%+, 200%+, 100%++, respectively year -on -year.
3) Ruo Yuchen (003010.sz): The first place in the fresh brand list of the Flat Tmall flagship store, the Douyin position clothing cleaning category 4According to the data of the cicada mother, the Douyin channel Double Eleven Double Eleven During the Double Eleven period, GMV was about 60 million, which doubled the growth of more than double, and mainly originated from the four seasons of flowers and laundry liquid vibrato. The trend of large items continued to improve.
Risk Tips: The industrys prosperity is downward; brand competition intensifies; new products are not as expected.
