After experiencing a situation where the stock price was almost cut in half, Amic (300896.SZ) only took 57 trading days to regain the lost ground.
In fact, since March, the medical aesthetics sector has been very popular, and the stock prices of related companies will rise sharply as long as they are touched with related concepts. Since March 10, the medical beauty index has risen by more than 53%, and the stock prices of Huaxi Biology and Haohaishengke have also reached new highs recently. However, regarding the current investment opportunities in the medical aesthetics industry, Chinese and foreign institutions have expressed a cautious mood.
Medical beauty sector stocks hit a new high
Since its listing on September 28, 2020, it took 92 trading days for Amic to achieve a share price increase of over 9 times. After the Spring Festival, the stock price of Amico turned down and fell 45% from the high point.
Severe adjustments often mean opportunities. Since March 26, the stock price of Amec has rebounded rapidly. As of June 21, the range has risen by as much as 86.66%, and even set a new high based on the closing price.
In the first quarter, many celebrity fund managers added positions to Amicco and made a lot of money.
Specifically, the Yinhua Wealthy theme mixed storage of 525,400 shares managed by Jiao Wei, and 60,000 shares of Huatai Berry Quality Optimal Mixed Storage managed by Shen Xuefeng. In addition, the National Social Security Fund 602 Portfolio, GF Healthcare Stock Fund, etc. have entered its top ten list of tradable shareholders.
With the exception of Amec, many stocks in the medical beauty sector have performed quite well since March.
Since the low of the stock price on March 9th, the stock price of Huaxi Biotechnology has rebounded by more than 86%, and the stock is also held by institutions. In the first quarter of this year, the Gaoyi Linshan No. 1 Yuanwang Fund managed by Feng Liu became its top ten new tradable shareholders. The National Social Security Fund 118 Portfolio and the UBS Group also increased their positions by 188,000 shares and 92,100 shares respectively. .
Similarly, Haohaishengke, whose share price has rebounded nearly 80% from its March low.
In May, the agency conducted intensive research on the above targets. Well-known institutions such as Chaos Investment, Ruiyuan Fund, Jinglin Assets and other well-known institutions investigated Huaxi Biology on May 7. Fund managers such as Cathay Pacific Fund Lin Xiaocong and Huatai Bairui Shen Xuefeng personally participated in the investigation. In May, Haohaishengke ushered in 9 waves of institutional surveys, including SAIC Xinzhen, Guangfa Fund, Harvest Fund, Invesco Great Wall Fund and other institutions.
Is there still a chance in the medical beauty sector?
A fund manager in Shanghai said that he thought that the medical aesthetics sector had a high valuation and did not start. After this wave of adjustments and rebounds, many companies’ stock prices have hit new highs, and it is now even more difficult to start.
“Recently, I participated in a lot of medical aesthetics forums, and I participated in only two today. In the long run, the space for medical aesthetics is still very broad. Road is very interesting.”
Luo Ying, the proposed fund manager of HSBC Jinxin Medical Pioneer, said that medical aesthetics can be divided into two parts. The first part is the product side, including consumables such as hyaluronic acid, botulinum, and collagen; the second part is the service side of medical aesthetics.
“China’s medical aesthetics market is now almost 150 billion yuan in scale, and the corresponding product side is 15 billion yuan. We are more optimistic about the medical aesthetics product side, mainly because the profitability of the medical aesthetics service side is poor, the barriers are low, and the customer acquisition cost High and relatively low profit margins. Medical beauty products belong to the third category of medical devices, and the barriers to entry are relatively high on the product side. The medical beauty sector may now have a relatively high valuation, and the competitive landscape has not yet solidified. The current leader may not be the future leader.”
In the short term, fund managers of Chinese and foreign institutions have shown a cautious attitude towards investment in the medical aesthetics sector. According to Jiang Xiulei, manager of Rongtong Healthcare Fund, the medical beauty industry is currently in a reckless stage. Everyone has some misunderstandings about medical beauty, thinking that as long as products are launched, they can sell well. This is a recognition of the outbreak of downstream demand. But in fact, the market is in the stage of enclosure. Once the competitive structure deteriorates, it may enter the price bargaining stage. Companies that focus on products and high-end products are expected to eventually come out.
From the perspective of foreign institutions, Liu Hui, senior fund manager of Invesco Investment, is currently in charge of a Chinese medical fund for overseas investors. He believes that benefiting from rising income levels and consumption upgrade trends, the penetration of beauty products in China The rate will rise rapidly. However, after the stock price has risen sharply, the current valuation of the medical beauty sector is relatively high, and the price-earnings ratio relative to the earnings growth ratio (PEG indicator) is also high.