金吾财讯 | 中信证券表示，未来3年，医美行业有望保持高个位数的稳健增长，行业结构性机会突出：1）部分医美材料仍存在赛道红利，如天然、重组胶原蛋白领域、再生微球领域，以及尚未有首证落地的PDRN/ECM/丝素蛋白/PHA等材料；2）上游具备平台化赋能能力的产品型公司；3）下游具备高美誉度、整合上游资源、以综合解决方案保持差异性等能力的医美终端机构。该机构推荐：①产品矩阵完善，在研管线进一步补足材料/功能/部位（适应症）版图，具备产品/培训/营销/运营/售后等强下游赋能能力，短期利空反映充分的公司；②面临行业竞争加剧、求美者购买力疲弱、下游价格战向上游传导等问题，业绩短期承压，但比较优势犹存的公司；③注重安全与口碑，打造品质医美，虽短期业绩承压，但在“内生增长&外延并购”双驱动下极具韧性的公司。
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