【券商聚焦】国泰海通:美妆行业618大盘稳健 外资高端强劲 国货龙头改善

金吾财讯
11 hours ago

金吾财讯 | 国泰海通发布研报指,618电商大盘平稳,即时零售翻倍高增。美妆大盘双位数增长,外资高端排名提升,头部国货稳健。参考易观分析,618期间主要平台美妆成交额同比+11.4%,高于大盘,其中综合电商平台(淘天、京东拼多多)同比+9.8%,推算抖音等内容电商平台实现约14%增长。品牌格局上,天猫美妆TOP5分别是修丽可、雅诗兰黛珀莱雅、兰蔻、SK-II,外资高端排名普遍有所提升,预计与周期涵盖520礼遇季、叠加天猫扶持88VIP有关,国货中珀莱雅依然稳居前列,此外可复美、薇诺娜、毛戈平分列第13、15、18名。抖音美妆TOP5分别是赫莲娜、雅诗兰黛、海蓝之谜、珀莱雅、韩束,外资高端凭借大促达播爆发抢占前三,珀莱雅、韩束等国货依托稳健的自播能力及大众品牌影响力保持强劲。品牌战报维度,巨子生物表现超预期。巨子生物发布618战报,旗下可复美618周期线上全渠道同比增长25%+,其中天猫、抖音、京东、唯品会分别同比增长20%+、25%+、30%+、40%+;可丽金品牌线上全渠道增长30%+,其中天猫、抖音、京东、唯品会分别增长10%+、50%+、40%+、60%+,双品牌均恢复双位数增长。若羽臣旗下绽家全渠道GMV同比增长70%;斐萃全渠道GMV同比增长50%。此外参考灰豚数据,珀莱雅、薇诺娜、毛戈平等头部国货618期间抖音均实现较快的双位数增长,林清轩实现翻倍以上高增。

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