金吾财讯 | 华泰证券表示，美容护理指数（申万一级行业）年初以来累计跌19.8%，位列第25/31；PE TTM处2021年以来的16%分位，26Q1基金持仓比例为0.13%（24Q1历史高点为0.39%）位列第30/31（第31为综合）。预期/估值/持仓低位，风格再平衡下有望迎来资金面改善。基本面上，除整体消费环境，市场主要担忧：1）市场竞争加剧；2）线上平台增速放缓；3）ROI可能下降及利润率潜在下修风险。该机构认为短期以上因素或难有根本性转向，但该机构同时看到：1）龙头标的中报业绩有韧性，相较海外龙头成长性更强，但存在估值折价；2）美丽田园26H1线下同店同比继续增长，毛戈平/林清轩线下亦稳固基本盘；3）新增长叙事：新品（近期医美产品密集批证）、外延及国际化（诸多龙头已开始布局）。风险提示：市场竞争加剧，新品爬坡较慢，市场投入费用加大。
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