20231122_东方证券_纺服及时尚消费行业2024年度投资策略守得云开见月明_42页.pdf

|2023 1 K 2 2023 7 3 23Q3 23Q2 A 1 a b 2 3/24 a.b.c.1 2 23Q4 24 1 2024-23 6 10/1 10 2/2024(002154)(002832)(600612)(002345)(002867)(600398)(002563)(03998)(002327)(600177)24(300979)(02313)(002003)(603889)(02020)(603605)(02331)(02367)(300896)(300957)(01368)/2023 11 22 021-63325888*6076 S0860511010001 021-63325888*6107 S0860521070006 BSW044 S0860523030001 2023-11-12 2023-11-05 2023-10-29 2024 2 2023.6.6 2023 7.7.8.9.9 9 11/24 15 23Q4 24 1.16 2024.22/.24 24 32.38.39 1ZBYuNsPmPoPpRtQsPoRrQbR9R6MnPpPmOtQeRpOrQeRtRnO6MpOpRvPmOtNwMnRpM 3 1 23Q3/.6 2.7 3.7 4.7 5.7 6 22Q4.8 7 22Q4.8 8 SW SW 149.8 9 TTM.9 10 11 6.9 11.11 12 1990-.13 13 PE TTM.14 14 PE TTM.14 15 SW 2018-2022%.15 16%.17 17/.17 18 23H1.17 19.17 20.18 21.18 22.18 23.19 24.19 25.19 26.19 27 10 TIPS%.20 28.20 29 9 19.20 30 9 19.20 31 SGE T+D.21 32.21 33.21 34 100m2 1,000m2.21 4 35.23 36 Q1-Q3.24 37.24 38.24 39.28 40.28 41 9.28 42.29 43 2022.29 44.29 45 2023.31 46 2023.31 47 2022.32 48.33 49.33 50-.35 51-.35 52.36 53.36 54.36 55 IPL Queen.37 56.37 1.6 2.7 3.10 4.12 5.13 6.14 7/SW.16 8 2024 SW.16 9.22 10/.23 11 2023.25 12.26 13.27 14 2023 6 TOP10.28 5 15 TOP10.30 16.30 17 2023.32 18.34 19.35 20.37 21.38 6 2023 2023 Q1/Q2/Q3 4.5%/2.8%/2.8%1 1-2 3 4 5 6 7 8 9 Q1 CAGR Q2 CAGR Q3 CAGR 3.5%10.6%18.4%12.7%3.1%2.5%4.6%5.5%4.5%2.8%2.8%5.4%17.7%32.4%17.6%6.9%2.3%4.5%9.9%3.9%1.5%-1.4%3.8%9.6%24.3%11.7%4.8%-4.1%9.7%1.6%3.8%2.0%-4.8%5.9%37.4%44.7%24.4%7.8%-10.0%7.2%7.7%10.5%4.5%7.0%9.0%4.4%1.0%-0.7%5.4%5.5%4.5%8.3%8.4%6.1%8.7%5.2%-5.1%-3.4%-0.7%3.6%3.1%0.8%8.0%6.7%2.5%4.6%6.1%9.0%14.9%8.6%9.6%7.2%4.3%23.1%9.3%5.7%13.2%-1.9%-1.4%4.7%0.1%4.5%-5.5%-2.9%-2.3%2.0%-0.3%-8.8%5.2%3.5%3.4%5.0%1.2%0.1%4.8%0.5%-1.4%-4.0%-2.2%19.3%11.7%3.7%7.1%6.6%3.7%3.7%4.5%12.7%8.0%6.7%-1.1%-1.9%-4.9%-1.2%-9.9%-13.1%-8.4%-13.6%4.4%-2.4%-0.2%18 1 2/11.2%/28.5%3 21 4/5 6 1 23Q3/3.3%18.2%11.2%2.5%-9.5%3.3%-6.3%22.9%28.5%-5.6%-46.9%70.0%-60%-40%-20%0%20%40%60%80%/7 wind/2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 40-50%50-60%20-30%10-20%10-20%10-20%10-20%10-20%10-20%10-20%FILA 10-20%10%-20%10-20%10-20%20-25%30-35%20-25%20%361 15%2023 7 22H2 1 2023 1-2/3 4 7 2 2023 2 3 4 5-50%-40%-30%-20%-10%0%10%20%30%2021-32021-52021-72021-92021-112022.1-22022-42022-62022-82022-102022-122023-32023-52023-72023-9-30%-20%-10%0%10%20%30%40%50%60%70%2021-32021-52021-72021-92021-112022.1-22022-42022-62022-82022-102022-122023-32023-52023-72023-9 8 wind wind 6 22Q4 7 22Q4 2023Q3 SW SW 149 1.4%A 11.3/TTM 23/32/20 8 SW SW 149-40%-20%0%20%40%60%05001,0001,5002,0002,5003,0003,5004,0002019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-092023-012023-052023-09:-100%-50%0%50%100%150%200%05001,0001,5002,0002,5003,0002019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-092023-012023-052023-09:-40%-30%-20%-10%0%10%20%30%40%50%60%22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3-200.0%-150.0%-100.0%-50.0%0.0%50.0%100.0%22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q30.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%9 wind 2023 11 7 9 TTM wind 11.3 A/42%/26%/11%A 10 11 6 wind K 0102030405060702017-11-032017-12-082018-01-122018-02-142018-03-232018-04-272018-06-012018-07-062018-08-102018-09-142018-10-262018-11-302019-01-042019-02-152019-03-222019-04-262019-05-312019-07-052019-08-092019-09-122019-10-182019-11-222019-12-272020-02-072020-03-132020-04-172020-05-222020-06-242020-07-312020-09-042020-10-092020-11-132020-12-182021-01-222021-02-262021-04-022021-05-072021-06-112021-07-162021-08-202021-09-242021-10-292021-12-032022-01-072022-02-182022-03-252022-04-292022-06-022022-07-082022-08-122022-09-162022-10-282022-12-022023-01-062023-02-172023-03-242023-04-282023-06-022023-07-072023-08-112023-09-152023-10-27-6%-13%-11%-25%-48%-42%-41%-8%-59%5%-14%-9%0%11%26%42%30%-4%14%-3%-12%15%20%49%30%47%-8%-29%6%-18%-32%-80%-60%-40%-20%0%20%40%60%300 10 1 2016 YOY-YOY 2017 2021 2020 BCG 2022-2027 2 3 CR10 2013 1 23H1 1,193/579/614/785/431 FILA 1,942 2“”2021 3 POLARTECLLC 1906 PolartecLLC POLARTECLLC Polartec Polartec Adidas Supreme 1958 GORE-TEX“”“”Gore-Tex Supreme TheNorthFace ITOCHU 1858 ITOCHU 500“”GUCCI,BURBERRY,CANCLINI 1925 CANCLINI Armani HUGOBOSS zegna OUTLAST 1990 NASA Outlast 96 OUTLAST OUTLAST Adidas,AdamSells,Sunwin,ASRV 11 TOYOBO 1882 130“”Goldwin CARVICO 1962 CARVICO Nike Adidas HugoBoss CalvinKlein EUROJERSEY 1960 1989 SensitiveFabrics SENSITIVE Celine,Prada,DG,Dior 7 21 7 31 2022 3,627 2.2%2022-2026E 9.1%4.6%5.1%9%2019-2022 CAGR 4.3%-2.9%-2.4%-0.2%2022 CR5 70.9%15.8%6.2%14%11 12 4 2008-2019CAGR 2019-2022CAGR 2022-2026E CAGR CR5 10.8%4.3%9.1%70.9%7.2%-2.9%4.6%15.8%8.6%-2.4%5.1%6.2%11.5%-0.2%9%14%HOKA 1990 11 1990 40%+20%+2023 5 1 2 3 4 5 11%13%9%-2%-3%10%13%14%16%21%19%-2%14%2%11%10%9%8%-5%0%5%10%15%20%25%0100,000200,000300,000400,000500,000600,000 YoY 13 23Q3 5 4 2024 1990 2010-2014+12 1990-2019 5 3 2 020 2 021 2 022 2 023 4 399 5 399 6 399 6pro 599 17 519 18 599 19 599 20 599 4 699 5 699 6 699 7 699 7pro 1,099 1,699 2.0 1,699 2.0 Essential 899 2.0 Elite 2,099 Discovery 799 3.Elite 1,299 3.0 Challenger 799 3.0 Ultra 2,299 2023 8 7 14 6 2 020 2 021 2 022 2 023 8 1,399 9 1,399 10 1,399 11 1,199 808 2.0 699 14 1,299 15 799 16 899 17 899 Evolution 1,199 7 599 8 599 9 premium 899 8 699 9 699 10 799 10 Ultra 999 11 799 7 539 8 TD 539 8 premium 799 9 TD 599 9 premium 799 1 699 2 799 3 899 4 899 9 839 10 899 11 899 1 999 2 899 3 899 2023 8 7 11 10 PE TTM 15 13 PE TTM 14 PE TTM wind wind 11 10 PE TTM 23Q3 45-50%2023 10 2025 2030 020406080100120140 27.0 20.5 16.8 15.0 13.6 13.4 12.6 10.8-5.0 10.0 15.0 20.0 25.0 30.0 15 23-26 10-15%1 2 670-680 2024 800 IP FILA 23-26 10-15%3 400-500 2024-2026 20-25%1 2 3 2024-2026 30-35%1 2 3 Amer Sports 10 DTC+/24 A 5 3.2%31 6 15 SW 2018-2022%wind/SW 1 2023 45%2019-2022 2 12 4%5.2 5.0 4.6 4.1 3.8 3.2 2.7 2.6 2.5 2.5 2.2 2.2 1.9 1.8 1.7 1.6 1.6 1.5 1.4 1.4 1.2 1.2 1.1 1.0 1.0 0.9 0.8 0.8 0.7 0.6 0.4 0.01.02.03.04.05.06.0SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW SW 16 24 2024 2024 7/SW 1 2%2 023 TTM%1 1 1 0%002154.SZ 3.4 26.1 47.4 600398.SH 6.0 35.6 44.0 002327.SZ 7.2 4.2 27.2 603365.SH 4.8 15.2 15.2 600177.SH 7.5 36.6 13.8 8.8 wind 2022 10 2023 11 8 2024 SW 2 024%603808.SH 43.8 300577.SZ 39.5 605003.SH 37.6 300952.SZ 36.5 300901.SZ 32.5 002612.SZ 32.1 300840.SZ 30.3 603877.SH 29.1 301276.SZ 28.6 600400.SH 28.6 603908.SH 26.5 003041.SZ 26.3 wind 2020-2022 wind 23Q4 24 1 23Q3 23H1 2023 835.1 7.3%/552/222.4 5.7%/16%23H1 23H1 14.8%/14.8%/30.1%17 1 16%17/wind wind 2023 67%2021 52%17%2021 18 23H1 19 2 23H1 2019 2022 27.9%22.6%404550556065Mar-18Jul-18Nov-18Mar-19Jul-19Nov-19Mar-20Jul-20Nov-20Mar-21Jul-21Nov-21Mar-22Jul-22Nov-22Mar-236.26.46.66.877.27.40%10%20%30%40%50%60%70%80%2021 23H158%32%21%19%7%-9%-16%-26%-36%-40%-60%-40%-20%0%20%40%60%80%18 1 2 24K 18K 22K 20 21 22 2023 0 10 3 10 2,000 35%2,000 5,000 28%2022 2,000 0%10%20%30%40%50%60%70%80%,27.90%,24.10%,22.60%K,12.20%,6.80%,6.50%6.24 6.184.574.213.272.6501234567 K 19 23 24 2023 66%2021 57%2021 43%25 26 2023 1/10 2023 10 15 18 33.6 29.7 3.9%3.8%3.8%10 TIPS 11 10g,37%10g-20g,29%20g,33.40%0%10%20%30%40%50%2022 202343%57%34%66%0%20%40%60%80%100%20212023 0%10%20%30%40%50%60%2021 2023 20 2022 2023 14%800 337 2022 42%5 45%31%27 10 TIPS%28 wind 2 23Q4 9/9.7%/15.2%/23.7%/25.5%9 9 19+9 23Q4 23Q4 1 23Q1 29 9 19 30 9 19 11.21.41.61.822.22.42.64%20%30%46%0%0%10%20%30%40%50%60%10%10-13%15-25%25%21 31 SGE T+D wind 1 7000 100-1000m2 32 3 33 34 100m2 1,000m2 380390400410420430440450460470480010002000300040005000600070008000 2019 2020 2021 2022 22 2 与服 3 2024 2023 1/23 6 9 69%57%43%19%11%0%20%40%60%80%0%10%20%30%40%50%60%70%1000m2 23 2023.6-2024.5 8/31 8 Nike+2023.1-2023.12 9/30 9/30 2023.3-2024.1 7/31 17%-18%Q2 2023.9-2024.8 8/31 10.2%FY2023 8%2023.4-2024.3 Deckers 9/30 11%FY24Q2 7.26 21.5%35 wind 2 10 10 9 10/23/1 23/2 23/3 23/4 23/5 23/6 23/7 23/8 23/9 23/10-15%0%-22%-16%-18%-14%-8%-3%-22%-6%-17%-7%-10%-8%-8%-19%-20%-17%-29%-17%4%34%1%8%-15%-52%-18%-63%-66%-40%1.51.71.92.12.32.52.72.93.13.33.5 24-13%-22%-1%5%-22%-36%-45%-48%-37%-34%-43%-28%-36%-31%-25%-34%-26%-31%-18%27%-16%4%9%-9%-3%7%-20%7%15%2%-12%-19%-4%1%8%-10%-15%-14%-19%-27%wind/2023 Q1/Q2/Q3 4.5%/2.8%/2.8%3.8%/2.0%/-4.8%23Q1-Q3 31.3%/110.4%/24.2%36 Q1-Q3 wind 37 38-10%-5%0%5%10%15%Q1 CAGR Q2 CAGR Q3 CAGR-30%-20%-10%0%10%20%30%40%50%23Q1 23Q2 23Q3-100%-50%0%50%100%150%200%250%300%23Q1 23Q2 23Q3 25 23Q3 1136.8%11 2023/23Q1 1.9%1 2 2 3 1%1 1 2 3 2-3 1 40%1 3%1 1 2-3 2 23Q2 5.9%1 2 3“618”36%1 2 3 20%1 2 Q2+20%H1+12.8%;1 2 3 CPB 4“618”23Q3 4.8%7.7%1“”2 6%1 2 3 1 9%1 2 3 2023 10 20 B 2022 300 50 299 50 20 2023 11,386+2.1%/9,235-1.1%/2,151+18.6%2022 3-4 26-4.38%35%2023 TOP1 TOP3 TOP1 TOP5 TOP17 TOP18 20 LAMER TOP10 SK-II TOP11/TOP14 YSL NARS TOP3 12 11.14 3.0 50g 359 279 78%1 3.0 15g*4 2 3.0 4.5g*1 1.5g+1.5g+1.5g 3 2.0 5*1 28%100+3.0 50ml 439 319 73%1 3.0 50ml*1 2 3.0 4ml*1 3 2.0 3ml*1 4 2.0 5*1 30%100+2.0 50ml 439 319 73%1 2.0 15ml*4=60ml 2 2.0 5*1 27%40+50g*2 376 168 45%15g*2 34%40+50g*2+15g 624 262 42%1 5ml*2 2 5g*1 35%40+50g*4 1072 399 37%/2.0 1.25ml*30/1 689 329 48%1.25ml*10*2=20 29%10+1ml*30/1 368 288 78%1 1.5ml*5*3=15(22.5ml)2 5/3 1ml*2 29%6+1ml*30/2 736 576 78%1 30ml*1 2 1.5m*5*4=20(30ml)3 5/*2 4 150ml*1 24%1.5ml*30 449 359 80%1.5ml*5*6 40%10+1.5ml*30*2 898 578 64%1.5ml*5*12 32%2.0 30g*5*2 278 139 50%2.0 1 30g*5 33%10+2.0 30g*5*4 526 256 49%2.0 2 30g*5 32%All-in-One 1598 598 37%/3+1.5ml 30 469 358 76%1 1.5ml*18 2 5*4 25%80+1.5ml 100 1800 699 39%1 5*4 2 120g*2 25%500ml/158 118 75%1*5 2*1 36%20+165g/198 123 62%25g*5 34%9+80ml+40ml 567 369 65%1 80ml*1 2*5 33%5+5/*2 456 276 61%1 30g/*8 2 5*2 24%3+100ml+30ml+50g 600 299 50%1 100ml*1 2 100ml*1 3 100g*1 4 1.5ml*30/*1 5*5 22%10+27 30ml 349 299 86%1 7.5ml*4 2 4.0*5 36%50+50ml 549 399 73%1 7.5ml*7 2 4.0*10 28%30ml*2 309 259 84%1 15ml*4 2*3 37%50+DW 30ml 430 430 100%1 DW 17 1w1 15ml*2=30ml 2 DW 17 1w1 5ml*2 3 1 43%50+15ml*1 550 500 91%5ml*4=20ml 39%50+15ml*2 1100 1000 91%5ml*8+3ml*2=46ml 36%30ml 695 695 100%1 15ml*2=30ml 2 15ml 43%20+100ml 1450 1140 79%15ml*4=60ml 49%30ml 1 615 600 98%15ml*2 49%10+30ml 2 1230 1100 89%15ml*5 40%A.G.E.48ml 1830 1730 95%A.G.E.15ml*4 42%10+40ml 420 390 93%15ml*4 37%5+13 2020 618 2020 2021 618 2021 2022 618 2022 2023 618 2023 1 2 Olay 3 4 Olay 5 SK-II 6 SK-II LAMER 7 SK-II LAMER 8 SK-II SK-II SK-II 9 10 HFP 1 2023 11 622 2 3 399 28 39 40 14 2023 6 TOP10 2023.6 2023.7 2023.8 2023.9 2023.10 1 WHOO 1-2.5 1-2.5 2.5-5 2.5-5 2.5-5 2 1-2.5 0.75-1 1-2.5 1-2.5 2.5-5 3 SK-II 1-2.5 0.75-1 SK-II 1-2.5 1-2.5 1-2.5 4 1-2.5 OLAY 0.5-0.75 1-2.5 0.5-0.75 SK-II 1-2.5 5 OLAY 1-2.5 0.5-0.75 OLAY 0.5-0.75 OLAY 0.5-0.75 OLAY 1-2.5 6 0.5-0.75 0.25-0.5 0.5-0.75 WHOO 0.5-0.75 1-2.5 7 0.5-0.75 0.25-0.5 WHOO 0.25-0.5 0.5-0.75 0.75-1 8 0.5-0.75 SK-II 0.25-0.5 0.25-0.5 0.25-0.5 WHOO 0.5-0.75 9 0.25-0.5 0.25-0.5 0.25-0.5 0.25-0.5 0.5-0.75 10 0.25-0.5 0.1-0.25 0.25-0.5 0.25-0.5 0.5-0.75 Datayes 2023 8 24 9 10 41 9 29 Datayes 2-3 Euromonitor 2022 5318-6.4%2022-2027 42 43 2022 Euromonitor Euromonitor 44 Euromonitor 1-100.0%-50.0%0.0%50.0%100.0%150.0%8 9 SK-II YoY YoY YoY YoY YoY YoY YoY5318.1-10%-5%0%5%10%15%20%0.01000.02000.03000.04000.05000.06000.07000.08000.02014201520162017201820192020202120222023E2024E2025E2026E2027E YoY,10.8%,51.9%,10.4%,11.9%,9.1%,5.8%,4.7%,3.0%6.5%9.7%7.0%16.6%9.6%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%2014-2019 2019-2022 2022-2027E 30 2021 300-500 2021-2026 2022 3.9%/2.5%15 TOP10 2016 2017 2018 2019 2020 2021 2022 10.6%9.2%7.8%6.6%5.8%5.1%4.1%1.5%2.7%3.8%3.4%4.5%4.7%3.9%-0.0%0.1%0.4%1.7%2.8%0.3%0.7%1.3%2.1%2.5%2.7%2.8%3.6%3.5%3.3%3.1%2.8%3.0%2.7%1.2%2.1%2.6%3.2%2.5%2.6%2.5%3.7%4.0%4.0%3.9%3.7%2.4%2.1%2.9%2.9%2.8%2.6%2.4%2.3%1.8%2.2%2.3%2.2%2.1%2.0%1.9%1.8%2.8%2.7%2.5%2.2%2.0%1.9%1.7%2 Euromonitor 2022 158 2008-2022 CAGR 10.0%2022-2027 CAGR 9.6%6.5%2 3 2022 top20 26.2%16%2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 1 9.4 9.7 10.0 10.5 11.0 11.3 11.1 9.6 9.9 9.0 2-0.2 0.6 0.9 1.9 3.2 4.4 7.3 3 8.6 9.1 9.9 10.1 10.3 10.4 9.9 8.2 6.8 5.2 4 2.3 2.2 2.3 2.5 2.8 3.1 3.4 3.5 3.9 4.9 5 1.2 1.2 1.2 1.2 1.4 1.7 2.1 2.7 3.7 4.7 6 0.1 0.1 0.3 0.5 0.7 1.0 1.5 1.9 3.3 4.2 7 7.7 8.1 8.3 8.3 8.2 7.7 6.9 5.8 4.5 3.8 31 8 4.2 4.2 4.2 4.0 3.9 3.8 3.5 3.8 3.6 3.7 9 6.0 6.1 6.1 6.0 5.5 4.7 3.8 3.7 3.2 3.6 10-0.5 1.3 2.5 11 0.4 0.4 0.4 0.4 0.5 0.5 0.7 1.4 2.2 2.5 12-1.0 2.8 2.8 2.2 13 0.5 0.6 0.5 0.4 0.4 0.8 1.0 1.3 1.9 2.1 14-0.7 1.0 1.6 2.7 5.2 4.0 3.0 2.0 15 玥-1.1 1.7 3.6 2.3 1.8 16-0.9 0.9 1.0 1.1 1.1 1.0 1.0 0.9 0.9 17 1.4 1.3 1.2 1.2 1.1 1.1 1.0 0.8 0.8 0.8 18 0.6 0.6 0.6 0.6 0.7 0.8 0.9 0.8 0.7 0.7 19 1.1 1.1 1.1 1.0 1.0 0.9 0.8 0.7 0.7 0.6 20 1.0 1.0 1.0 1.0 0.9 0.9 0.8 0.6 0.6 0.6 63.1 26.2 Euromonitor 3 2022 555.3-15%2022-2026E 7.3%+2022 6.2%TOP2 TOP2 TOP9 TOP11 TOP16 20 4 TOP1 GMV+150%/160%2021 2023 1 GMV 40%+45 2023 46 2023 32 2022 2023 5 47 2022 17 2023/2023 2 2023 33 2023 2 2023 3 2023 2023:50%20%2023 3 2023 2022 10-2023 1 230 52 87 I 31 30 2023 3(2023 2025)2023 5 2023 8 4 4 2021 48 49 34 Frost&Sullivan Frost&Sullivan 5 I I+III 2021 6 III 23H1 2.34+278.5%4mg 10mg 1g 2g 4 2024 18 FILLDERM 2019.4.15 2017.1.13 2019.4.16 2016.9.30 2021.6.28 2024.4.14 2022.1.12 2024.4.15 2021.9.29 2026.6.27 I I+III III ml Collagen 35 mg 35 mg/ml 3 mg/ml 3.5%0.3%0.5ml 1ml 0.5ml 0.6ml 0.8ml 1ml 0.5ml 1ml 0.5ml 1ml 4mg 4,800-5,800/ml 13,800/ml 13,800/ml 8,80016,800/ml 370%5%10%15%20%25%30%35%40%020406080100120140160 YoY0.0%0.0%0.0%0.0%10.3%50.1%56.3%63.2%70.6%80.2%88.9%0%20%40%60%80%100%35 数据来源：NMPA，新氧，东方 证券研 究 所 50-51-7 27 1-18%+81.7%+0.3%2 1ml/0.75ml/3 SDAM 19 2021/4/13 2021/4/22 2021/6/24 2021 8 2021 8 2021 7 2023 7 70%CMC+30%PCL PLLA 18%PLLA-PEG+82%+CMC 1ml/340mg/0.75ml/1ml/36 Medical Insight 2022 356.74 1 2 3 4 52 53 60%IPO 2023 11 8 Jeisys Medical Density LinearZ 10 Density 2023 LinearZ 54 37 55 IPL Queen 56 Solta Medical 2022 20“”N6 HylaNew ARSMO 061.6%39.7%29.9%23.9%22.3%20.7%16.6%16.5%7.3%0.1%0 0.2 0.4 0.6 0.8 Fotona 4D2022,32%,18%,15%,10%,6%,6%,5%GSD,5%,3%2020,54%,22%,6%GSD,5%,5%,3%,5%2021 38 2024(002154)(002832)(600612)(002345)(002867)(600398)(002563)(03998)(002327)(600177)24(300979)(02313)(002003)(603889)(02020)(603605)(02331)(02367)(300896)(300957)(01368)21 数据来源：Wind、东方 证券研 究所（收 盘价截至 11 月 20 日，EPS 为东方 证券 纺织服装 组预测，单位 元）2022A 2023E 2024E 2025E 2022A 2023E 2024E 2025E002327.SZ 8.44 0.65 0.70 0.79 0.88 13 12 11 10002293.SZ 10.01 0.69 0.70 0.83 0.95 15 14 12 11603365.SH 14.70 1.04 1.39 1.64 1.87 14 11 9 8603605.SH 104.50 2.06 2.90 3.74 4.73 51 36 28 22600315.SH 23.53 0.70 0.84 0.99 1.24 34 28 24 19300957.SZ 73.96 2.48 2.98 3.71 4.63 30 25 20 16688363.SH 77.72 2.02 1.47 1.89 2.44 38 53 41 32300896.SZ 334.45 5.84 8.48 11.76 15.56 57 39 28 212367.HK 32.75 1.01 1.35 1.66 2.08 32 24 20 16603587.SH 14.09 0.81 1.11 1.31 1.54 17 13 11 9603808.SH 10.10 0.06 0.59 0.88 1.14 168 17 11 9002867.SZ 14.91 1.00 1.19 1.43 1.68 15 13 10 9600612.SH 60.92 3.25 4.46 5.28 6.18 19 14 12 10002345.SZ 6.36 0.22 0.45 0.56 0.68 29 14 11 9600398.SH 7.35 0.50 0.68 0.79 0.92 15 11 9 8002832.SZ 32.88 1.27 1.71 2.06 2.46 26 19 16 13002154.SZ 5.91 0.31 0.46 0.57 0.69 19 13 10 9002563.SZ 6.16 0.24 0.45 0.56 0.64 26 14 11 103998.HK 2.89 0.19 0.20 0.24 0.28 15 14 12