标签： 爱上海同城交友

Look at beauty cosmetics from the inside, from ancient times to the present, through time and space.

Beauty products have both efficacy and spiritual consumption attributes, and the triple values of time, research and development and scale support the valuation premium of international beauty leading groups. The history of China’s beauty industry is still short, and it is in the stage of gaining momentum from marketing/channel-driven to R&D-driven, improving comprehensive strength and transforming into a real consumer brand, with a broad market and rich opportunities; The multi-brand and collectivization trend of local high-quality beauty cosmetics leaders has begun to appear, and the growth supports high valuation.

▍ The valuation premium of the beauty industry is due to the value of spirit and efficacy, and the triple value of time, technology and scale breeds the valuation premium.

The historical P/E center range of the international beauty industry leader is 20x-35x, which generally enjoys a valuation premium compared with its index. The P/E multiple generally exceeds 1.4, and the P/S multiple generally exceeds 1.3. We believe that the valuation premium enjoyed by international beauty leaders is due to:

1) The value of time: the precipitation of time creates brand value. International beauty leading companies have a long history of more than 70 years, and their brands are well-known, rich in connotation and enjoy a premium.

2) The value of science and technology: The international beauty leading group has invested heavily in basic research (skin texture/raw materials, etc.), applied research, safety testing and other aspects for a long time to build tangible technical barriers and intangible consumer trust barriers.

3) Value of scale: collectivization exerts brand synergy, globalization captures dividends in various markets, leading the scale and stabilizing the position of the industry.

▍ China’s beauty industry enjoys a valuation premium, with a broad market and abundant opportunities.

The valuation premium of China’s beauty industry has existed for a long time, with the P/E multiple center of 2.3 and the P/S multiple center of 3.1. Main reasons:

1) Early stage of development: low permeability and leading growth rate. In terms of penetration rate, the per capita consumption of beauty care in China is only about 403 yuan, far lower than that in Europe, America, Japan and South Korea. In terms of growth rate, CAGR+10.1％% in China’s beauty care market from 2008 to 2021 is higher than CAGR+2.6％% in the world.

2) Continuous iteration, full of vitality, driven by channel to technology/R&D.. China’s beauty industry has a fast iteration: consumers are becoming more rational, supervision is becoming stricter, channels are more dispersed, traffic costs are constantly high, and marketing focuses on value recognition.

▍ China’s beauty industry has a short history and is full of vitality.

The development of local beauty listed companies started relatively late, and most of their brands were launched after 2000. The market concentration of beauty personal care in China is still low. In 2021, the proportion of CR3/5 is 26.8%/33.5% and there are no local companies in CR5, which is lower than that in Europe, America, Japan and South Korea. There is still room for improvement in the market share of high-quality local leading companies. At present, the industry is poised for stage adjustment, from channel and marketing-driven to technology-driven, and companies with strong comprehensive capabilities are expected to further increase their market share.

▍ The pattern is scattered, high-quality leading players enjoy industry growth and share increase, and leading players in sub-sectors rise.

▍ Risk factors:

Overseas historical development is not fully applicable to China beauty listed companies; The weak consumption of optional consumption, especially in the field of beauty, affects the company’s performance: the industry updates quickly, and the company, brand or product may have a certain life cycle; Industry competition or intensification, affecting the company’s performance; The sales volume of new products may not meet expectations, and the construction of brand matrix still has a long way to go.

▍ Investment strategy:

After the valuation adjustment since the second half of 2021, the PE of the leading A-share beauty companies in 2023 is concentrated in 45x~55x, which has fully reflected the factors such as the slowdown of industry growth, the ready research and development, and the shift of driving force. In short, in 2023, with the gradual recovery of consumption, the efficiency improvement of various companies’ operations/the promotion of large single product strategy/the listing of new products, there is still room for improvement in the valuation of leading companies; From 2023 to 2025, with the improvement of R&D and comprehensive strength of local brands, as well as the improvement of consumers’ recognition of local brands, the beauty industry is expected to change from marketing-driven and channel-driven to R&D-driven, and high-quality bibcock is expected to become a real consumer brand with both product power/marketing power/channel power, thus maintaining a high valuation.

This article comes from a selection of brokerage research reports.

One person, one city! Brother Alphabet is guaranteed again. Brother Alphabet won’t leave. He may die a stag.

In 23 playoff games, averaging 0.6 points and 0.6 rebounds, our hero Sa Narcisse-Adetokunbo has signed another contract with Bucks a few days ago, which is a fully guaranteed contract with a basic salary of one year, which means that Brother Alphabet is about to start his fifth season in NBA career.

As the second round show in 14 years, Brother Letter didn’t land in the NBA until 19 years, and it was the Bucks team where his brother was located that brought him to the highest stage of basketball. Since then, Brother Letter has never been separated from Brother Letter. So far in his career, Brother Alphabet has only played 8.4 minutes per game in the regular season, almost all of which is garbage time, before going up to play. Looking at the playoffs, it averaged 3 minutes in 23 games. There is no doubt that it has made no contribution to the Bucks’ championship journey, at least on the court.

It’s no wonder that the letter brother likes to mention the nickname of the related family, and the former Buck reporter GeryWoelfel.

Dader made two goals and the Spaniard beat Vallecano away.

On May 21st, Beijing time, in the 35th round of La Liga, the Spaniard played Vallecano. In the first half, Dader volleyed to open the record, and his opponent equalised with some shots. In the second half, Dader shot from a long distance and Melamed shot back. In the end,

Spaniards beat Vallecano 2-1.

.

● Starting

: 13- Pacheco, 2- Oscar Hill, 5- Caleiro, 24- Sergio Gomez, 4- cabrera, 14- Olivain, 10- Dader, 6- Deneys Suarez, 21- Melamed, 7- Puado, 9- José Lu.

● Substitution

: 1- Juan Garcia, 25- alvaro fernandez, 3- Pedrosa, 8- Cady Barre, 12- Sosa, 16- Lasso, 18- Pierre Gabriel, 19- Dani Gomez, 20- Ai Du, 22- Alex vidal, 23- montes, 30.

● substitution

: 67′ Cady Barreca Lero

76′ montes Sergio Gomez

88′ Sosa Melamed

88′ Dader, Ai Du

In the 14th minute, Jose Lubian’s powerful shot was saved by the goalkeeper. In the 23rd minute, Olivain’s cross was cleared, Hill headed the ball to the middle, and Dader volleyed the goal!

Vallecano 0-1 Spaniard

.

In the 38th minute, Melamed made a cross and Puado nodded the ball and the goalkeeper got it. In the 42nd minute, Hill sent a handball in the restricted area, and the opponent shot it to equalize.

Vallecano 1-1 Spaniard

. In the 45th minute, Deneys Suarez kicked off the corner and Sergio Gomez’s header was saved by the goalkeeper again.

In the 50th minute, Olivain made a cross and Melamed’s header was confiscated by the goalkeeper. In the 51st minute, Melamed missed a long shot. In the 59th minute, Dader shot several people in the back pocket, and the post popped up, and Melamed kept up with the shot and broke the net!

Vallecano 1-2 Spaniard

.

In the 67th minute, Barre appeared and replaced Caleiro. In the 76th minute, montes appeared and replaced Sergio Gomez. In the 83rd minute, Melamed sent a straight plug, and Puado missed. In the 88th minute, Sosa and Ai Du appeared, replacing Melamed and Dader.

Finally, the whole game ended.

Spaniard away 2-1 Vallecano

.

May 25th (Thursday) 04:00

La Liga Round 36

Spanish

Vs Atletico Madrid

Messi is leaving and teammate Neymar wants to move to the Premier League. Which Premier League team is the best one？

When it comes to the five major leagues, the first thing that comes to mind is the Premier League, where world-class stars gather. "For Paris, French giants. Although this team is a French team, it has achieved good results in international competitions such as the Champions League. On the contrary, with the world superstars like Messi, Neymar and Mbappé, Messi teammate Neymar didn’t mean to leave the team at first, but he finally understood that he also wanted to move to the Premier League. Which Premier League is most suitable for the development of Neymar?

Rumors of Neymar’s transfer have become a hot topic in football. The Brazilian international has enjoyed a successful career with Paris Saint-Germain, but recent reports indicate that he wants to move to the Premier League. It is reported that Neymar’s desire to move to the Premier League has been going on for some time. It is reported that Paris Saint-Germain is willing to accept a loan agreement with a buyout clause. So which teams in the Premier League are suitable for Neymar?

First of all, it should be made clear that Neymar is an excellent football player. Whether he stays in Paris or goes to other leagues should not affect his performance on the court. Every Premier League team wants to sign this talented player.

In terms of team strength, the Premier League giants may be more suitable for Neymar than other leagues. Manchester City and Liverpool are currently considered as the two most likely teams to sign Neymar. Both furniture and music departments have first-class talents and strong economy, which can provide a more comfortable environment and higher salary for Neymar. The two furniture clubs also performed well in the Champions League and became one of the potential destinations in Neymar. But in addition to these two clubs, other teams in the Premier League also have strength that cannot be ignored. For example, teams like Chelsea, Arsenal and Tottenham all have excellent players and strong economies. These teams may also be Neymar’s next home.

In addition, Neymar’s own will will also be an important factor. If he wants to stay in Paris Saint-Germain, other teams in the Premier League may need to work harder to get him. But if he really wants to try in other leagues, other Premier League teams may come to him then.

When it comes to sports, Huang believes that the French team once had world superstars such as Mbappé, Messi and Neymar, but now two of them are about to leave. "In the past, no one believed that Messi would leave." "The club is unhappy and it seems only a matter of time before he leaves. Now Neymar wants to leave and join the Premier League. At first he didn’t want to go, but now he wants to go. " Any team in the Premier League must make a lot of efforts and perseverance to sign Neymar. But if Neymar finally chooses to join a Premier League team, the team will undoubtedly benefit from the acquisition of a top player. We also look forward to seeing Neymar’s wonderful performance in the Premier League, bringing more surprises and passion to the fans. Do you still like Neymar?

This article is an original article about sports by Huang Qiang. Please do not reprint. Offenders will be held accountable. The picture material comes from the network. If you have any questions, please contact the author to delete.

Potter： In terms of stable performance and results, we haven’t reached the desired level yet.

Live on March 11th, before the match against leicester city, Chelsea coach Porter was asked which is more important, the Champions League or the League. In this regard, he said that he is more inclined to focus only on the next game.

Porter replied: "I understand this problem, but it almost belongs to the category of’ being wise after the fact’. I prefer to focus only on the next game, focusing on leicester city, focusing on how we won that game and how to keep things going. If you think too much, you will tie yourself down. In the end, what we need is to keep it simple, focus on the next game and strive for victory. "

"Historically, the club has won the Champions League, and some players in the dressing room have done the same. Some people have left, some people have experienced injuries and we have new players. We have a transition period between these two windows, and many things have happened, so maybe we haven’t reached that level in terms of stable performance level and getting the results we want. "

"But on any given day, I think it’s fair to say that we can compete with any team in the Premier League, but what we need is to do it more frequently. Two victories make things easy, but against leicester city we must start again, we must maintain the momentum and continue to build a positive feeling after the game against Dortmund. "

"It will be a tough game against leicester city. They are fighting for points. They also want to win and have been doing their best. Unfortunately, the previous results are not what we want. Stress will make things more challenging, but we need to move on. Before the game against Leeds United, I said that we saw a lot of positive things on the training ground, and what we need is to transfer it to the game. "

"Sometimes, this is a process. You need to go through some difficult times, but the ability of the players is certain. This is about how we do it collectively, and how we can find the best way to achieve stable performance and results. This is a wonderful week, but we need another wonderful performance and result to end this week, and the best way to convince people that you are on the right path is to win, which is also true for players. "