资源描述
2022-2023 +80 90+2021 2179 12.4%2025 4108 21 25 CAGR 17.2%2021 752 2025 2279 21 25 CAGR 31.9%2030 1137+1 2 3 4 5 .:2019 2020 9.9%2021 2179 12.4%2025 4108 21 25 CAGR 17.2%2021 752 2025 2279 21 25 CAGR 31.9%1124 1448 1764 1939 2179 2479 2912 3450 4108 28.8%21.8%9.9%12.4%13.8%17.5%18.5%19.1%2017 2018 2019 2020 2021 2022e 2023e 2024e 2025e%277 355 451 578 752 982 1302 1729 2017 2018 2019 2020 2021 2022e 2023e 2024e 2025e%2017-2025 2017-2025 28.2%27.0%28.2%30.1%30.6%32.6%32.8%31.8%2279 logo/2022 1994-2014 2015-2020 2021-2020 2014-2019 20%2018 38.1%3.6%2.0 2.2 2.4 2.6 2.8 3.1 3.2 2014 2015 2016 2017 2018 2019 2020 2014-2020 2.1 2.6 3.8 5.1 7.4 9.0 9.4 4.8 5.8 7.2 9.1 12.3 15.4 16.9 23.6%29.8%30.1%38.1%24.1%7.5%2014 2015 2016 2017 2018 2019 2020%2014-2020&2020 2014-2019 20%3.6%2021 8 2021 13.4%50.2%36.4%0%0%8 1930s 2000s 2020s 1 2 3 4 SaaS APP 1 2 3 4 5 80 90+1.2.2022.10 1041 21-40&87.0%26-40 68.4%80 90 49.5%31.3%19.2%63.4%8000-20000 46.5%20000-50000 N=1041 2022 10&38.5%73.0%N=1041 2022 10 26-30 21-25 20 31-35 36-40 41-45 46 11.4%32.5%14.8%4.7%2.8%0.1%26-40 8 30 7 21-30 1 20 2022 33.7%77.6%N=1041 2022 10 42.6%31.5%27.1%OL 26.8%21.2%26.1%25.7%25.6%24.6%/21.1%2022 N=1041 2022 10 2022 78.8%77.2%75.8%v 73.8%59.2%51.3%S M 89.2%88.4%87.6%87.1%86.2%85.1%83.6%95.5%91.4%91.2%90.6%90.1%90%+80%90%70%80%70%2020 2022 2022 2020 67.2%2022 87.1%M 20%10%V N=1041 2022 10 1 43.8%75.9%63.3%11.2%13.1%30.7%TOP2 TOP3 TOP4 TOP5 TOP1()TOP2/TOP3 TOP4 TOP5 TOP1/TOP2/TOP3 TOP4/TOP5 1 7 2020 6 2020 4/S/2022 TOP1 7 3 2020/N=1041 2022 10 1 53.3%46.7%0.5%62.1%37.9%27.1%72.9%2020 2022 N=1041 2022 10 1 2020&2022 2020 2022 7 2022 N=1041 2022 10 15040 11190 10485 20 10-20 8-10 6-8 0.4%1.3%2.5%7.2%4-6 2-4 1-2 15.4%34.3%25.2%5001-1 1001-5000 1000 8.7%1 5.2%1-6 0.0%3 2-4 1 7 1-6 3 2-4 15040 1 11190 10485 1 1 8.6%9.6%20.9%21.3%/18.2%17.6%10.6%N=1041 2022 10 11.6%13.5%23.1%25.7%28.4%35.4%37.0%43.2%/90 2022/9.0%11.0%12.7%16.0%14.7%16.8%16.6%17.8%17.1%23.4%22.8%25.4%28.2%28.1%/APP/APP/APP/APP/APP/APP/APP 23.5%22.2%32.0%/9.7%N=1041 2022 10 0.3%0.1%16.2%19.4%22.4%22.2%20.6%26.7%31.0%30.1%31.7%33.0%46.7%53.9%/+2020 2022 2/APP/2022 2022 N=1041 2022 10 3.1%1-5 19.3%6-10 24.6%11-20 25.3%21.0%5.2%21-30 1-2 3-4 0.6%1.0%5-6 43.6 30.5 1 9/1 10 2022 2022 51.5%42.8%4.3%0.8%0.7%1 44.5%43.8%/32.2%29.8%26.6%/25.5%25.0%TOP1 TOP2 2022 TOP3 0.2%N=1041 2022 10/2022 2022 N=1041 2022 10/46.4%45.7%47.7%45.0%/37.2%35.4%33.9%27.2%23.2%20.6%19.8%/43.3%35.3%32.4%28.6%27.0%26.0%0.0%N=1041 2022 10 5 1 4.15 4.26 4.05 2022 4.22 4.26 4.26 4.14 4.17 4.10 4.07 4.10 4.11 4.05 4.05 4.15 4.15 N=1041 2022 10 2022 2020 6 2022 0.2%16.0%15.5%16.5%16.9%/62.2%55.5%51.3%/49.0%31.8%23.1%5 /8 9 2022 2022 91.7%86.0%78.2%8.0%16.4%0.3%1.8%12.2%5.4%N=1041 2022 10 92.9%87.5%78.2%4.6%5.4%2.5%3.5%9.0%16.4%N=1041 2022 10 N=1041 2022 10 1 2.0%14.2%15.0%16.9%20.5%20.5%25.2%0.0%(Dysport)(Botox)(A)/(Letybo)37.0%(Bocouture/Xeomin)33.5%88.0%6.0%6.0%/N=1041 2022 10/88.0%/2020 76.4%6.0%6.0%/9/2022 2022 1 2 3 4 5 PLLA NMPA 0.3%31.5%33.7%36.2%40.8%2%4 1 1/2)2022 4 1 N=1041 2022 10 1/52.43.6%2022 2/2)1/2 1+12 2019 32.7%2021 52.9%32.7%52.9%2019 2021%2019&2021+2/2 8 2020 2020+Hutox ET-01 The Toxin RT002 Huons(Eirion Jetema Revance/A A(Ipsen Hugel NMPA 1997 2003 2020 2020-1000-1500 3000-5000 2400-3000 1800-2500 2020 2020 2021 2021 5 1/2 PLLA PCL PLLA+HA PCL PLLA PN PDRN PN/PDRN PLLA/PCL PN/PDRN PN/PDRN DNA RHEALUCLAN MASTELLI Placentex PCL CMC PLLA+-PLLA+HA 2/2 2021 2021 2021 PLLA PLLA+PCL+CMC 02 01 03 04 80 90 26.0%20.2%PLLA PLLA ISAPS PLLA 2020 2.6%2016 24.1%PLLA 2019 34.2%2016 52%2021 2016-2020 52.0%35.1%PLLA 5 24.1%1/2+NMPA NMP A+/3 6-9 VS VS 2/2 70 80 90 90 90 90 90 1 2 3 1/2&2/2 1 2 1/3)1 10&PMMA PMMA PVA PMMA PVA NMPA PMMA PVA PMMA PVA 26.0%20.2%35.1%52.0%24.1%PLLA Radiesse CaHA 70%30%ISAPS PLLA 2016-2020 ISAPS 2016-2020 35.1%PLLA /NMPA/32%18%15%10%6%6%5%5%3%GSD GSD Medical Insight 2022 NMP A 2020 Fotona Alma 2020 N=1041 2022 10 1 7.3%16.5%16.6%20.7%23.9%22.3%29.9%39.7%61.6%Fotona 4D 0.1%1 OPT/AOPT M22 IPL DPL 2022 2021 54%22%6%5%5%3%5%GSD 33%GSD 54%25%21%2022 10 24 6 18 5 2022 10 6 Ultherapy 7D Ulthera Classys smas smas FDA Ultherapy CE 90%1/2)2021 17000 21%36%43%90%2/2)+1/2 2000-2007 2007-2016 2020-O2O 2016-2020 KOL+2007 2007-2020 2020|2/2+APP O2O 1 2 3 4 5 L-2022 2022 1-4 2022/10/25 30.4%No.1 8.9 8000+2021 183%0.15 164.88 PDB 2 3 183%100%1100%100%1 2 3 DPL 360 DPL 810nm SHR/2003 2.0 DPL 70+CFDA 100+CC profile IPL Queen RubyLaser MedioStar Profile MCL31 Nd:YAG LED XTRAC Body-jet+10+100+100 70+1 2 3 4 5 23 37 55 112 268 341 459 592 17 46 79 67 97 154 136 206 189 279 395 545 2020 2021 2022e 2023e 2024e 2025e 2026e 2027e 2028e 2029e 2030e 1 1 2017 0.3 2021 10.5 100%2 3 5 2030 1137 2020-2030/2030 1137 2/2022 OA CRM HIS SaaS 3 4:C:HIS:+1/2/+THANKS
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