Pass the star: close to the foreign cosmetics giant share industry high growth

Want to invest in cosmetics industry, but found that compared with foreign giants, domestic companies weak? Fortunately, there is a a-share company's business development and the international cosmetics giant "bundled" together.　　Investing in it may be tantamount to indirectly investing in foreign cosmetic giants. This company is the star of the production (002243.　　SZ).　　"Alongside rich" share industry Gaocheng long time into the October, in the National Day holiday, more and more beauty people go into the shopping malls to buy a variety of cosmetics. "Domestic cosmetics sales have a certain seasonal, second and third quarter sales in the off-season, and the last quarter sales generally better."　　"A person in the industry said. With the cosmetics industry into the sales season, through the star also entered the production and sales of the peak season. It is understood that the company is the domestic cosmetics plastic packaging integration service provider, the main products include hoses, blow molding, injection molding and filling.　　This field is mainly for cosmetics production enterprises to provide "personal service", the cosmetics industry is an important supporting industry. At present, the company's core products cosmetics plastic composite hose occupy 14% market share, ranked first. And the company has been with the Procter and Gamble, L ' Oreal, Unilever, Shiseido, Ya Fang, Lauder and other foreign cosmetics giants established a stable cooperative relations, become the suppliers of these companies.　　Among them, the first five major customers in the company's customer structure accounted for 40%~50%.　　It is "waterfront" on these "rich", making the company's products have a more stable demand, and to ensure the smooth development of the company's performance.　　This year, the report showed that the first half of the star to achieve business income of 327 million yuan, an increase of 13.67% per cent, achieve net profit of 46.55 million yuan, the year-on-year growth of 45.06%. In addition, the company's gross margin in recent years has remained relatively stable and gradually increased momentum.　　Data show that the company 2008, 2009, 2010 in the middle of the gross margin of 20.82%, 24.71%, 27.32% respectively.　　And with these international major customers, for the company, the more important meaning may be able to enjoy the cosmetics industry's high growth, and this is not even a lot of domestic cosmetics production enterprises are difficult to enjoy. "It should be said that the company's business with the international brand of common development and progress." The company chooses the big customer service for the foreign country to choose the leading power of the Chinese cosmetic market.　　Yang Joomu, an analyst at Dongxing Securities, said. It is understood that 2009, the Chinese cosmetics market after the United States and Japan, the world's third largest cosmetics consumer market.　　The overall scale of China's cosmetics market occupies a pivotal position in the global market.　　The Spice Fragrance Cosmetics Industry association forecasts that in the next 5 years the cosmetics industry demand growth rate will maintain 12% or higher level, is expected to 2013, the domestic cosmetics industry sales will exceed 200 billion yuan, the growth rate will far exceed the global average level. In recent years, the development of China's cosmetics market is "the most international" an industry market. Over the years, the foreign brand makeupGoods sales and sales accounted for about 60% and 90%, the profit share is more than 90%.　　Take 2009 years as an example, Procter and Gamble to 13.232 billion yuan sales, 17.9% of the market share ranked first, L ' oreal to 8.178 billion yuan sales, 11.1% of the market share ranked runner-up.　　At present, the local cosmetics enterprises have more than 4,000, annual sales of more than 100 million yuan in more than 50, more than 500 million yuan scale of local brands are rare.　　This kind of power disparity competition also produced many about the foreign brand "encirclement and suppression" the domestic brand discussion.　　Yang Joomu that the company's current five major customer contributions to the company's performance, big customers in China's rapid growth, the company's performance in the future has a good pull. The characteristics of consumer stocks in fact, from the industry classification, Qualcomm star belongs to the chemical industry.　　However, the company is obviously different from the general chemical industry. It is understood that chemical industry is a strong cyclical industry, and the star since the listing performance has maintained a steady growth.　　Financial data show that, in addition to 2008 years of no new projects to put into production, net profit growth of about 7.5%, the company in recent years, the net profit generally maintain a 30%~50% balanced growth.　　The 2008-year economic crisis that has made many chemical companies "suffer" has limited impact on the sales of the company, as well as the 2009 fall in crude oil prices and the 2010 rise in crude oil prices. "Compared to the strong cycle characteristics of the chemical industry, this is completely different development model, fully show the characteristics of the cosmetics industry."　　"Yang Joomu thinks.　　In fact, as cement has its transport radius, cosmetic packaging products due to the quality of light, large volume, transport radius will also be limited, generally only 200 kilometers of transport areas. Therefore, the company with the cosmetics company's production base and the construction of new projects, the main layout in the Yangtze River Delta and the Pearl River Delta.　　2009, the star of the Shenzhen Bantian Division has 200 million yuan output value, Guangzhou area has 200 million yuan output value, in Shanghai production base output value of 150 million yuan. In addition, the company is gradually expanding to the industrial chain upstream and downstream. Company in Guangzhou construction of 50 million yuan production value of cosmetics packaging production line, is expected to reach full production this year, and in the future projects are accompanied by cosmetic packaging production lines.　　Upstream, the company began to research and development of modified plastics, began to use their own mainly, and this can reduce the company's production costs, improve gross margin.　　Dongxing Securities believes that the production of All Star investment projects in the middle of this year to complete, and the company's production line is built on the side of production, the second half of the production is expected to be slightly better in the first half, the performance will be slightly better than the first half. Net profit growth or higher than Shanghai home, obviously, because the star is "not general" chemical enterprises, so and chemical enterprises are not comparable. What is worth comparing is the Shanghai household (600315).　　SH) This domestic cosmetics production enterprise. It is understood that the home of Shanghai belongs to the cosmetics industryManufacturing enterprises, Qualcomm Star is the cosmetics packaging enterprises, belong to the upstream.　　From the perspective of industry development, upstream and downstream development, if not overcapacity, the whole industry development is a certain linkage.　　The future development trend of cosmetics industry is that with the improvement of people's living standards, consumption upgrades, the demand for cosmetics more brand-name, even to high-end cosmetics demand. "It should be said that in the next two years through the production of star and Shanghai home, compared to the growth of star net profit rate is higher than the Shanghai home, the industry development resistance to less than Shanghai home."　　"Yang Joomu said.　　In fact, although the production of star and Shanghai Home is a domestic listed companies, but in the highly competitive cosmetics industry, through the production of star and foreign-funded enterprises will grow together, the growth rate is expected to be higher than domestic companies; the Shanghai home of the Bai Cao Collection and other products in recent two years faster, but have to face the "siege" of foreign-funded enterprises.　　In addition, the recent dynamic P/E ratio of 35 times times, and Shanghai home into 53 times times, the former valuation level is significantly behind the latter.　　Guo Hai Securities Forecast, the company 2010 ~2012 year earnings per share of 0.40 yuan, 0.51 yuan, 0.64 yuan. Risk tip: Excessive customer concentration may weaken the company's product pricing capabilities;