According to the report, the sunrise industry of flexible employment has broad prospects, and the three major needs drive the rapid growth of the industry. The prosperity of the daily chemical industry is relatively high, and the three major segments have broad room for development. China's home care industry shows a development trend of large market + high growth. In 2019, the market size of China's home care market reached 45.8 billion yuan, and it is expected to grow to 69.4 billion yuan at a CAGR of 8.7% in 2024. As the penetration rate of low-tier cities continues to improve and have broad growth potential. In addition, consumers' demand for beauty and health has continued to increase in recent years. In 2019, the scale of China's personal care market reached 458.7 billion yuan, and the corresponding CAGR from 2020 to 24 is expected to be 8.9%. In addition, the development of the pet economy has also helped the pet care industry enter a period of rapid growth. Under the highly dispersed pattern, domestic leading companies will have greater room for development in the future.
The bank mentioned that the company adheres to the multi-brand and multi-category strategy, builds an omni-channel sales network, and continues to improve the product matrix. Strategically focus on three categories: home care, personal care, and pet care, and build eight core brands with excellent brand incubation capabilities. Having been deeply involved in the home care and personal care industry for many years, the first-Mover advantage is significant; In recent years, it has continued to incubate new brands in the pet care segment, and its business has developed rapidly. At the same time, the company has also built a strong national multi-channel sales network system, with outstanding advantages in offline distribution channels and high growth in online channels. By building an internal and external linkage R&D platform, the company has digitally improved product R&D capabilities, and the product matrix has continued to improve.