https://koreainvestinsights.com/zh/tags/medical-aesthetics/Recent content in Medical Aesthetics on Korea Invest InsightsHugo -- gohugo.iozhSun, 31 May 2026 08:52:57 +0900https://koreainvestinsights.com/zh/post/pharmaresearch-rejuran-cosmetics-olive-young-us-rerating-2026-05-31/Sun, 31 May 2026 10:00:00 +0900https://koreainvestinsights.com/zh/post/pharmaresearch-rejuran-cosmetics-olive-young-us-rerating-2026-05-31/ <blockquote> <p>背景：本文是<a class="link" href="https://koreainvestinsights.com/post/rejuran-owner-pharmaresearch-pn-technology-skin-booster-2026-04-27/" >Rejuran / PharmaResearch分析</a>和<a class="link" href="https://koreainvestinsights.com/page/k-beauty-olive-young-pharmaresearch-hub/" >K-Beauty Hub</a>的后续。</p> </blockquote> <p><img alt="PharmaResearch re-rating check 1" class="gallery-image" data-flex-basis="169px" data-flex-grow="70" height="1491" loading="lazy" sizes="(max-width: 767px) calc(100vw - 30px), (max-width: 1023px) 700px, (max-width: 1279px) 950px, 1232px" src="https://koreainvestinsights.com/post/pharmaresearch-rejuran-cosmetics-olive-young-us-rerating-2026-05-31/pharmaresearch_rerating_page1.png" srcset="https://koreainvestinsights.com/post/pharmaresearch-rejuran-cosmetics-olive-young-us-rerating-2026-05-31/pharmaresearch_rerating_page1_hu_d36ceaf86f86d6ae.png 800w, https://koreainvestinsights.com/post/pharmaresearch-rejuran-cosmetics-olive-young-us-rerating-2026-05-31/pharmaresearch_rerating_page1.png 1055w" width="1055"></p> <p><img alt="PharmaResearch re-rating check 2" class="gallery-image" data-flex-basis="169px" data-flex-grow="70" height="1491" loading="lazy" sizes="(max-width: 767px) calc(100vw - 30px), (max-width: 1023px) 700px, (max-width: 1279px) 950px, 1232px" src="https://koreainvestinsights.com/post/pharmaresearch-rejuran-cosmetics-olive-young-us-rerating-2026-05-31/pharmaresearch_rerating_page2.png" srcset="https://koreainvestinsights.com/post/pharmaresearch-rejuran-cosmetics-olive-young-us-rerating-2026-05-31/pharmaresearch_rerating_page2_hu_c382336031960fe7.png 800w, https://koreainvestinsights.com/post/pharmaresearch-rejuran-cosmetics-olive-young-us-rerating-2026-05-31/pharmaresearch_rerating_page2.png 1055w" width="1055"></p> <h2 id="tldr">TL;DR </h2><p>PharmaResearch估值倍数下行并非单纯资金流调整。它反映四个问题：4Q25业绩低于预期、医疗器械出口阶段性放缓、韩国本土skin booster竞争加剧，以及市场尚未确认化妆品收入的可持续性。</p> <p>但化妆品已不再是副业。1Q26公司公布化妆品收入422亿韩元，占总收入约29%，其中化妆品出口269亿韩元。(<a class="link" href="https://pharmaresearch.com/sub/press/view.html?idx=413" target="_blank" rel="noopener" >PharmaResearch</a>)</p> <p>新信号来自美国。2026年5月31日确认，Olive Young U.S. Best Sellers中REJURAN Dual Effect Ampoule排名第2，REJURAN Turnover Ampoule排名第7。这还不是大规模收入证明，但说明Rejuran SKU在美国消费者渠道已有初步动销。(<a class="link" href="https://us.oliveyoung.com/best-sellers" target="_blank" rel="noopener" >Olive Young US</a>)</p> <p>结论：<strong>Buy now，但只做第一笔仓位</strong>。以295,000韩元股价和2026F EPS 19,760韩元计算，PER约14.9倍。加仓需要等待2Q26化妆品出口超过300亿韩元、美国渠道复购/补货、以及综合OPM维持在38%以上。</p> <h2 id="分析框架">分析框架 </h2><p>PharmaResearch不能再只被理解为Rejuran医疗器械独占成长股。新问题是：Rejuran治疗品牌的信任，能否转化为Sephora、Olive Young、Amazon、TikTok Shop上的日常护肤SKU。</p> <table> <thead> <tr> <th>层级</th> <th>正面信号</th> <th>风险</th> </tr> </thead> <tbody> <tr> <td>医疗器械</td> <td>Rejuran品牌和诊所渠道</td> <td>1Q26出口放缓</td> </tr> <tr> <td>化妆品</td> <td>收入占比29%，出口比重高</td> <td>渠道费用、促销、库存</td> </tr> <tr> <td>美国</td> <td>Sephora + Olive Young U.S.排名</td> <td>缺少门店sell-through数据</td> </tr> <tr> <td>估值</td> <td>2026F PER约14.9倍</td> <td>重估需要2Q26数据验证</td> </tr> </tbody> </table> <h2 id="情景">情景 </h2><p>使用2026F EPS 19,760韩元：</p> <table> <thead> <tr> <th style="text-align: right">目标PER</th> <th style="text-align: right">隐含股价</th> </tr> </thead> <tbody> <tr> <td style="text-align: right">15.0倍</td> <td style="text-align: right">296,000韩元</td> </tr> <tr> <td style="text-align: right">17.5倍</td> <td style="text-align: right">346,000韩元</td> </tr> <tr> <td style="text-align: right">20.0倍</td> <td style="text-align: right">395,000韩元</td> </tr> <tr> <td style="text-align: right">22.5倍</td> <td style="text-align: right">445,000韩元</td> </tr> <tr> <td style="text-align: right">25.0倍</td> <td style="text-align: right">494,000韩元</td> </tr> </tbody> </table> <p>20倍是现实的牛市情景，但前提是Olive Young和Sephora排名转化为出口、补货和利润率，而不仅是叙事。</p> <h2 id="观察指标">观察指标 </h2><ul> <li>两个REJURAN SKU在Olive Young U.S. Top 20维持两周以上。</li> <li>2Q26化妆品出口超过300亿韩元。</li> <li>Sephora U.S.评论、售罄和补货数据改善。</li> <li>医疗器械出口环比恢复。</li> <li>综合OPM维持在38%以上。</li> </ul> <p><em>本文仅供研究参考，不构成个性化投资建议。</em></p>