摘要
目前，全球经济处于疲软期，作为全球经济一体化发展中重要的一环，我国的经济
也无法在经济下行期独善其身，2022年国务院金融委会议上对当前的经济形势做出了要
坚持以经济建设为中心，坚持深化改革，扩大开放等重要表示，但如何进一步深化，是
我们从理论及实践方面都在思考的问题。
正值当下，我国的医美行业正在快速发展当中，自2020年起医美概念板块指数登陆
A股市场，就开始为资本力量所关注和追逐，一路高歌猛进使得医美概念板块指数冲击
2000点大关，涉及医美行业题材的领域热度居高不下。但居安思危，考虑到我国医美行
业起步较晚，无论其社会基础还是研究的理论基础都较为薄弱，为了避免医美行业虚假
投机泡沫，为了培育医美行业成为真正具有优良价值的投资赛道，我们有必要去分析与
研究。
鉴于医美概念在资本市场上兴起不久，众多投资者尤其中部分小投资者缺少对医美
行业的了解与分析，绝大多数陷于固步自封的泥潭，本文从投资角度出发，首先通过对
医美行业的发展现状及趋势展开分析，从客观的角度分析医美行业所具备的长期投资价
值，其次从宏观和微观角度分别对影响医美行业上市公司投资价值的因素做出详实梳理，
在此之下，考虑到，突出行业中微观因素对公司的整体影响固然重要，但某个上市公司
的投资价值如何，其公司的自身经营状况是关键因素，所以以微观因素中公司自身经营
状况为切入点，从逻辑上链接之后的实证检验部分。之后通过财务指标利用因子分析，
客观且较为科学地评价24家医美行业上市公司得到各因子得分和综合得分排名，并在此
结果下进一步通过市盈率估值来对比分析，最后得到我国医美行业仍然属于较为优质的
投资板块，以及得到从24家上市公司中筛选6家上市公司具备长期投资价值建议的结论，
旨在为众多中小投资者的投资研究与投资决策提供一定价值的参考意义。
关键词：
因子分析；投资价值；医美行业；上市公司
I

Abstract
At present, the global economy is in a period of weakness. As an important part of the
development of global economic integration, my country's economy cannot survive the
economic downturn. Construction is the center, insisting on deepening reforms, expanding
opening up and other important expressions, but how to further deepen is a problem we are
thinking about from both theoretical and practical aspects.
At the moment, my country's medical beauty industry, which has recently emerged, is
currently developing rapidly. Since the medical beauty concept sector index has landed on the
A-share market in 2020, it has begun to be followed and pursued by capital forces. At the 2000-
point mark, the fields involving topics in the medical and aesthetic industry are still hot. But in
times of peace, considering that my country's medical aesthetics industry started late, both its
social foundation and the theoretical basis of research are relatively weak. In order to avoid false
speculative bubbles in the medical aesthetics industry, in order to cultivate the medical
aesthetics industry to become a real investment track with excellent value, We need to analyze
and study.
In view of the fact that the concept of medical aesthetics has recently emerged in the capital
market, many investors, especially some small investors, lack the understanding and analysis of
the medical aesthetics industry, and most of them are stuck in the quagmire of resting on their
laurels. The development status and trend of the medical beauty industry are analyzed, and the
long-term investment value of the medical beauty industry is analyzed from an objective point
of view. Secondly, the factors affecting the investment value of listed companies in the medical
beauty industry are sorted out from the macro and micro perspectives，Considering that it is
important to highlight the overall impact of micro-factors in the industry on the company, but
the investment value of a listed company is the key factor, and the company's own operating
conditions are the key factors. Logically linked to the empirical testing section that follows.
Then, through factor analysis of financial indicators, objectively and more scientifically evaluate
24 listed companies in the medical beauty industry to obtain each factor score and
comprehensive score ranking. It is still a relatively high-quality investment sector, and the
conclusion that 6 listed companies are selected from 24 listed companies with long-term
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