Market Performance - The Shanghai Composite Index rose by 0.59% on December 10 [1] - Among the Shenwan industries, 23 sectors saw gains, with the top performers being Commerce & Retail and Beauty & Personal Care, rising by 2.54% and 2.25% respectively [1] - The Beauty & Personal Care sector ranked second in today's gainers [1] - The worst-performing sectors were Utilities and Petrochemicals, declining by 0.74% and 0.47% respectively [1] Capital Flows - The two markets saw a net outflow of 33.974 billion yuan in main capital [1] - Four industries experienced net capital inflows, led by the Food & Beverage sector with a 2.14% increase and a net inflow of 2.364 billion yuan [1] - The Commerce & Retail sector followed with a 2.54% increase and a net inflow of 1.652 billion yuan [1] - 27 industries saw net capital outflows, with the Pharmaceuticals & Biotechnology sector leading at 4.394 billion yuan [1] - The Computer sector followed with a net outflow of 4.073 billion yuan [1] - Other sectors with significant outflows included Electrical Equipment, Electronics, and Automotive [1] Beauty & Personal Care Sector Details - The Beauty & Personal Care sector rose by 2.25% with a net capital inflow of 38.8242 million yuan [2] - Among the 31 stocks in this sector, 22 rose, with 1 hitting the daily limit, while 8 declined [2] - 15 stocks saw net capital inflows, with 5 exceeding 10 million yuan [2] - Aimeike led with a net inflow of 152 million yuan, followed by Betaine and Jiaheng Home Textile with 35.3045 million yuan and 31.5074 million yuan respectively [2] - 5 stocks experienced net outflows exceeding 10 million yuan, led by Qingdao Kingking, Liangmianzhen, and Proya with outflows of 147 million yuan, 42.0871 million yuan, and 21.0006 million yuan respectively [2]

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Views - The company is a leading player in the medical aesthetics upstream sector, with a strong product portfolio and forward-looking demand insights [10] - Short-term performance growth has slowed due to external environmental pressures on consumer traffic and purchasing power [10] - Medium to long-term growth is expected as existing products expand indications and new products like botulinum toxin and weight-loss drugs gain approval [10] - The company is expected to benefit from domestic substitution and industry compliance trends, gaining market share in a stricter regulatory environment [10] Financial Performance - In the first three quarters of 2024, the company achieved revenue of RMB 2.376 billion, a YoY increase of 9.46%, and net profit attributable to shareholders of RMB 1.586 billion, a YoY increase of 11.79% [5] - Gross margin slightly decreased by 0.5 percentage points to 94.80% in the first three quarters of 2024 [6] - R&D expenses increased by 0.54 percentage points to 7.89% in the first three quarters of 2024 [7] - Non-GAAP net profit margin decreased by 3.5 percentage points to 61.46% in the first three quarters of 2024 [8] Product Pipeline and R&D - The company's R&D pipeline is progressing well, with new indications for existing products and new drugs entering clinical trials [8] - The company is expanding into more life science fields, including biopharmaceuticals and chemical drugs [8] Financial Forecasts - Revenue for 2024-2026 is forecasted to be RMB 3.188 billion, RMB 3.793 billion, and RMB 4.552 billion, with YoY growth rates of 11.1%, 19.0%, and 20.0% respectively [10] - Net profit attributable to shareholders for 2024-2026 is forecasted to be RMB 2.044 billion, RMB 2.388 billion, and RMB 2.773 billion, with YoY growth rates of 10.0%, 16.8%, and 16.1% respectively [10] Valuation - The company is valued at 30-35 times PE for 2025, corresponding to a reasonable market value range of RMB 71.7-83.6 billion and a reasonable value range of RMB 236.91-276.39 per share [10]

%% %% 丨证券研究报告丨 公司研究丨点评报告丨爱美客（300896.SZ） [Table_Title] 爱美客 2024 年三季报点评：收入增速放缓，三 季度保持较好盈利能力 | --- | --- | --- | --- | |----------|-------|-------|-------| | | | | | | 报告要点 | | | | 分析师及联系人 [Table_Author] 李锦 罗祎 SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 请阅读最后评级说明和重要声明 爱美客（300896.SZ） cjzqdt11111 2024-11-10 公司研究丨点评报告 公司基础数据 [Table_BaseData] 当前股价(元) 211.02 总股本(万股) 30,244 流通A股/B股(万股) 20,846/0 每股净资产(元) 24.57 近12月最高/最低价(元) 358.00/132.81 注：股价为 2024 年 11 月 1 日收盘价 资料来源：Wind 相关研究 [Table_Title 爱美客 20242]年三季报点评：收入增速放 ...

研究报告 Research Report 7 Nov 2024 爱美客 Imeik Technology Development (300896 CH) 24Q3 盈利质量提升，关注消费复苏对业绩的催化 Profit quality improves in Q3 of 2024, with a focus on the catalytic effect of consumer recovery on performance [Table_yemei 观点聚焦 1] Investment Focus | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------|-------------------------------------------------------------|---------------|--------------------------------|-------------|-------------------------------------- ...

爱美客（300896.SZ） 医疗美容 证券研究报告/公司点评报告 2024 年 11 月 06 日 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn 分析师：张前 执业证书编号：S0740524080002 Email：zhangqian08@zts.com.cn | --- | --- | |--------------------------|-----------| | | | | 基本状况 总股本(百万股 ) | 302.44 | | 流通股本(百万股 ) | 208.46 | | 市价(元 ) | 222.13 | | 市值(百万元 ) | 67,180.48 | | 流通市值(百万元 ) | 46,306.17 | 爱美客：Q3 业绩短期承压，关注终端景气改善&管线进展 | --- | --- | --- | --- | --- | --- | |---------------------------|----------|-------|------------------------------------------|-------|------ ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 | --- | |-------| | | | | | | 公 司 更 新 报 告 证 券 研 究 报 告 ——爱美客 2024 年三季报点评 股票研究 /[Table_Date] 2024.11.04 [table_Authors] 丁丹(分析师) 吴晗(分析师) 0755-23976735 dingdan@gtjas.com 登记编号S0880514030001 | --- | --- | --- | --- | --- | |-----------------------|-------|-------|-------|-------| | | | | | | | | | | | | | 010-83939773 | | | | | | wuhan024878@gtjas.com | | | | | | S0880523080005 | | | | | 本报告导读： 终端需求恢复不及预期下 Q3 单季度营收及利润短期承压，在研管线陆续推进，看 好远期成长空间。 投资要点： [T ...

%/ 2024 年 10 月 27 日 评级 买入 | --- | --- | |---------------------------|---------------| | 交易数据 \n当前价格（元） | 维持 \n216.79 | | 52 周价格区间（元） | 134.05-352.91 | | 总市值（百万） | 65565.50 | | 流通市值（百万） | 45192.97 | | 总股本（万股） | 30243.80 | | 流通股（万股） | 20846.50 | | | | 涨跌幅比较 -42% -22% -2% 18% 38% 2023-10 2024-01 2024-04 2024-07 爱美客 美容护理 | --- | |-------| | | | | | | | 1M | | | | 48.00 | | 27.20 | 张曦月 分析师 执业证书编号:S0530522020001 zhangxiyue@hnchasing.com 相关报告 1 爱美客（300896.SZ）2024 年半年报点评：业 绩增速放缓，在研管线有序推进 2024-08-26 2 爱美客（300896.SZ） ...

公司报告 | 季报点评 24Q1-3 归母净利润同增 12%，高基数稳健过渡 公司发布 24 年三季报。24 年 Q1-3 营收 23.76 亿，yoy+9.46%；归母净利 15.86 亿元，yoy+11.79%。24 年 Q3 公司实现营收 7.19 亿，yoy+1.1%，归 母净利 4.65 亿，yoy+2.13%。 财务数据：①24Q1-3 毛利率 94.8%，同比-0.5pct， 24Q3 毛利率 94.55%， 同比-0.52pct。②24Q1-3 期间费用率 19.26%，同比-1.07pct，24Q3 期间费 用率 20.35%，同增 1.18pct。 肉毒上市许可已获受理，宝尼达颏部适应症也已于近日获批，短期维度除 现有产品持续爬坡、提升渗透外静待如生步入销售节奏后协同放量，中期 关注新品获批节奏，长期看好光电/减重等多元潜力管线有序推进及持续充 盈，待其上市后或将联动应用丰富求美选择，进一步巩固公司医美龙头地 位。 投资建议：肉毒上市许可已获受理，继续看好公司医美龙头地位，有望以 现有产品为基本盘，以成长性单品及在研管线不断贡献业绩增量。考虑外 部环境、二季度营收增速放缓，我们下调营收和净 ...

证 券 研 究 报 告 爱美客（300896）2024 年三季报点评 推荐（维持） Q3 增速放缓，期待新管线接力 目标价：262 元 当前价：216.79 元 事项： ❖ 24 年前三季度公司实现营收 23.76 亿元，同比增长 9.46%；毛利 22.52 亿元， 毛利率 94.80%，同比-0.5pct；归母净利润 15.86 亿元，同比增长 11.79%，归母 净利率 66.74%，同比+1.39pct；扣非归母净利润 15.30 亿元，同比增长 9.66%。 经营活动产生的现金流量净额 15.35 亿元，同比增长 4.72%。 ❖ 24Q3 公司实现营收 7.19 亿元，同比增长 1.10%；毛利 6.79 亿元，毛利率 94.55%， 同比-0.52pct，环比-0.71pct；归母净利润 4.65 亿元，同比增长 2.13%，归母净 利率 64.65%，同比+0.65pct；扣非归母净利润 4.42 亿元，同比下滑 4.35%。 评论： ❖ 三季度为医美淡季，公司营收和利润表现较去年同期略微增长。Q3 整体毛利 率略下滑，我们预计产品端仍主要受嗨体系列结构变化影响，即嗨体水光占比 提高导致。 ❖ ...

证券研究报告 非金融公司|公司点评|爱美客（300896） Q3 淡季业绩稳健，期待旺季景气改善 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月27日 证券研究报告 |报告要点 受 7-8 月暑期出行与天气炎热影响，我们预计医美终端客流承压，淡季公司业绩同比增长稳 健，盈利能力维持高位。2024Q3 综合毛利率 94.6% （同比-0.52pct），销售费率 9.0%（同比 +0.08pct），管理费率 3.30%（同比-1.16pct），归母净利率 64.65%（同比+0.65pct）。4 季度国庆、 双 11、圣诞、元旦等节日促销节点较多，终端促销力度加大，医美终端客流有望边际改善， 期待终端客流恢复带动公司出货端改善。 |分析师及联系人 邓文慧 郑薇 李英 SAC：S0590522060001 SAC：S0590521070002 SAC：S0590522110002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年10月27日 爱美客(300896) Q3 淡季业绩稳健，期待旺季景气改善 | --- | --- | |- ...