面对增长瓶颈，爱美客正通过多元化布局寻找突破口。研发投入方面，2024年支出3.04亿元，同比增长 21.41%，占营收比重达10.04%，重点投向肉毒素、司美格鲁肽注射液（减肥适应症）等临床阶段项 目，但产品上市仍需时间。对外并购成为短期策略，2025年3月以13.73亿元收购韩国再生医美企业 REGEN 85%股权，获得其核心产品"艾塑菲"（童颜针）的全球分销网络，此举被视作进军海外市场的 关键一步，但高达1344%的溢价率引发市场对商誉风险的担忧。此外，公司推出体重管理产品"超模 丸"，尝试切入大健康领域，试图复制GLP-1类药物的市场热度，但消费品赛道与医疗器械的运营逻辑 差异或将带来挑战。 而在2024年，爱美客交出了一份营收与净利润双增长但增速显著放缓的年度成绩单。财报数据显示，公 司全年实现营业收入30.26亿元，同比增长5.45%；归母净利润19.58亿元，同比增长5.33%，营收与净利 润增速均创下自2016年以来的最低水平，首次跌入个位数区间。尽管公司推出了历史最高分红方案，拟 每10股派发现金股利38元，合计派发11.45亿元，占净利润比例达58.51%，但市场对其增长潜力的担忧 并未缓 ...

因同期高基数，25Q1 收入有一定下滑。25Q1，公司实现收入6.6亿元（-17.9%）。环比来看，24Q4 公 司收入6.5 亿元，25Q1 收入环比（qoq）小幅增长1.5 个百分点，居民消费仍处于逐渐恢复阶段。 事件：公司发布2025 年一季度业绩报告 点评 我们预计公司2025-2026 年收入分别为33.0 亿元/36.0 亿元，同比增长9.2%/9.1%（对比前值不变），归 母净利润为20.2 亿元/21.8亿元，同比增长3.1%/7.7%（对比前值不变）。 根据可比公司，我们认为爱美客作为行业龙头，品牌和渠道壁垒优势突出， 维持目标价299.47 元/ 股， 对应2025/2026 年45x/42xPE。我们建议关注国内复苏进度及海外并购进展，维持"优于大市"评级。 风险 收并购进展不及预期的风险，医美行业政策性风险，宏观环境影响医美行业景气度。 毛利率相对稳定，加大费用投入。25Q1，公司毛利率为93.9%（ -0.7pp ） ， 销售费率、管理费率、研 发费率分别为9.9%（+1.5pp）、4.7%（+0.7pp）、8.8%（+1.7pp），经营费率整体增加3.9 个百分点， 主要因收入同比 ...

研究报告 Research Report 5 May 2025 爱美客 Imeik Technology Development (300896 CH) 25Q1 高基数下收入同比下降，建议关注国内复苏进度及海外并购进展 1Q25 Revenue Decline due to High Base Effect, Eyes on Domestic Recovery and Overseas M&A [Table_yemei 观点聚焦 1] Investment Focus 盈利预测及估值 我们预计公司 2025-2026 年收入分别为 33.0 亿元/36.0 亿元，同比 增长 9.2%/9.1%（对比前值不变），归母净利润为 20.2 亿元/21.8 亿元，同比增长 3.1%/7.7%（对比前值不变）。 [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb173.00 目标价 Rmb299.47 HTI ESG 4.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG ...

上 市 公 司 美容护理 2025 年 05 月 05 日 爱美客 (300896) ——短期业绩承压，25 年内需复苏有望助力业绩拐点 投资要点： | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 3,026 | 663 | 3,196 | 3,557 | 4,099 | | 同比增长率（%） | 5.5 | -17.9 | 5.6 | 11.3 | 15.2 | | 归母净利润（百万元） | 1,958 | 444 | 2,091 | 2,311 | 2,650 | | 同比增长率（%） | 5.3 | -15.9 | 6.8 | 10.5 | 14.7 | | 每股收益（元/股） | 6.50 | 1.47 | 6.91 | 7.64 | 8.76 | | 毛利率（%） | 94.6 | 93.9 | 95.0 | 94.1 | 93.2 | | ROE（%） | 25.1 | 5.4 | 23.9 | 23.1 | 23.0 | | 市盈率 | 27 | | ...

研究报告 Research Report 5 May 2025 爱美客 Imeik Technology Development (300896 CH) 25Q1 高基数下收入同比下降，建议关注国内复苏进度及海外并购进展 1Q25 Revenue Decline due to High Base Effect, Eyes on Domestic Recovery and Overseas M&A 因同期高基数，25Q1 收入有一定下滑。25Q1，公司实现收入 6.6 亿元（-17.9%）。环比来看，24Q4 公司收入 6.5 亿元，25Q1 收入 环比（qoq）小幅增长 1.5 个百分点，居民消费仍处于逐渐恢复阶 段。 毛利率相对稳定，加大费用投入。25Q1，公司毛利率为 93.9% （ -0.7pp ） ， 销 售 费 率 、 管 理 费 率 、 研 发 费 率 分 别 为 9.9% （+1.5pp）、4.7%（+0.7pp）、8.8%（+1.7pp），经营费率整体增 加 3.9 个百分点，主要因收入同比下降，及新开研发管线投入费 用。 非经常性收益的增加，对冲了收入下滑及费率增长带来的影响， 净 利率 有 ...

Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Views - The company reported a revenue of 663 million yuan in Q1 2025, a decrease of 17.90% year-on-year, and a net profit of 444 million yuan, down 15.87% [1]. - Despite the challenging industry environment, the company is expected to show performance resilience through internal enhancements and external expansions, including the acquisition of Korean Regen and the development of its product pipeline [2]. - The company’s gross margin remains high at 93.85%, although the net profit margin has temporarily declined due to reduced revenue [3]. Financial Summary - Revenue projections for 2025-2027 are estimated at 3.338 billion yuan, 3.825 billion yuan, and 4.363 billion yuan, respectively, with corresponding net profits of 2.159 billion yuan, 2.464 billion yuan, and 2.793 billion yuan [4]. - The company’s expense ratio increased to 21.93% in Q1 2025, with sales expenses at 654 million yuan and management expenses at 313.6 million yuan [2]. - The company’s cash flow from operations decreased by 37.99% to 333 million yuan in Q1 2025, attributed to declining net profit and changes in working capital [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6][17]. Core Views - The company experienced a revenue decline of 17.90% year-over-year in Q1 2025, with total revenue of 663 million yuan and a net profit of 444 million yuan, down 15.87% year-over-year [1]. - The gross margin remained stable at 93.85%, with a slight decrease of 0.70 percentage points year-over-year, while the net profit margin increased by 1.61 percentage points to 66.88% [2]. - The company is pursuing growth through acquisitions and international expansion, notably a planned acquisition of a Korean company for 190 million USD, which is expected to enhance its sales capabilities and open up overseas markets [3]. - The company has a robust pipeline of internal R&D projects, with 11 Class III medical device products already available, and several others in various stages of development, which is expected to support a return to growth [4]. Financial Summary - The company forecasts revenues of 3.29 billion yuan, 3.71 billion yuan, and 4.22 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 2.13 billion yuan, 2.40 billion yuan, and 2.73 billion yuan for the same years [4][10]. - The company’s financial metrics indicate a PE ratio of 25x for 2025, decreasing to 20x by 2027, reflecting an expected improvement in profitability [4][10].

Investment Rating - The report maintains a "Buy" rating for the company [5][15]. Core Views - The company's Q1 2025 performance showed a decline in revenue and net profit due to a high base from the previous year and a structural differentiation in product sales, particularly a decrease in the overall selling price of solution products [1][2]. - The gross margin slightly decreased to 93.9%, down by 0.7 percentage points year-on-year, while the net profit margin increased to 66.9%, up by 1.6 percentage points year-on-year [2]. - The company is expected to achieve long-term growth through overseas expansion and strengthening its new product lineup, with the acquisition of REGEN Biotech, Inc. enhancing its regenerative product system and facilitating international market entry [3]. Financial Performance Summary - Q1 2025 revenue was 660 million yuan, a year-on-year decrease of 17.9%, and net profit was 440 million yuan, down 15.9% year-on-year [1]. - The company’s operating expenses increased by 4.1 percentage points year-on-year to 21.9% [2]. - Other income rose significantly by 559.6% year-on-year to 21.71 million yuan, mainly due to increased government subsidies [2]. Earnings Forecast and Valuation - Revenue and net profit forecasts for 2025-2027 are maintained, with expected EPS of 6.84, 8.10, and 9.30 yuan respectively, corresponding to P/E ratios of 25, 21, and 19 times [3][4]. - The company is projected to achieve revenue of 3.213 billion yuan in 2025, with a growth rate of 6.18% [4]. - The net profit for 2025 is estimated at 2.071 billion yuan, reflecting a growth rate of 5.77% [4]. Profitability and Financial Ratios - The gross margin is projected to be 94.2% in 2025, with a slight decrease from previous years [13]. - The return on equity (ROE) is expected to decline gradually from 29.28% in 2023 to 22.29% in 2027 [13]. - The company maintains a strong liquidity position, with a current ratio projected at 26.22 in 2025 [13].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][9]. Core Views - The company's overall performance in Q1 2025 faced pressure, with revenue of 664 million yuan, down 17.9% year-on-year, and net profit attributable to shareholders of 444 million yuan, down 15.87% year-on-year. The decline is attributed to the overall pressure on the aesthetic medicine terminal market, but future overseas acquisitions are expected to open new growth opportunities [1][5]. - The company announced plans to acquire 59.5% of Korean REGEN Biotech to strengthen its regenerative aesthetic product layout and leverage the acquisition to expand international market sales [1][5]. - The gross profit margin slightly decreased to 93.85%, down 0.7 percentage points year-on-year, influenced by changes in product structure. R&D investment intensity has increased, with R&D expense ratio at 8.82%, up 1.7 percentage points year-on-year [1][7]. Financial Performance and Forecast - The company forecasts revenue growth from 2,869.35 million yuan in 2023 to 4,377.70 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 13.74% [3]. - Net profit is projected to grow from 1,858.48 million yuan in 2023 to 2,802.90 million yuan in 2027, reflecting a CAGR of about 15.34% [3]. - The earnings per share (EPS) is expected to increase from 8.59 yuan in 2023 to 9.28 yuan in 2027 [3]. - The company has adjusted its net profit forecasts for 2025-2027 to 2,123 million yuan, 2,430 million yuan, and 2,803 million yuan, respectively, with corresponding price-to-earnings (PE) ratios of 24.6, 21.5, and 18.6 [2][9].

Investment Rating - The investment rating for the company is "Outperform the Market" [2][4][9]. Core Views - The company's overall performance in Q1 2025 faced pressure, with revenue of 664 million yuan, down 17.9% year-on-year, and net profit attributable to shareholders of 444 million yuan, down 15.87% year-on-year. The decline is attributed to the overall pressure on the medical beauty terminal market, but future overseas acquisitions are expected to open new growth opportunities [1][5]. - The company announced plans to acquire 59.5% of Korean REGEN Biotech to strengthen its regenerative medical product layout and leverage the acquisition to expand international market sales [1][5]. - The gross profit margin slightly decreased to 93.85%, down 0.7 percentage points year-on-year, influenced by changes in product structure. R&D investment intensity has increased, with R&D expense ratio at 8.82%, up 1.7 percentage points year-on-year [1][7]. Financial Forecasts and Metrics - Revenue projections for 2025-2027 have been revised down to 21.23 billion yuan, 24.3 billion yuan, and 28.03 billion yuan, respectively, with corresponding P/E ratios of 24.6, 21.5, and 18.6 [2][9]. - The company is expected to see revenue growth of 12.33% in 2025, 13.24% in 2026, and 13.74% in 2027, with net profit growth rates of 8.44%, 14.48%, and 15.34% for the same years [3][11]. - The projected earnings per share (EPS) for 2025 is 7.03 yuan, with a net profit margin of 70.74% [3][11].