华夏时报（www.chinatimes.net.cn）记者 于娜 见习记者 蒋力 北京报道 曾以"女人的茅台"之名缔造市值神话的爱美客，在2024年迎来了上市以来最黯淡的财报季。 近日，爱美客发布的2024年年度报告显示，公司全年营收与净利润增速双双降至个位数，仅5%左右，创下自上市 以来的最低纪录，其中第四季度更是首现营收、净利润同比双降的局面。 更令人关注的是，在业绩增速大幅下滑的背景下，爱美客仍慷慨派现，选择将58.51%的净利润，总计11.45亿元用 于分红。财报发布前夕，爱美客亦宣布斥资1.9亿美元（约合人民币13.86亿元），溢价超13倍收购韩国REGEN公 司85%股权，试图押注再生针剂"童颜针"。 针对外界对于高比例分红、研发投入不足等质疑，爱美客方面在接受《华夏时报》记者采访时表示："我们深知研 发对于企业发展的重要性，始终依据公司的实际经营情况、行业发展趋势以及股东的期望，综合考虑分红比例和 研发投入的问题。" 核心产品增长乏力 因为堪比茅台高达90%的毛利率，爱美客曾被市场称为"医美茅""女人的茅台"，承载着投资者对其业绩高增长的 期待。 当然，从上市以来交出的前几份"成绩单"来看，爱美 ...

后续可持续关注新适应症以及新品的获批进展（司美格鲁肽注射液、去氧胆酸注射液获临床试验批件， 米诺地尔搽剂、利多卡因丁卡因乳膏、注射用 A 型肉毒毒素进入审评阶段，获批可期），后续收购 REGEN落地或为公司布局全球化的关键一步，长期来看有望带来更多增长驱动。 【投资建议】 投资建议与盈利预测：24 年受到医美市场竞争加剧、内部新品相对缺乏的影响，公司增速有所放缓， 但随着新品注册稳步推进、外延收购拓展逐步落地，H2 底部向上具备较高确定性，我们调整盈利预 测，预计2025-2027年（未考虑潜在收购增量的）归母净利润分别为21.2/24.0/26.5 亿元，同比分别增长 8.4%/13.3%/10.2%，基于2025 年3 月24 日收盘价的对应PE 分别27/24/21X。维持"增持"评级。 【投资要点】 公司公告：2024 年实现收入30.26 亿元/yoy+5.45%，实现归母净利润19.58 亿元/yoy+5.33%，实现扣非 归母净利润18.72 亿元/yoy+2.20%，符合预期。单季度来看，24Q4 实现收入6.50 亿元/yoy-7.00%，实现 归母净利润3.72 亿元/yoy-15.47% ...

Core Insights - The company achieved a revenue of CNY 3.03 billion in 2024, representing a growth of 5.5%, and a net profit of CNY 1.96 billion, up by 5.3% [1] - The company maintained stable profitability with a gross margin of 94.6% and a net margin of 64.7% for the year [1] - In Q4 2024, the company reported a revenue of CNY 650 million, a decrease of 7.0%, and a net profit of CNY 370 million, down by 15.5% [1] Revenue and Profit Analysis - Revenue from solution products was CNY 1.74 billion, growing by 4.4% - Revenue from gel products reached CNY 1.22 billion, increasing by 5.0% - Revenue from facial implant lines was approximately CNY 6.804 million, up by 15.0% - Other revenues, including cosmetics, amounted to CNY 59.192 million, a significant increase of 68.5% [1] R&D and Acquisition Strategy - The company increased its R&D expense ratio to 10.0%, up by 1.3 percentage points, indicating a focus on product pipeline development [2] - The company announced plans to acquire 85% of South Korean REGEN for USD 19 million, which is expected to significantly contribute to revenue and profit by 2026 [2] - The acquisition includes two listed products, AestheFill and PowerFill, which are anticipated to enhance the company's market position [2] Earnings Forecast and Valuation - Revenue projections for 2025 and 2026 are CNY 3.30 billion and CNY 3.60 billion, reflecting year-on-year growth of 9.2% and 9.1% respectively [3] - Net profit forecasts for the same years are CNY 2.02 billion and CNY 2.18 billion, with growth rates of 3.1% and 7.7% [3] - The target price for the company is set at CNY 299.47 per share, based on a price-to-earnings ratio of 45x for 2025 and 42x for 2026 [3]

Investment Rating - The report maintains an "Outperform" rating for the company [1][2][7] Core Views - The company achieved steady growth in 2024, with revenue of Rmb 3.03 billion (+5.5%) and net profit of Rmb 1.96 billion (+5.3%), maintaining a gross profit margin of 94.6% [3][11] - The company is focusing on overseas mergers and acquisitions, particularly the proposed acquisition of REGEN in South Korea, which is expected to significantly contribute to revenue and profits in 2026 [4][16] Financial Performance - Revenue and profit growth for 2024: Revenue of Rmb 3,026 million, net profit of Rmb 1,958 million, with a gross profit margin of 94.6% [3][11] - Q4 2024 performance showed a revenue decline of 7.0% to Rmb 650 million and a net profit decline of 15.5% to Rmb 370 million [12] - Revenue by product category: Solution-based products Rmb 1.74 billion (+4.4%), Gel-based products Rmb 1.22 billion (+5.0%), Facial implant threads Rmb 6.804 million (+15.0%), Other revenue Rmb 59.192 million (+68.5%) [13][14] Research and Development - Increased R&D investment with a ratio of 10.0% in 2024, focusing on new product pipelines and clinical trials [4][15] - The company has received clinical trial approvals for several new products, indicating a commitment to innovation [15] Acquisition Strategy - The proposed acquisition of REGEN for US$190 million is expected to enhance the company's product offerings and production capacity, with the second factory in South Korea expected to start production in Q2 2025 [4][16] - The target company reported revenue of Rmb 72.23 million and net profit of Rmb 29.5 million from January to September 2024 [16] Earnings Forecast and Valuation - Revenue projections for 2025 and 2026 are Rmb 3.30 billion and Rmb 3.60 billion, respectively, with year-on-year growth of 9.2% and 9.1% [5][17] - The target price is set at Rmb 299.47 per share, corresponding to a P/E ratio of 45x for 2025 and 42x for 2026 [7][17]

Core Insights - The skincare market for international brands like Estée Lauder and L'Oréal is facing challenges, prompting a shift towards the medical aesthetics sector [1][4] - Estée Lauder has partnered with Jiahui Medical to establish a clinical research center focused on post-surgical skincare solutions [1][5] - The beauty industry is witnessing a trend towards "medical beauty," with brands integrating effective skincare products with medical aesthetics [4][6] Group 1: Company Strategies - Estée Lauder's brands, including La Mer and Clinique, are launching medical device products aimed at post-surgical recovery, indicating a strategic pivot towards medical aesthetics [1][5] - L'Oréal has been proactive in the medical aesthetics space, introducing products like the "Platinum Research" collagen injection and investing in high-end medical chains [6][7] - Amorepacific has also entered the market with its high-end brand "AP," focusing on post-surgical skincare products priced between 2000-3000 RMB [5][6] Group 2: Market Dynamics - The high-end skincare market is experiencing a significant decline, with Estée Lauder reporting an 8% drop in skincare sales in Q3 2024 and a further 12% in Q4 2024, leading to a total revenue loss of $300 million [4] - Competitors like Beiersdorf are also struggling, with its luxury brand La Prairie seeing a 15% sales decline in 2023 and a 6% drop in 2024 [4] - The domestic medical aesthetics market is becoming increasingly competitive, with companies like Aimeike facing growth slowdowns despite a 5.45% revenue increase in 2024 [9][10] Group 3: Future Outlook - Aimeike's acquisition of an 85% stake in Korean company REGEN for approximately 1.4 billion RMB highlights the need for companies to strengthen their technological capabilities in the face of rising competition [11] - The competition between international beauty brands and domestic medical aesthetics firms is intensifying, focusing on brand strength and clinical validation versus technological barriers and channel control [11]

Core Viewpoint - The company demonstrated steady performance in 2024, with both solution and gel products achieving year-on-year growth in revenue and profit [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 3.026 billion yuan, a year-on-year increase of 5.45% - The net profit attributable to shareholders was 1.958 billion yuan, up 5.33% year-on-year - The net profit after deducting non-recurring gains and losses was 1.872 billion yuan, reflecting a 2.20% year-on-year growth - Basic earnings per share increased to 6.50 yuan from 6.15 yuan in the previous year [1] - The gross margin for 2024 was 94.66%, slightly down by 0.51 percentage points year-on-year, while the expense ratio increased by 1.28 percentage points to 22.21% [2]. Market Position - The company has maintained the top market share among domestic enterprises in the hyaluronic acid-based filler market since 2018 [2]. - The company is recognized as a leading manufacturer of medical beauty products in China, with a successful industrialization of various skin fillers [1]. Product Development - The product lineup is well-structured, with ongoing research and development pipelines making steady progress [3]. - The "Hi Body" hyaluronic acid filler has shown significant advantages in neck wrinkle repair since its launch in 2016, gaining recognition for its safety and effectiveness [3]. - The "Ru Bai Tian Shi" polylactic acid filler is the first in China to receive Class III medical device certification, showcasing strong market competitiveness [3]. Brand Influence and Marketing - The company enhances its brand influence through the "Quan Xuan Classroom," which provides valuable content to doctors and medical institutions [4]. - The platform has reached over 29,000 doctors, facilitating knowledge sharing and promoting the company's products and services [4]. Investment Outlook - The company has developed a strategic layout in the domestic medical beauty industry, with a focus on innovation and quality [5]. - The forecasted earnings per share for 2025-2027 are 7.19 yuan, 8.17 yuan, and 9.36 yuan, respectively, with corresponding price-to-earnings ratios of 26.3X, 23.1X, and 20.2X [5].

Group 1 - The China Securities Index for Healthcare Equipment and Services decreased by 0.13%, closing at 13,914.27 points with a trading volume of 11.339 billion [1] - Over the past month, the index has declined by 2.35%, and over the last three months, it has decreased by 0.92%, while year-to-date it has increased by 1.77% [1] - The index is composed of listed companies in the healthcare sector, reflecting the overall performance of these securities, with a base date of December 31, 2004, set at 1,000.0 points [1] Group 2 - The top ten weighted companies in the index include Mindray Medical (9.78%), Aier Eye Hospital (8.29%), United Imaging Healthcare (6.75%), Aimeike (3.72%), New Industry (3.02%), Huatai Medical (2.9%), Yuyue Medical (2.8%), Meinian Onehealth (2.37%), Jiuan Medical (2.14%), and Shandong Pharmaceutical Glass (2.07%) [1] - The market distribution of the index holdings shows that 61.86% are from the Shenzhen Stock Exchange and 38.14% from the Shanghai Stock Exchange [1] Group 3 - The index sample is entirely composed of the pharmaceutical and healthcare sector, with a 100% allocation [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking the healthcare index include various funds from Southern Fund, Tianhong Fund, and others, specifically designed for healthcare equipment and services [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [2][8][14]. Core Insights - The company reported a revenue of 3.03 billion yuan for 2024, reflecting a year-on-year growth of 5.4%, with a net profit of 1.96 billion yuan, also up by 5.3% [4][6]. - The sales of solution products have shown rapid growth, with revenues of 1.74 billion yuan for solution products and 1.22 billion yuan for gel products, marking year-on-year increases of 4.4% and 5.0% respectively [5]. - The company is expanding its product portfolio and exploring overseas markets, including a planned acquisition of REGEN Biotech, which is expected to enhance its competitiveness in the regenerative field [7]. Summary by Sections Company Overview - The latest closing price is 187.61 yuan, with a total market capitalization of 56.8 billion yuan and a circulating market value of 39.1 billion yuan [3]. - The company has a low debt ratio of 5.4% and a price-to-earnings ratio of 21.82 [3]. Financial Performance - The gross margin for 2024 is projected to be 94.6%, with a slight decline of 0.5 percentage points year-on-year, while the net profit margin remains high at 64.7% [6]. - The company plans to distribute a cash dividend of 38 yuan per 10 shares [4]. Future Outlook - The company anticipates a net profit of 2.13 billion yuan in 2025, with projected growth rates of 7.95% for the following years [10][11]. - The report highlights the potential for growth through product diversification and international expansion, despite short-term pressures from market conditions [7].

Core Insights - The company reported a total revenue of 3.03 billion yuan in 2024, representing a year-on-year growth of 5.4%, while the net profit attributable to shareholders was 1.96 billion yuan, also up by 5.3% [1][2] - However, Q4 performance showed a decline, with revenue decreasing by 7.0% year-on-year and 9.5% quarter-on-quarter, and net profit down by 15.5% year-on-year and 19.9% quarter-on-quarter [1][2] Financial Performance - For the full year 2024, the company achieved a gross margin of 94.6%, a slight decrease of 0.5 percentage points compared to the same period in 2023, while the net profit margin remained stable at 64.7% [2] - The company distributed a total cash dividend of 1.15 billion yuan to all shareholders, with a dividend payout ratio of 58.5% of the net profit attributable to shareholders [2] R&D and Product Development - The company increased its R&D expenditure to 10.0% of revenue in 2024, up by 1.3 percentage points from 2023 [3] - Several products are in various stages of development, including A-type botulinum toxin and minoxidil topical solution, which are currently in the registration application phase [3] Strategic Acquisition - The company announced plans to acquire 85% of REGEN Biotech for 190 million USD, marking a significant step towards international expansion [4] - REGEN Biotech is a leading South Korean aesthetic product company, with its products AestheFill and PowerFill approved in 34 and 24 countries respectively [4]

Investment Rating - The report assigns a "Buy" rating for the company, expecting a future investment return of 5% to 15% over the next six months [4]. Core Insights - The company achieved a revenue of 3.03 billion RMB in 2024, representing a year-on-year growth of 5.4%, while the net profit attributable to shareholders was 1.96 billion RMB, also up by 5.3% year-on-year [2][5]. - In Q4, the company experienced a revenue decline of 7.0% year-on-year and a net profit decrease of 15.5% year-on-year, which was slightly below market expectations [2][4]. - The company is increasing its R&D efforts, with a research and development expense ratio of 10.0% in 2024, up by 1.3 percentage points from the previous year [3]. Financial Performance Summary - For 2024, the company reported a gross margin of 94.6%, a slight decrease of 0.5 percentage points compared to the same period in 2023, while the net profit margin remained stable at 64.7% [2][5]. - The company plans to distribute a total cash dividend of 1.15 billion RMB to shareholders, which accounts for 58.5% of the net profit attributable to shareholders [2]. - The projected net profits for 2025, 2026, and 2027 are estimated to be 2.09 billion RMB, 2.34 billion RMB, and 2.59 billion RMB, respectively, with corresponding growth rates of 6.8%, 12.0%, and 10.6% [4][5]. Strategic Developments - The company is making strides towards internationalization by acquiring 85% of the Korean company REGEN Biotech for 190 million USD, which is expected to enhance future performance [4]. - The company has several products in the registration and clinical trial stages, including A-type botulinum toxin and minoxidil topical solution, indicating a strong pipeline for future growth [3].