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% ...

事件：公司发布2024 年业绩公告 点评 收入和利润稳健增长。2024 年， 公司实现收入30.3 亿元（+5.5%），归母净利润19.6 亿元（+5.3%）， 毛利率94.6%（-0.5pp），净利率为64.7%（-0.1pp）。公司盈利能力保持稳定。 24Q4 ， 公司实现收入6.5 亿元（ -7.0% ） ， 毛利率94.0%（-0.4pp），归母净利润3.7 亿元 （-15.5%），净利率为57.2%（-5.7pp）。公司全年业绩前高后低，下半年加大投入销售网络布局和新 开管线及临床，积极储备产品线。 分产品看，①溶液类产品实现收入17.4 亿元（+4.4%）；②凝胶类产品实现收入12.2 亿元（+5.0%）； ③面部埋植线实现收入约680.4 万元（+15.0%）；④化妆品等其他收入实现5919.2 万元（+68.5%）。我 们认为公司在消费逐渐恢复阶段，保持了各产品线价格体系稳定及平稳增长态势，彰显运营能力和品牌 力。 加大研发投入力度。2024 年公司销售费率为9.1%（+0.1pp），管理费率为4.1%（-1.0pp），研发费率为 10.0%（+1.3pp）。公司积极储备产品管线，研发费率有一 ...

研究报告 Research Report 28 Mar 2025 爱美客 Imeik Technology Development (300896 CH) 2024 年业绩稳健增长，关注海外收并购进展 A Steady Growth for 2024, and Eyes on Overseas Mergers and Acquisitions [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb184.13 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 comments) 市值 Rmb55.72bn / US$7.67bn 日交易额 (3 个月均值) US$89.44mn 发行股票数目 302.59mn 自由流通股 (%) 48% 1 年股价最高最低值 Rmb282.72-Rmb134.05 注：现价 Rmb184.13 为 2025 年 ...

文 | 源Sight 周艺 国际大牌的护肤品不好卖了。雅诗兰黛和欧莱雅如果还想进步，心思就只能转向医美领域。 近期，雅诗兰黛集团与嘉会医疗达成战略合作，二者携手共建联合临床研究中心，专注于医美全周期皮 肤变化和护理的临床研究。通俗理解，雅诗兰黛目前让专业机构背书去做的是能跟医美协同使用的护肤 品，也就是术后修复保养。 此前，雅诗兰黛集团旗下品牌海蓝之谜、倩碧等已经推出一系列修复面霜、防晒以及液体敷料的二类医 疗器械来试水医美专业线，以完善"妆械联合"的皮肤解决方案。 围观同行，欧莱雅和爱茉莉太平洋的医美"野心"也都遮掩不住了，在高端贵妇美妆品牌的概念讲不通 后，功效型护肤品结合医美术后修复的"科技狠货"成为如今美妆行业唯一的增长通道。 与此同时，以各类功效注射类产品起家的医美上游厂家正在面临一个竞争更为激烈的红海战场，行业不 断"内卷"，推陈出新的速度令过往的赢家猝不及防。 贵的不一定好 美妆行业从2024年刮起"医美风"，本质上是原本的业务逻辑已经无法讲出新的故事。 雅诗兰黛2024年下半年的亏损超过7亿美元，随着业绩报告放出了裁员7000人的消息，海蓝之谜和雅诗 兰黛两条高端线的失利敲响警钟。 数据显示， ...

产品体系布局完善，在研管线稳步进展。公司以"嗨体"为核心的透明质酸钠填充剂在颈纹修复领域具有 显著优势，产品自2016 年上市以来其安全性、有效性得到下游医疗机构与终端消费者的充分认可； 以"濡白天使"为核心的聚乳酸填充剂，作为我国首款获Ⅲ类医疗器械认证的含左旋乳酸-乙二醇共聚物 微球的皮肤填充剂，在市场上具有较强的竞争力。同时，公司注重品牌建设和市场推广，通过持续的产 品方案和优质的客户服务，树立了良好的品牌形象，成为消费者心目中值得信赖的医美品牌。2024 年，公司多个在研医疗器械、药品等管线产品获得进展。其中：用于纠正颏部后缩的医用含聚乙烯醇凝 胶微球的交联透明质酸钠凝胶获得Ⅲ类医疗器械注册证；重组透明质酸酶、司美格鲁肽注射液、去氧胆 酸注射液获得国家药品监督管理局临床试验批件；米诺地尔搽剂、利多卡因丁卡因乳膏、注射用A 型肉 毒毒素的上市许可申请获得受理，进入审评阶段。 全轩课堂服务医生，提升公司品牌影响力。公司通过全轩课堂向医生、医疗机构管理者和运营者持续输 出有价值的内容，供从业人员、医生IP 和医美自媒体等进行知识分享和内容创作。全轩课堂作为公司 旗下的医美知识和实务技能分享服务平台，通过"课程 ...

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].

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expectation that the stock will outperform the market by 10% to 20% over the next six months [1][13]. Core Views - Despite macroeconomic impacts, the company's performance remains robust, with a projected revenue of 30.26 billion yuan in 2024, reflecting a year-on-year growth of 5.45%. The net profit is expected to grow by 5.33% to 19.58 billion yuan [1][3]. - The company is focusing on expanding its product line and has made significant progress in its product pipeline, including the approval of several medical devices and clinical trial applications [1][5]. - The company is enhancing its operational capabilities through digital platform development and supply chain improvements, which are expected to drive future growth [1][11]. Financial Summary - In 2024, the company anticipates a revenue of 30.26 billion yuan, with a net profit of 19.58 billion yuan, and a basic EPS of 6.5 yuan. The cash flow from operating activities is projected to be 19.27 billion yuan [1][4]. - The company reported a decline in Q4 revenue by 7% to 6.5 billion yuan, with a net profit decrease of 15.47% to 3.72 billion yuan. The gross margin for the quarter was 94.03%, and the net margin was 57.09% [4][9]. - The company’s financial projections for 2025 estimate revenues of 34.79 billion yuan and net profits of 22.09 billion yuan, with a corresponding P/E ratio of 26.6 [6][12].