我是东财新消费的负责人刘嘉仁这一次的话主要是我们已经经过了许久大家应该都比较久没有听到我们在提推荐爱美客的一个逻辑我们这一次其实重点会去做一个强推主要也是因为我们认为这家公司其实从投资逻辑上面发生了一个质的改变 而这个改变其实隐含了很多的一些就是核心逻辑包含整个贝塔跟整个阿法其实都出现比较大的一个变化而且我认为在当下市场上还有比较大的一个预期差 从公司所在的一个这个Beta以及他现在对于整个全球医美行业的一个布局跟策略的一个手法我认为都在这次他收购region上面其实可以拆好几层皮去理解这件事情我觉得这才是最重要的大家现在在讨论无中这件事情我觉得反而是可能不是那么重要的这件事情以这样的一个角度去跟各位领导去分享我们为什么现在这个阶段会推荐艾美克 对,那这家公司我们从结论上来说的话,我们可能会认为在今年到明年的这个周期,我们认为他可能就会开始往我们自己现在可能往八百亿以上的这个市值预期去往前走,这个是我们现在可能给他一个偏中性的一个目标价,那这也是我们现在会这么积极推荐这家公司的原因是因为我们也知道现在很多的公司虽然好, 但是它的空间可能算不出太大要不就是空间虽然大但是它的市值比较小你摩擦成本比较高那像爱美克这 ...

公司研究丨点评报告丨爱美客（300896.SZ） [Table_Title] 爱美客 2024 年年报点评：2024Q4 有所承压， 持续投入研发丰富储备管线 报告要点 [Table_Summary] 公司公布 2024 年年报，2024 年公司实现营业收入 30.26 亿元，同比增长 5.45%，实现归母净 利润 19.58 亿元，同比增长 5.33%。拟向全体股东每 10 股派发现金红利 38 元（含税）。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 请阅读最后评级说明和重要声明 丨证券研究报告丨 李锦 罗祎 %% %% %% %% research.95579.com 1 爱美客（300896.SZ） cjzqdt11111 [Table_Title 爱美客 20242]年年报点评：2024Q4 有所承压， 持续投入研发丰富储备管线 [Table_Summary2] 事件描述 公司公布 2024 年年报，2024 年公司实现营业收入 30.26 亿元，同比增长 5.45%，实现归母净 利润 19.58 亿 ...

证券代码：300896 证券简称：爱美客 公告编号：2025-019 号 爱美客技术发展股份有限公司 关于收购韩国 REGEN Biotech,Inc.公司控股权进展的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、本次交易的基本情况 2025 年 3 月 10 日，爱美客技术发展股份有限公司(以下简称"公司")第三 届董事会第十六次会议审议通过了《爱美客技术发展股份有限公司关于收购韩国 REGEN Biotech, Inc.公司控股权的议案》。具体内容详见公司于 2025 年 3 月 10 日在法定信息披露媒体巨潮资讯网（www.cninfo.com.cn）及深圳证券交易所 网站（www.szse.cn）披露的《爱美客技术发展股份有限公司第三届董事会第十 六次会议决议公告》《爱美客技术发展股份有限公司关于收购韩国 REGEN Biotech,Inc.公司控股权的公告》。 二、本次交易的进展情况 截至 2025 年 4 月 7 日，公司本次投资事项已经获得北京市发展和改革委员 会颁发的京发改(备)【2025】187 号的《项目备案通知书》，获得北京市 ...

Core Viewpoint - Aimeike, once celebrated as "the Moutai for women," is facing its most disappointing financial report since its IPO in 2024, with both revenue and net profit growth dropping to around 5%, marking the lowest record since its listing [1][3]. Financial Performance - In 2024, Aimeike reported revenue of 3.026 billion yuan, a year-on-year increase of 5.45%, and a net profit of 1.958 billion yuan, also up by 5.33% [3][9]. - The fourth quarter of 2024 saw a decline in both revenue and net profit, with revenue down 7.0% and net profit down 15.47% year-on-year, attributed to external environment and intensified industry competition [3][4]. - The core product "Haitai," which had previously driven significant revenue, saw a revenue increase of only 4.40% in 2024, compared to a 29.22% increase in 2023 [3][4]. Dividend Policy - Aimeike announced a cash dividend of 38 yuan per 10 shares, totaling approximately 1.145 billion yuan, which represents 58.51% of the company's net profit for 2024, the highest dividend payout since its IPO [9][11]. - Despite the slowdown in revenue growth, the increase in dividend payout indicates a preference for short-term shareholder returns, raising concerns about the adequacy of R&D investment [9][10]. R&D Investment - Aimeike's R&D investment for 2024 was 304 million yuan, accounting for 10.04% of revenue, which is relatively low compared to international peers like Allergan Aesthetics, which maintains a R&D expense ratio above 15% [10][11]. - The company has faced criticism for its limited R&D investment, which has historically remained below 10% of revenue, despite the growing emphasis on technological innovation in the domestic medical aesthetics sector [9][10]. Strategic Acquisition - Aimeike announced the acquisition of 85% of South Korean company REGEN Biotech for 1.9 billion USD (approximately 13.86 billion yuan), marking the largest cross-border acquisition in the domestic medical aesthetics industry [12][13]. - The acquisition aims to enhance Aimeike's product offerings, particularly in the regenerative injection market, but has raised concerns among investors regarding the high premium paid for REGEN [12][13]. - The core product of REGEN, known as "AestheFill" or "童颜针," has been in the market for over a decade, leading to skepticism about its growth potential in a competitive landscape [12][13][15].

Core Viewpoint - The company reported a revenue of 3.026 billion yuan for 2024, representing a year-over-year increase of 5.45%, and a net profit attributable to shareholders of 1.958 billion yuan, also up by 5.33% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 650 million yuan, down 7.00% year-over-year, and a net profit of 372 million yuan, down 15.47% year-over-year [1] - The gross margin for 2024 was 94.64%, a decrease of 0.46 percentage points year-over-year, with solution and gel products having gross margins of 93.76% and 97.98%, respectively [2] - The net profit margin for 2024 was 64.66%, showing a slight increase of 0.01 percentage points year-over-year [2] Product Performance - Revenue from solution injection products was 1.744 billion yuan, up 4.40% year-over-year, with volume increasing by 23% but price decreasing by 15% [1] - Revenue from gel injection products was 1.216 billion yuan, up 5.01% year-over-year, with volume decreasing by 11% and price increasing by 18% [1] - Revenue from facial implant lines was 6.8042 million yuan, up 14.95% year-over-year [1] Growth Potential - The company is expected to benefit from new product approvals and acquisitions, which may enhance growth certainty [3] - New products such as semaglutide injection and deoxycholic acid injection have received clinical trial approvals, with others entering the review stage [3] - The acquisition of REGEN is anticipated to be a key step in the company's global expansion strategy [3] Investment Outlook - The company’s growth rate is expected to slow down in 2024 due to increased competition in the medical aesthetics market and a relative lack of new products [4] - Profit forecasts for 2025-2027 are adjusted to 2.12 billion, 2.40 billion, and 2.65 billion yuan, representing year-over-year growth rates of 8.4%, 13.3%, and 10.2%, respectively [4] - The company maintains a "buy" rating based on the adjusted profit forecasts [4]

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]