证券代码：300896 证券简称：爱美客 公告编号：2024-043号 爱美客技术发展股份有限公司 关于 2023 年第一期限制性股票激励计划首次授予和预留授予部分第 一个归属期归属结果暨股份上市的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 重要内容提示： 本次归属限制性股票的上市流通日：2024 年 12 月 11 日； 本次归属限制性股票数量：15.4411 万股（其中，首次授予部分第一个归 属期 14.7901 万股，预留授予部分第一个归属期 0.6510 万股），占目前公司股本 总额的 0.05%； 本次归属涉及激励对象人数：113 人（其中，首次授予部分激励对象 110 人，预留授予部分激励对象 3 人）； 本次归属的第二类限制性股票无其他限售安排，股票上市后即可流通。 爱美客技术发展股份有限公司（以下简称"公司"）2024 年 10 月 23 日召开 第三届董事会第十四次会议和第三届监事会第十一次会议，审议通过了《关于公 司 2023 年第一期限制性股票激励计划首次授予部分第一个归属期和预留授予部 分第一个归属期符合归属条件的议案》。近日 ...

证券代码：300896 证券简称：爱美客 公告编号：2024-042 号 爱美客技术发展股份有限公司 关于全资子公司获得《药物临床试验批准通知书》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。 爱美客技术发展股份有限公司（以下简称"公司"）全资子公司北京诺博特 生物科技有限公司近日收到国家药品监督管理局核准签发关于重组人透明质酸 酶注射液的《药物临床试验批准通知书》，将于近期开展临床试验。现将相关情 况公告如下： | 产品名称 | 重组人透明质酸酶注射液 | | --- | --- | | 申请人 | 北京诺博特生物科技有限公司 | | 注册分类 | 治疗用生物制品 2.4 类 | | 适应症 | 促进皮下输液的扩散以替代静脉输液。 | | 受理号 | CXSL2400669 CXSL2400670 | | 审查结论 | 根据《中华人民共和国药品管理法》及有关规定，经审查，2024 | | | 年 9 月 26 日受理的重组人透明质酸酶注射液临床试验申请符 | | | 合药品注册的有关要求，同意本品开展临床试验。 | 一、《药物临床试验批准通知书》主要 ...

中国·北京 北京海润天睿律师事务所 关于爱美客技术发展股份有限公司 2024 年第一次临时股东大会的法律意见书 北京市朝阳区建外大街甲 14 号广播大厦 5&9&10&13&17 层 邮编:100022 电话：(010)65219696 传真：（010）88381869 法律意见书 北京海润天睿律师事务所 关于爱美客技术发展股份有限公司 2024 年第一次临时股东大会的法律意见书 致：爱美客技术发展股份有限公司 北京海润天睿律师事务所（以下简称"本所"）接受爱美客技术发展股份有 限公司（以下简称"公司"）的委托，指派律师李冬梅、潘仙出席公司 2024 年 第一次临时股东大会，并依据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）等法律法规、规 范性文件及《爱美客技术发展股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，对本次股东大会相关事项依法进行见证并发表法律意见。 为出具本法律意见书，本所律师出席了公司本次股东大会，审查了公司提供 的召开本次股东大会的有关文件。公司已向本所及本所律师承诺，其所提供的文 件和所作的陈述、说明是完整、真实 ...

证券代码：300896 证券简称：爱美客 公告编号：2024-041 号 爱美客技术发展股份有限公司 2024 年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会没有出现否决议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议通知： （1）公司董事会于 2024 年 10 月 24 日在中国证监会指定的创业板信息披露 网站巨潮资讯网（www.cninfo.com.cn）上刊登了《关于召开 2024 年第一次临时 股东大会的通知》（公告编号：2024-040）。 2、会议召开时间： （1）现场会议召开时间：2024 年 11 月 14 日 15:00 6、会议主持人：公司董事长简军女士 本次股东大会的召集程序符合有关法律、行政法规、部门规章、规范性文件、 深圳证券交易所业务规则和《公司章程》等有关规定。 （二）会议出席情况 1、出席会议的总体情况：通过现场和网络投票的股东 806 人，代表股份 184,598,588 股，占公司有表决权股份 ...

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]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 719 million yuan in Q3 2024, representing a year-on-year growth of 1.1%, while the net profit attributable to the parent company was 465 million yuan, up 2.13% year-on-year [3][4] - The company maintains a good profitability despite a slowdown in revenue growth due to terminal demand, with a gross margin of 94.6%, a slight decrease of 0.5 percentage points year-on-year [4] - The approval of the "Bonida No. 2" product and the ongoing development of weight management products are expected to diversify the company's product structure and enhance its market position [4][5] - The company is actively advancing its product registration processes and expanding its presence in the medical aesthetics equipment sector, which is expected to enrich its product portfolio and strengthen its competitive edge [5] - The company is projected to have EPS of 6.87, 7.91, and 9.17 yuan for 2024, 2025, and 2026 respectively, indicating a positive growth outlook [5] Financial Summary - In 2023, the total revenue was 2,869 million yuan, with projections of 3,108 million yuan for 2024, 3,565 million yuan for 2025, and 4,247 million yuan for 2026 [9] - The net profit attributable to the parent company is expected to grow from 2,074 million yuan in 2024 to 2,770 million yuan in 2026 [9] - The company's operating profit margin is projected to remain stable, with a slight increase in operating profit from 2,411 million yuan in 2024 to 3,221 million yuan in 2026 [9]

Investment Rating - The report maintains an "Outperform" rating for the company [1][4][7] Core Insights - The company's revenue and profit showed steady growth in the first three quarters of 2024, with total revenue reaching CNY 2.38 billion (+9.5%) and net profit attributable to the parent company at CNY 1.59 billion (+11.8%) [4][5] - In Q3 2024, the company achieved revenue of CNY 720 million (+1.1%) and net profit of CNY 460 million (+2.1%), with a net profit margin of 66.7% (+1.5%) [4][5] - The growth rate of core products has slowed, influenced by the consumer environment [4][5] - Cost optimization has led to improved profit quality, with a gross margin of 94.8% (-0.5pp) and an operating profit margin of 78.4% (+2.4pp) [5][6] - The company is optimistic about new product launches, particularly Bonita 2.0, expected to enhance its competitive advantage [6][7] Financial Performance and Forecast - Revenue forecasts for 2024 and 2025 are CNY 3.13 billion and CNY 3.64 billion, representing year-on-year increases of 9.2% and 16.2% respectively [7] - Net profit forecasts for the same period are CNY 2.05 billion and CNY 2.38 billion, with year-on-year increases of 10.4% and 16.1% [7] - The company is valued at a 2025 PE of 38X, with a target price adjusted to HKD 299.47 per share [7]

Investment Rating - The investment rating for the company is "Accumulate" (downgraded) [2] Core Views - The company's Q3 performance was under pressure, with revenue of 720 million yuan, a year-on-year increase of 1.1%, and a net profit attributable to shareholders of 465 million yuan, up 2.1% year-on-year [2][3] - The overall market environment for medical aesthetics is weak, impacting terminal institutions and customer acquisition due to stricter marketing regulations [3] - The company has a robust pipeline with several products in clinical trials and approvals, indicating potential for future growth [4] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 2.38 billion yuan, a year-on-year increase of 9.5%, and a net profit of 1.59 billion yuan, up 11.8% year-on-year [2] - The projected revenue for 2024 is 3.16 billion yuan, with a growth rate of 10% year-on-year, and net profit is expected to reach 2.06 billion yuan, reflecting an 11% year-on-year increase [2] - The gross margin for Q3 was 94.55%, showing a slight decline of 0.5 percentage points year-on-year, while the net profit margin improved by 0.65 percentage points to 64.65% [3] Pipeline and Product Development - The company successfully obtained approval for its second-generation Bonida product in October 2024, aimed at improving moderate chin retrusion [4] - The company is advancing its weight loss pipeline, with Liraglutide entering clinical trials and Semaglutide set to begin trials soon [4] - The company has expanded its medical device portfolio through partnerships and acquisitions, enhancing its market position in the medical aesthetics sector [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][5]. Core Views - The company's revenue and profit are under short-term pressure due to weaker-than-expected terminal demand recovery in Q3, but the pipeline is progressing, indicating potential for long-term growth [3][4]. - Revenue for Q1-Q3 2024 reached 2.376 billion yuan, a year-on-year increase of 9.46%, while net profit attributable to the parent company was 1.586 billion yuan, up 11.79% year-on-year [4]. - Q3 revenue was 719 million yuan, a year-on-year increase of 1.10%, and net profit was 465 million yuan, up 2.13% year-on-year, with profit growth below expectations due to the traditional off-season for medical aesthetics and insufficient recovery in terminal demand [4]. - The EPS forecast for 2024-2026 has been revised down to 6.79/8.22/9.74 yuan from the previous 8.03/10.59/13.51 yuan, with a target price adjusted to 271.26 yuan from 304.72 yuan, based on a PE of 33X for 2025 [4]. Financial Performance - The gross margin for Q1-Q3 2024 was 94.80%, a decrease of 0.5 percentage points year-on-year, while the Q3 gross margin was 94.55%, down 0.52 percentage points year-on-year [4]. - The net profit margin improved to 66.73%, an increase of 1.5 percentage points year-on-year, supported by optimized expense ratios [4]. - The company has a robust pipeline with 10 Class III medical device product registration certificates and 4 Class II medical device certificates as of H1 2024, with several products in various stages of research and registration [4]. Market Data - The current stock price is 211.02 yuan, with a target price of 271.26 yuan, indicating potential upside [5]. - The company's market capitalization is 63.82 billion yuan, with a total share capital of 302 million shares [6].

Investment Rating - The investment rating for the company is "Buy" [1][9] Core Insights - The company reported a revenue of 2.376 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.46%. The net profit attributable to shareholders was 1.586 billion yuan, up 11.79% year-on-year [4][6] - The company is facing pressure on growth in Q3 2024, with revenue of 719 million yuan, a slight increase of 1.10%, and a net profit of 465 million yuan, up 2.13% [4][6] - The company maintains a strong market position as a compliant leader in the medical aesthetics sector, with significant research reserves and a first-mover advantage [6][7] Financial Performance Summary - Revenue projections for the company are as follows: 2024E at 31.56 billion yuan, 2025E at 35.92 billion yuan, and 2026E at 41.02 billion yuan [4][7] - The net profit attributable to shareholders is projected to be 20.95 billion yuan in 2024E, 23.69 billion yuan in 2025E, and 26.84 billion yuan in 2026E [4][7] - Earnings per share (EPS) are expected to be 6.93 yuan in 2024E, 7.83 yuan in 2025E, and 8.87 yuan in 2026E [4][7] Operational Analysis - The company experienced a slowdown in growth for solution products, with a year-on-year increase of 11.65% in the first half of 2024, down 24.25 percentage points from the previous year. Gel products saw a year-on-year increase of 14.57%, down 124.43 percentage points [5] - The gross margin for the first three quarters of 2024 was 94.80%, a decrease of 0.5 percentage points year-on-year, while the net margin improved to 66.73%, an increase of 1.5 percentage points [5] - The company has effectively managed its expenses, with a sales expense ratio of 8.66%, a management expense ratio of 3.85%, and a research and development expense ratio of 7.89% for the first three quarters of 2024 [5] Future Outlook - Despite challenges such as slower consumer recovery and intensified industry competition, the overall industry remains in a growth phase, with increasing penetration rates and domestic production rates [6] - The company has received approvals for new products, including clinical trials for semaglutide injection and the launch of a new gel product, which are expected to contribute to future growth [6][7]