Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance over the next six months [3][9]. Core Views - The company reported a 12% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2024, with revenue reaching 2.376 billion and net profit at 1.586 billion [1]. - The company is expected to continue leveraging its existing product base while introducing growth-oriented products and ongoing research pipelines to drive revenue growth [2]. - The approval of the botulinum toxin product and the recent approval for the Baonida chin indication are seen as significant milestones that will enhance the company's market position in the medical aesthetics sector [1][2]. Financial Data Summary - For Q1-Q3 2024, the company achieved a gross margin of 94.8%, slightly down by 0.5 percentage points year-on-year, while the gross margin for Q3 2024 was 94.55%, down by 0.52 percentage points [1]. - The company’s revenue projections for 2024-2026 are adjusted to 31.7 billion, 39.2 billion, and 47.8 billion respectively, with net profit estimates revised to 20.6 billion, 24.8 billion, and 30.0 billion [2]. - The company’s earnings per share (EPS) is projected to be 6.82, 8.21, and 9.93 for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 32.59, 27.06, and 22.37 [2][5].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 262 yuan, compared to the current price of 216.79 yuan [1]. Core Insights - In the first three quarters of 2024, the company achieved revenue of 2.376 billion yuan, a year-on-year increase of 9.46%. The gross profit was 2.252 billion yuan, with a gross margin of 94.80%, down 0.5 percentage points year-on-year. The net profit attributable to the parent company was 1.586 billion yuan, up 11.79% year-on-year, with a net profit margin of 66.74%, an increase of 1.39 percentage points year-on-year [1]. - In Q3 2024, the company reported revenue of 719 million yuan, a year-on-year growth of 1.10%. The gross profit was 679 million yuan, with a gross margin of 94.55%, down 0.52 percentage points year-on-year and 0.71 percentage points quarter-on-quarter. The net profit attributable to the parent company was 465 million yuan, up 2.13% year-on-year, with a net profit margin of 64.65%, an increase of 0.65 percentage points year-on-year. The net profit excluding non-recurring items was 442 million yuan, down 4.35% year-on-year [1][2]. - The company is expected to benefit from new product pipelines in the coming year, including a product similar to "Bonida" that has received medical device registration and is suitable for injection to improve moderate chin retrusion. Additionally, a clinical trial for a semaglutide injection has been approved [2]. Financial Summary - For 2023, the total revenue is projected at 2.869 billion yuan, with a year-on-year growth rate of 48.0%. The net profit attributable to the parent company is expected to be 1.858 billion yuan, with a growth rate of 47.1% [5]. - The financial forecasts for 2024 to 2026 indicate that the net profit attributable to the parent company will be 2.079 billion yuan in 2024, 2.638 billion yuan in 2025, and 3.155 billion yuan in 2026, with respective growth rates of 11.8%, 26.9%, and 19.6% [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company is expected to maintain stable performance during the off-season in Q3, with a year-on-year revenue growth of 9.5% for the first three quarters of 2024, and a net profit growth of 11.8% [6] - The company anticipates a marginal improvement in customer traffic during the peak season in Q4 due to multiple promotional events [6] - The company has a rich pipeline of products under development, enhancing its brand influence through various academic promotion activities [6] Financial Performance Summary - For Q3 2024, the company reported a revenue of 719 million yuan (up 1.1% year-on-year) and a net profit of 465 million yuan (up 2.1% year-on-year) [6] - The comprehensive gross margin for Q3 2024 was 94.6% (down 0.52 percentage points year-on-year), with a net profit margin of 64.65% (up 0.65 percentage points year-on-year) [6] - The company expects revenues of 32.53 billion yuan, 39.10 billion yuan, and 47.24 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 13.4%, 20.2%, and 20.8% [6][7] Product Pipeline and Brand Influence - As of H1 2024, the company has several products at different stages of development, including botulinum toxin and minoxidil solution in the registration phase, and various injectables in clinical trials [6] - The company is actively enhancing its brand influence through academic forums and competitions aimed at industry professionals [6] Valuation Metrics - The company’s earnings per share (EPS) are projected to be 7.11 yuan, 8.56 yuan, and 10.25 yuan for 2024, 2025, and 2026 respectively, with price-to-earnings (P/E) ratios of 29x, 24x, and 20x [6][7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 218.81 yuan [2][4]. Core Insights - The company achieved a revenue of 2.376 billion yuan in the first three quarters, representing a year-on-year growth of 9.5%, and a net profit attributable to the parent company of 1.59 billion yuan, up 11.8% year-on-year. However, Q3 performance showed a revenue growth of only 1% and a net profit growth of 2%, which fell short of market expectations [1][4]. - The revenue from solution products grew by 11.7% year-on-year, while gel products saw a 14.6% increase. The report anticipates steady growth for solution products in Q3 2024, but gel products may face short-term pressure due to their high-end positioning amid weak mid-to-high-end consumption [1][4]. - Despite the unfavorable revenue performance, the company's gross margin remained stable, and it effectively controlled expenses, leading to an increase in net profit margin by 1 percentage point year-on-year in Q3 2024 [1][4]. - The company’s pipeline of products is gradually receiving approvals, providing sustained growth momentum for the future. Recent approvals include a medical gel product and a clinical trial notification for another product, indicating strong competitive capabilities in the domestic medical aesthetics market [1][4]. Financial Forecast and Adjustments - The profit forecast has been adjusted, with expected net profits for 2024, 2025, and 2026 set at 2.056 billion yuan, 2.489 billion yuan, and 3.03 billion yuan respectively, down from previous estimates [2][4]. - The company’s revenue is projected to grow from 2.869 billion yuan in 2023 to 3.884 billion yuan in 2025, with a compound annual growth rate of approximately 22.1% [3][4].

]yrtsudnI_elbaT[ 公 司 研 究 / 医 药 生 物/ 证 券 研 究 报 告 爱美客 沪深300 [Table_Title] 爱美客（300896）2024年三季报点评 收入业绩位于预期区间偏下缘，平台型 经营策略的转变为后续观察要点 2024 年 10 月 25 日 [【投资要点】 Table_Summary] 从行业趋势来看，今年明显看到部分医美细分赛道逐步从原有的卖方 市场进入买方市场，无论是颈纹产品还是再生产品均有产品相继获 批，未来逐步进入到考验品牌商运营能力阶段。我们认为：（1）首先， 再生系列可能进入到扩张价格带实现更广泛人群获取阶段，可关注天 使系列相关产品新动作带来人群规模扩张；（2）其次，头部公司可能 逐步从卖货思维切换到卖解决方案思维，但实现进化需要时间、需要 组织架构调整配合，且在完成切换的过程中，可能会先经历费率提升 再到营收规模提升（费用投入带来营收增长、费率降低）的阶段，因 而当前在尚未看到消费好转、后续新品还未开始上市/放量，且上述动 作仍在起步阶段时间点，仍在基本面偏左侧阶段。但一旦公司完成进 化，我们认为公司将具备穿越周期的能力，并享有平台型逻辑估值。 净 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported lower-than-expected performance in its Q3 2024 results, with revenue of 2.376 billion yuan, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 1.586 billion yuan, up 11.8% year-on-year [3][4] - The company has a rich pipeline of products under development, with expectations for significant volume growth post-2025, including various medical aesthetic products and devices [3][4] - The report anticipates continued growth driven by new product launches and an increasing market penetration of existing products, despite a downward revision of profit forecasts for 2024-2026 [4] Financial Data Summary - For Q1-Q3 2024, the company achieved a revenue of 2.376 billion yuan, with a net profit of 1.586 billion yuan, and a gross margin of 94.8% [5][9] - The projected net profits for 2024, 2025, and 2026 are 2.055 billion yuan, 2.441 billion yuan, and 2.781 billion yuan respectively, with corresponding PE ratios of 32, 27, and 24 [4][5] - The company’s market capitalization is approximately 45.233 billion yuan, with a closing price of 216.98 yuan per share [1][2]

Investment Rating - The report maintains a "Buy" rating for the company [4][9]. Core Views - The company reported a slight increase in revenue and profit in Q3 2024, with a year-to-date revenue of 2.376 billion yuan, representing a 9.46% year-on-year growth, and a net profit of 1.586 billion yuan, up 11.79% year-on-year [3]. - The gross margin for the first three quarters was 94.80%, and the net profit margin was 66.74%. However, the Q3 performance showed a revenue of 719 million yuan, a modest 1.10% increase year-on-year, and a net profit of 465 million yuan, up 2.13% year-on-year, indicating ongoing pressure on growth [3]. - The company is expanding its product portfolio, with recent approvals for new medical aesthetic products, including a gel for injection and a clinical trial for a weight management drug, which will enhance its strategic positioning in the market [4]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 2.376 billion yuan and a net profit of 1.586 billion yuan, with a gross margin of 94.80% and a net profit margin of 66.74% [3]. - The Q3 revenue was 719 million yuan, with a year-on-year growth of 1.10%, and a net profit of 465 million yuan, reflecting a 2.13% increase year-on-year [3]. - The company forecasts EPS for 2024-2026 to be 6.91, 8.31, and 10.00 yuan respectively, with corresponding PE ratios of 31, 26, and 22 times [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported revenue and net profit growth under pressure in Q3 2024, with a revenue of 2.376 billion yuan (up 9.5% year-on-year) and a net profit of 1.586 billion yuan (up 11.8% year-on-year) for the first three quarters. Q3 alone saw revenue of 719 million yuan (up 1.1%) and a net profit of 465 million yuan (up 2.1%) [1] - Despite a shift in policy, recovery in end-consumer demand is expected to take time, leading to a downward revision of profit forecasts for 2024-2026. The projected net profits are 2.075 billion yuan, 2.496 billion yuan, and 2.956 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 6.86 yuan, 8.25 yuan, and 9.77 yuan [1] - The company's product planning is clear, and the upcoming differentiated product lines are expected to drive long-term growth, making the current valuation reasonable [1] Financial Summary - For Q1-Q3 2024, the gross margin was 94.8%, slightly down from 95.1% in 2023, primarily due to an increase in the proportion of lower-margin solution products [2] - The expense ratio for Q3 2024 was 20.4%, up 1.2 percentage points, with a financial expense ratio of -0.5% due to reduced interest income from large-scale financial products [2] - The company has a rich matrix of aesthetic medical products, with several new products and pipelines expected to enhance growth. Notable products include "Hi Body," "Bonida 2.0," and customized products in collaboration with Langzi [3] - The company has several products in the pipeline, including botulinum toxin and lipolytic injections, with clinical trials and registration applications progressing steadily [3] Financial Projections - Revenue projections for 2024-2026 are 3.174 billion yuan, 3.817 billion yuan, and 4.515 billion yuan, with year-on-year growth rates of 10.6%, 20.2%, and 18.3% respectively [4] - The projected net profit for 2024-2026 is 2.075 billion yuan, 2.496 billion yuan, and 2.956 billion yuan, with corresponding year-on-year growth rates of 11.7%, 20.3%, and 18.4% [4] - The company's current P/E ratios are 30.4, 25.3, and 21.4 for 2024, 2025, and 2026 respectively, indicating a reasonable valuation [4] Market Data - The current stock price is 208.70 yuan, with a market capitalization of 63.119 billion yuan and a circulating market capitalization of 43.506 billion yuan [5] - The stock has seen a significant trading volume, with a turnover rate of 107.45% over the past three months [5]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company has shown continuous improvement in profitability, with a strong pipeline of products under development [2]. - For the first three quarters of 2024, the company achieved revenue of 2.376 billion yuan, a year-on-year increase of 9.46%, and a net profit attributable to shareholders of 1.586 billion yuan, up 11.79% year-on-year [2]. - The gross margin remains stable at 94.80% for the first three quarters of 2024, with a net profit margin of 66.73%, reflecting enhanced profitability [2]. - The company is expected to achieve revenues of 3.213 billion, 3.626 billion, and 4.013 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.090 billion, 2.373 billion, and 2.636 billion yuan [3][5]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 719 million yuan, a year-on-year increase of 1.10%, and a net profit of 465 million yuan, up 2.13% year-on-year [2]. - The company’s gross margin for Q3 2024 was 94.55%, a slight decrease of 0.52 percentage points year-on-year [2]. - The net profit margin for Q3 2024 was 64.54%, an increase of 0.59 percentage points year-on-year [2]. Product Development - The core product, "Hi Body," has achieved significant penetration in medical beauty institutions, with future growth driven by institutional repurchases [2]. - The company has a rich pipeline of products, including new indications for existing products and several projects in various stages of clinical trials [2]. Investment Outlook - The company is expected to benefit from its first-mover advantage in the medical beauty sector, with continuous growth in regenerative materials and a robust product pipeline [2]. - The projected PE ratios for 2024, 2025, and 2026 are 30, 27, and 24, respectively, indicating a favorable valuation outlook [3][5].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][8][12] Core Views - The company has shown steady growth in the first three quarters of 2024, with revenue reaching 2.376 billion yuan, a year-on-year increase of 9.46%, and net profit attributable to the parent company at 1.586 billion yuan, up 11.79% year-on-year [1][4] - The company continues to enhance its product pipeline, with core products like the Hi-Body series achieving double-digit growth in the latest quarter [1][6] - The medical beauty industry has significant long-term penetration potential, and under regulatory compliance trends, leading companies will further highlight their advantages [1][6][8] Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 94.55%, a slight decrease of 0.52 percentage points year-on-year, primarily due to changes in product mix [1][6] - The operating cash flow for the first three quarters was 1.535 billion yuan, reflecting a year-on-year growth of 4.72% [1][6] - The company has adjusted its net profit forecasts for 2024-2026 to 2.122 billion, 2.493 billion, and 2.868 billion yuan respectively, with corresponding PE ratios of 30.1, 26.3, and 22.8 times [1][8][9] Product Development and Market Position - The company is actively expanding its product matrix, with recent approvals for new medical products, including a cross-linked sodium hyaluronate gel and a semaglutide injection [1][6] - The company maintains a stable expense ratio, with the sales expense ratio at 8.99% and the management expense ratio decreasing to 3.3% [1][6]