核心观点 爱美客 300896.SZ 公司研究 | 年报点评 短期有挑战，内生+外延并举推动中长期增 长 盈利预测与投资建议 ⚫ 根据年报，暂不考虑收购带来的效益，同时考虑消费复苏的波动性，我们调整盈利 预测并引入 2027 年的盈利预测，预计公司 2025-2027 年归母净利润为 21.66 亿、 24.52 亿和 28.17 亿（原 25-26 年为 24.89 亿和 30.3 亿），DCF 目标估值 202.76 元，维持"买入"评级。 风险提示：行业竞争加剧、终端消费需求持续减弱、储备管线拿证上市及拓展不及预 期 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,869 | 3,026 | 3,411 | 3,952 | 4,639 | | 同比增长 (%) | 48.0% | 5.4% | 12.8% | 15.8% | 17.4% | | 营业利润(百万元) | 2,158 | 2,291 | 2,526 | 2,859 | 3,28 ...

基础数据：2024 年 12 月 31 日 | 基本每股收益(元)： | 6.50 | | --- | --- | | 摊薄每股收益(元)： | 6.50 | | 每股净资产(元)： | 26.27 | | 净资产收益率(%)： | 24.61 | 资料来源：最闻 分析师： 医疗器械 爱美客（300896.SZ） 买入-B(维持) 在研产品储备丰富，外延收购加速国际化布局 2025 年 3 月 21 日 公司研究/公司快报 公司近一年市场表现 事件描述 | 市场数据：2025 3 | 年 月 | 日 21 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 190.10 | | 年内最高/最低（元）： | | | 350.99/132.81 | | 流通 A | 股/总股本（亿股）： | | 2.09/3.03 | | 流通 A | 股市值（亿元）： | | 396.53 | | 总市值（亿元）： | | | 575.23 | 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 张晓霖 执业登记编码：S0760521010001 邮箱： ...

医疗器械 爱美客（300896.SZ） 买入-B(维持) 在研产品储备丰富，外延收购加速国际化布局 2025 年 3 月 21 日 公司研究/公司快报 事件描述 公司发布 2024 年财务报告，期内实现营收 30.26 亿元/+5.45%，归母净 利润 19.58 亿元/+5.33%，扣非归母净利润 18.92 亿元/+2.2%，EPS6.5 元。其 中 2024Q4 实现营收 6.5 亿元/-7%，归母净利润 3.72 亿元/-15.47%，扣非归 母净利润 3.41 亿元/-21.67%。拟向全体股东每 10 股派发现金股利 38 元（含 税），现金分红占归母净利润 58.51%。 事件点评 公司近一年市场表现 | 市场数据：2025 月 3 | 年 | 日 21 | | | --- | --- | --- | --- | | 收盘价（元）： | | | 190.10 | | 年内最高/最低（元）： | | | 350.99/132.81 | | 流通 股/总股本（亿股）： A | | | 2.09/3.03 | | 流通 股市值（亿元）： A | | | 396.53 | | 总市值（亿元）： | | ...

谢您的关注。 4、请问 25 年各大股东还有减持计划吗？ 答：尊敬的投资者您好，公司目前未收到相关股东减持计划的通知。 感谢您的关注。 5、你好，面对业绩增速下滑，公司有没有应对措施？后续有没有计 划在电商平台销售产品？ 答：尊敬的投资者您好，随着公司经营体量基数加大，增速有一定 程度下降，公司从 2025 年开始，研发完成交付上市的产品会渐次投放市 场，形成对公司发展和业绩的支撑；公司主销产品为三类植入医疗器械， 不能在普通的无三类医疗器械经营资质的电商平台开展销售服务。感谢 关注。 爱美客技术发展股份有限公司 投资者关系活动记录表 编号：2025-001 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 ☑业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及 | 通过全景网"投资者关系互动平台"(http://ir.p5w.net)参与 2024 年 | | 人员姓名 | 度网上业绩说明会的投资者 | | 时间 2025 | 年 3 月 21 日 15: ...

Core Viewpoint - The company reported a steady growth in revenue and net profit for 2024 despite industry pressures, with a revenue of 3.03 billion and a net profit of 1.96 billion, reflecting year-on-year increases of 5.4% and 5.3% respectively [2][3] Revenue and Profit Analysis - In Q4 2024, the company's revenue was 650 million, showing a year-on-year decline of 7.0%, while the net profit was 370 million, down 15.5% year-on-year [2] - The revenue from solution products and gel products for 2024 was 1.74 billion and 1.22 billion respectively, with year-on-year growth of 4.4% and 5.0% [3] Product Performance - The sales volume for solution products was 634.6 thousand units, up 23.4% year-on-year, while gel products saw a decline in sales volume to 89.4 thousand units, down 11.2% [3] - The average price of solution products decreased due to a shift in product mix, while the average price of gel products increased due to a higher proportion of high-margin products [3] Profitability Metrics - The company's gross margin for 2024 was 94.6%, a decrease of 0.5 percentage points year-on-year, while the net profit margin was 64.7%, down 0.1 percentage points [4] - In Q4 2024, the gross margin was 94.0%, down 0.4 percentage points year-on-year, and the net profit margin was 57.2%, down 5.7 percentage points [4] R&D and Cost Management - The company increased its R&D investment, with a R&D expense ratio significantly rising, completing 57 patent applications and engaging in 21 collaborative research projects with medical institutions [4] - The overall expense ratio increased by 1.3 percentage points to 22.2%, driven by higher R&D costs, while sales expenses remained stable [4] Product Line Expansion - The company received a Class III medical device registration for a new gel product, expected to launch this year, which will enhance its gel product line [5] - Clinical trial approvals were obtained for several new products, indicating ongoing innovation and product development [5] Strategic Acquisition - The company plans to acquire REGEN Biotech, Inc. in March 2025, which is expected to strengthen its competitive advantage in the global regenerative market and enhance its overseas market expansion capabilities [7]

证券研究报告·公司点评报告·医疗美容 爱美客（300896） 2024 年报点评：盈利水平保持高位，在研储 备与海外并购保障长期增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2869 | 3026 | 3333 | 3659 | 4024 | | 同比（%） | 47.99 | 5.45 | 10.17 | 9.76 | 9.97 | | 归母净利润（百万元） | 1858 | 1958 | 2141 | 2359 | 2602 | | 同比（%） | 47.08 | 5.33 | 9.38 | 10.19 | 10.30 | | EPS-最新摊薄（元/股） | 6.14 | 6.47 | 7.08 | 7.80 | 8.60 | | P/E（现价&最新摊薄） | 32.03 | 30.41 | 27.80 | 25.23 | 22.88 | zhangjx@dwzq.com.cn [Table_Tag] ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 3.026 billion yuan in 2024, representing a year-on-year growth of 5.45%, and a net profit attributable to shareholders of 1.958 billion yuan, also up by 5.33% year-on-year [8] - The company maintains a high level of profitability, with a gross margin of 94.64% and a net margin of 64.66% in 2024, indicating stable profitability despite slight declines in gross margin [8] - The company has a rich pipeline of products under research and development, which is expected to support long-term growth, alongside an accelerated international business layout [8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.026 billion yuan, with a year-on-year increase of 5.45% [8] - The net profit attributable to shareholders was 1.958 billion yuan, reflecting a year-on-year growth of 5.33% [8] - The company’s earnings per share (EPS) for 2024 is projected at 6.47 yuan, with a price-to-earnings (P/E) ratio of 30.41 [1][9] Product and Market Strategy - The company’s solution and gel products continue to grow, with sales of the "Hi Body" series generating 1.744 billion yuan, up 4.40% year-on-year, and the "Mo White Angel" series achieving 1.216 billion yuan, up 5.01% year-on-year [8] - The company leverages academic activities and digital marketing to enhance brand influence and provide comprehensive solutions to medical institutions and consumers [8] Research and Development - The company has 11 Class III medical device products approved by the National Medical Products Administration, with a diverse pipeline including botulinum toxin and other innovative products [8] - A planned acquisition of 85% of South Korean REGEN Biotech is expected to enhance the product pipeline and accelerate international expansion [8] Profitability and Cost Management - The company’s sales, management, R&D, and financial expense ratios for 2024 are 10.93%, 4.82%, 17.88%, and -0.66% respectively, indicating an increase in sales expenses due to heightened marketing efforts [8] - The gross margin for solution products slightly decreased to 93.76%, while gel products saw an increase to 97.98% due to the growth of high-end products [8]

[Table_Title] 证券研究报告 / 公司点评报告 Q4 业绩暂时承压，丰富管线奠定长期发展基础 报告摘要： [Table_Summary] 事件： 爱美客发布 2024 年报，2024 年公司实现营收 30.26 亿元/+5.45%，归母 净利润 19.58 亿元/+5.33%，扣非归母净利润 18.72 亿元/+2.20%，非经 常性损益 0.86 亿元，主要来自公允价值变动损益和委托投资损益。Q4 单季度公司实现营收 6.50 亿元/-7.00%，归母净利润 3.72 亿元/- 15.47%，扣非归母净利润 3.41 亿元/-21.67%。拟每 10 股派发现金红利 38 元（含税）。 点评： "嗨体"渗透率进一步提高，濡白天使市场地位稳固。2024 年公司实 现营收 30.26 亿元/+5.45%，分产品看：1）溶液类产品营收 17.44 亿/占 比 57.64%/+4.40%，销量 634.63 万支/+23.44%，单价 275 元/-15.43%； "嗨体"或继续享受市场下沉红利，销量稳步增长；截至 2024 年末， 公司营销网络覆盖全国 31 个省、市、自治区，销售人员达 542 名/ ...

证券研究报告 爱美客 (300896 CH) 关注 25 年新管线落地及医美回暖进展 | 华泰研究 | | 年报点评 | | --- | --- | --- | | 2025 年 3 月 | 20 日│中国内地 | 化妆品 | 爱美客发布年报，24 全年营收 30.26 亿元/yoy5.45%，归母净利 19.58 亿元 /yoy5.33%；24Q4 营收 6.5 亿元/yoy-7%，归母净利 3.72 亿元/yoy-15%， 低于我们此前预期（此前预期营收/归母净利 31.09/20.82 亿元），主因医美 景气度承压。3 月 10 日公司公告控股子公司爱美客国际（公司持股 70%） 拟购买韩国 Regen 公司 85%股权，对价 1.90 亿美元（折合人民币约 13.86 亿元），为公司上市以来首次境外收购，收购顺利落地或为公司注入业绩动 力、提振市场信心。短期医美景气度回升或为公司业绩及估值带来修复空间； 中长期公司全球资源整合、管线扩充有望带来新成长曲线。维持买入。 凝胶类增速相对快，嗨体系列稳健增长 分产品，溶液类 17.44 亿元/yoy4.4%，溶液类产品相对成熟，增速稳健；凝 胶类 12.16 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported slightly lower-than-expected performance for 2024, with revenue of 3.03 billion yuan, a year-on-year growth of 5.5%, and a net profit attributable to shareholders of 1.96 billion yuan, also up 5.3% year-on-year [8] - The company is acquiring a controlling stake in REGEN Biotech, Inc., which opens further growth opportunities through external mergers and acquisitions [6] - The company has a robust pipeline of products under development, including various medical aesthetic products, indicating strong future potential [8] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: - 2023: 2.87 billion yuan - 2024: 3.03 billion yuan - 2025E: 3.33 billion yuan - 2026E: 3.80 billion yuan - 2027E: 4.55 billion yuan - Net profit attributable to shareholders is forecasted as: - 2023: 1.86 billion yuan - 2024: 1.96 billion yuan - 2025E: 2.15 billion yuan - 2026E: 2.44 billion yuan - 2027E: 2.87 billion yuan [7][15] - The company maintains a high gross margin of 94.6% for 2024, with a net profit margin of 64.7% [8][13] Product and Market Insights - The company has a strong presence in the domestic medical aesthetics market, with significant barriers to entry and a focus on high-margin products [8] - The revenue from direct sales channels grew by 12.4% year-on-year, while revenue from distribution channels declined by 6.0% [8] - The product structure remains stable, with solution products generating 1.74 billion yuan and gel products generating 1.22 billion yuan in revenue [8]