Investment Rating - The investment rating for the company is "Buy" and is maintained [2][4] Core Views - The company reported a revenue of 2.38 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 9.5%, with a net profit attributable to the parent company of 1.59 billion yuan, up 11.8% year-on-year. However, the Q3 performance was below expectations, with revenue of 720 million yuan, a year-on-year increase of only 1.1%, and a net profit of 460 million yuan, up 2.1% year-on-year [2][3] - The revenue growth has been slowing down due to a decline in the consumption sentiment in the mid-to-high-end market, increased competition, and changes in market dynamics. The revenue growth rates for Q1, Q2, and Q3 of 2024 were 28.4%, 2.4%, and 1.1%, respectively [3] - The gross margin for the first three quarters of 2024 was 94.8%, a decrease of 0.5 percentage points year-on-year, with Q3 gross margin at 94.6%, also down 0.5 percentage points year-on-year. The company has optimized its expense ratios, with a net profit margin of 66.7% for the first three quarters, up 1.4 percentage points year-on-year [4] Financial Forecast and Investment Suggestions - The company is expected to face growth slowdown due to changes in the mid-to-high-end consumption sentiment and increased competition. However, with its industry position and future product pipeline, it is anticipated to catch up in the future. The profit forecast for 2024-2026 is adjusted to 2.06 billion yuan, 2.47 billion yuan, and 2.94 billion yuan, respectively, corresponding to P/E ratios of 32x, 27x, and 22x [4][5]

Investment Rating - The report maintains a "Buy" rating for the company [2][4] Core Insights - The company achieved a total revenue of 2.376 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 9.46%. The net profit attributable to shareholders was 1.586 billion yuan, up 11.79% year-on-year [3] - The growth rate of revenue has slowed down in Q3 2024, with a total revenue of 719 million yuan, reflecting a 1.1% increase year-on-year. The net profit for the same quarter was 465 million yuan, an increase of 2.13% [3] - The management expense ratio significantly decreased in Q3 2024, leading to an improvement in the net profit margin. The gross profit margin was 94.55%, and the net profit margin was 64.54%, with year-on-year changes of +0.52pp and +0.59pp respectively [3] - The company has received new approvals for its hyaluronic acid products and is set to commence Phase III clinical trials for its semaglutide injection, indicating a robust pipeline for future growth [3] Financial Performance Summary - The total revenue forecast for 2024 is adjusted to 3.164 billion yuan, with a year-on-year growth rate of 10.26%. The net profit forecast for 2024 is revised to 2.084 billion yuan, corresponding to a growth rate of 12.12% [4] - The earnings per share (EPS) for 2024 is projected to be 6.89 yuan, with a price-to-earnings (P/E) ratio of 31.49 based on the current market price [2][4] - The company’s operating cash flow for 2024 is expected to be 2.179 billion yuan, reflecting a steady increase [8]

Investment Rating - The report maintains a "Buy-B" rating for the company [1] Core Views - The company reported a slight year-on-year increase in revenue and net profit for Q3 2024, with revenue reaching 2.376 billion yuan (+9.46%) and net profit at 1.586 billion yuan (+11.79%) [2] - The company's gross margin for the first three quarters of 2024 was 94.8%, a slight decrease of 0.5 percentage points, while the net profit margin improved by 1.5 percentage points to 66.73% [3] - The company is expected to see new growth from its injectable botulinum toxin product, which has entered the registration phase [4] Financial Performance Summary - For Q3 2024, the company achieved revenue of 719 million yuan (+1.1%) and net profit of 465 million yuan (+2.13%) [2] - The operating cash flow for the first three quarters of 2024 was 1.534 billion yuan (+4.72%) [3] - The projected EPS for 2024-2026 is expected to be 6.70, 7.91, and 9.38 yuan respectively, with corresponding P/E ratios of 32.4, 27.4, and 23.1 [4] Revenue and Profit Forecast - The company’s revenue is forecasted to grow from 3.19 billion yuan in 2024 to 4.648 billion yuan in 2026, with year-on-year growth rates of 11.2% and 23.0% respectively [4] - Net profit is projected to increase from 2.025 billion yuan in 2024 to 2.838 billion yuan in 2026, with year-on-year growth rates of 9.0% and 18.7% respectively [4]

Investment Rating - The investment rating for the company is "Buy" with a target price of RMB 227.00 [7][8]. Core Views - The report indicates that the demand for medical aesthetics remains weak in Q3 2024, with revenue of RMB 719 million, a year-on-year increase of 1% but a quarter-on-quarter decrease of 15%. The net profit attributable to the parent company was RMB 465 million, reflecting a year-on-year increase of 2% and a quarter-on-quarter decrease of 22% [1]. - The report highlights that the medical aesthetics sector's performance is closely tied to residents' income expectations. If wealth effects continue to manifest, the sector's valuation may recover, leading to improved terminal demand and sequential performance for the company [1]. - The company has received approval for its new product, Baonida, and the registration for botulinum toxin has been accepted, which is expected to contribute to incremental performance in 2025. The company has a rich pipeline in weight loss and photonic fields [1][4]. Summary by Sections Company Financials - For Q3 2024, the company reported a gross margin of 94.55%, a year-on-year decrease of 0.52 percentage points, and a net margin of 64.54%, a year-on-year increase of 0.59 percentage points. The sales expense ratio increased slightly to 8.99% [3]. - The revenue forecast for 2024-2026 has been adjusted to RMB 21 billion, RMB 26 billion, and RMB 32 billion, with year-on-year growth rates of 12%, 27%, and 20% respectively. The expected EPS for 2024-2026 is RMB 6.88, RMB 8.73, and RMB 10.44 [5][11]. Product Pipeline - The company has a robust pipeline with several projects in progress, including the approval of Baonida for chin enhancement, and the botulinum toxin product entering the review stage. Other products in various stages include minoxidil lotion and weight loss injections [4]. Market Conditions - The report notes that the Q3 performance of the company's Hyaluronic Acid series has slowed, with expectations for the more mass-market Hyaluronic Acid 2.5 series to continue rapid growth. The high-end regenerative injectables are experiencing volume constraints due to the consumer environment [2].

公 司 季 报 点 评 证 券 研 究 报 告 公 司 报 告 爱美客(300896.SZ) 社会服务 2024 年 10 月 24 日 中高端消费受影响，Q3业绩基本持平 推荐（维持） 事项： 股价：216.98 元 | --- | --- | |----------------------------|-------------------| | | | | 主要数据 | | | 行业 | 社会服务 | | 公司网址 | www.imeik.net/cn/ | | 大股东 / 持股 | 简军 /31.10% | | 实际控制人 | 简军 | | 总股本 ( 百万股 ) | 302 | | 流通 A 股 ( 百万股 ) | 208 | | 流通 B/H 股 ( 百万股 ) | | | 总市值（亿元） | 656 | | 流通 A 股市值 ( 亿元 ) | 452 | | 每股净资产 ( 元 ) | 24.57 | | 资产负债率 (%) | 4.3 | 行情走势图 = 沪深300指数 相关研究报告 【平安证券】爱美客（300896.SZ）*半年报点评*业绩 符合预期，扩充产品产线*推荐20240822 【平 ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company reported a revenue of 2.38 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 9.5%, while the net profit attributable to the parent company was 1.59 billion yuan, up 11.8% year-on-year. In Q3 2024, revenue was 720 million yuan, with a growth of 1.1%, and net profit was 460 million yuan, growing by 2.1% year-on-year [3]. - The overall consumption weakness has impacted the quarterly performance, with the medical beauty industry facing pressure in July and August, leading to a decline in consumer willingness to spend. The report estimates that the HiTi product series continues to show steady growth, but high-end products, particularly regenerative products, are significantly affected due to increased competition [4]. - The decline in the revenue proportion of high-end product lines has led to a slight decrease in gross margin, while effective cost control has improved net profit margin. The gross margin for the first three quarters of 2024 was 94.8%, down 0.5 percentage points year-on-year, while the net profit margin increased by 1.4 percentage points to 66.7% [4]. - The company has made progress in its research projects, with new products approved and clinical trials initiated, which are expected to reduce reliance on major products like HiTi and support future growth [4]. - Due to macroeconomic impacts and increased market competition, the revenue forecasts for 2024-2026 have been revised downwards to 3.139 billion, 3.767 billion, and 4.634 billion yuan, respectively, with corresponding net profit estimates adjusted to 2.058 billion, 2.413 billion, and 2.893 billion yuan [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 2.38 billion yuan, with a year-on-year growth of 9.5%, and a net profit of 1.59 billion yuan, up 11.8% [3]. - Q3 2024 results showed a revenue of 720 million yuan, growing by 1.1%, and a net profit of 460 million yuan, increasing by 2.1% [3]. Cost Management - The gross margin for the first three quarters of 2024 was 94.8%, a decrease of 0.5 percentage points year-on-year, while the net profit margin improved to 66.7%, an increase of 1.4 percentage points [4]. - The company effectively managed its expenses, with a decrease in the expense ratio by 1.1 percentage points to 19.3% for the first three quarters of 2024 [4]. Product Development - The company has received approval for new products and is advancing several research projects, which are expected to enhance its product portfolio and reduce dependency on existing major products [4]. Market Outlook - The report anticipates a slowdown in the medical beauty industry due to macroeconomic factors and increased competition, leading to revised revenue and profit forecasts for the coming years [4].

证券代码：300896 证券简称：爱美客 公告编号：2024-040 号 爱美客技术发展股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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"）于 2024 年 10 月 23 日 召开了第三届董事会第十四次会议，决定于 2024 年 11 月 14 日（星期四）下午 15:00 召开 2024 年第一次临时股东大会（以下简称"本次会议"）。 现将会议的有关情况通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第一次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性： 公司于 2024 年 10 月 23 日召开第三届董事会第十四次会议，审议通过了《关 于提请召开公司 2024 年第一次临时股东大会的议案》，决议召开本次股东大会， 并同意将相关议案提交本次股东大会审议。 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。 4、会议召开的日期、时间： （1） ...

归属条件的法律意见书 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 调整 2023 年第一期限制性股票激励计划授予价格及数量、 部分限制性股票作废及 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 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 调整 2023 年第一期限制性股票激励计划授予价格及数量、部分 限制性股票作废及 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 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"或"海润天睿"）接受爱美客技 术发展股份有限公司（以下简称"爱美客"或"公司"）的委托，作为爱美客 2023 年第一期限制性股票激励计划（以下简称"本次股权激励计划""本激励计划"或 "本计划"）的特聘专项法律顾问。 本所律师根据《中华人民共和国公司法》（以下 ...

之 独立财务顾问报告 公司简称：爱美客 证券代码：300896 上海荣正企业咨询服务（集团）股份有限公司 关于 爱美客技术发展股份有限公司 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 2024 年 10 月 | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、本次限制性股票激励计划的审批程序 6 | | 五、本次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情况 8 | | 六、独立财务顾问结论性意见 12 | 本独立财务顾问对本报告特作如下声明： （一）本独立财务顾问报告所依据的文件、材料由爱美客提供，本计划所涉及 的各方已向独立财务顾问保证：所提供的出具本独立财务顾问报告所依据的所有文 件和材料合法、真实、准确、完整、及时，不存在任何遗漏、虚假或误导性陈述， 并对其合法性、真实性、准确性、完整性、及时性负责。本独立财务顾问不承担由 此引起的任何风险责任。 （二）本独立财务顾问仅就本次限制性股票激励计划对爱美客股东是否公平、 合理，对股东的权益和上市公司持续经营 ...

证券代码：300896 证券简称：爱美客 公告编号：2024-037号 爱美客技术发展股份有限公司 关于调整 2023 年第一期限制性股票激励 计划授予价格及数量的公告 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"）于 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 调整 2023 年第一期限制性股票激励计划授予价格及数量的议案》，现将有关事 项说明如下： 一、激励计划履行的相关审批程序 5、2023 年 10 月 17 日，公司第三届董事会第八次会议和第三届监事会第六 次会议审议通过了《关于调整 2023 年第一期限制性股票激励计划授予价格的议 案》《关于向 2023 年第一期限制性股票激励计划激励对象授予预留限制性股票 的议案》，公司独立董事对相关事项发表了独立意见，认为激励对象主体资格合 法、有效，确定的预留授予日符合相关规定。监事会对本次授予限制性股票的激 励对象名单进行了核实并发表了核查意见。 6、2024 年 10 月 23 日，公司第三届董 ...