本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 08 月 22 日 爱美客(300896.SZ) 24H1 业绩保持增长，盈利能力不断提 升 爱美客发布 2024 年半年度报告： 1）2024 年上半年，公司实现营业收入 16.57 亿元/同比+13.53%，归 母净利润 11.21 亿元/同比+16.35%，归母扣非净利润 10.89 亿元/同 比+16.58%。经营性现金流量净额 11.50 亿元/同比+17.76%。 2）单二季度，公司实现营业收入 8.49 亿元/同比+2.35%/环比+5.04%， 归母净利润 5.93 亿元/同比+8.03%/环比+12.52%，扣非归母净利润 5.60 亿元/同比+2.46%/环比+6.02%。 盈利能力持续提升，研发费用投入加大： 1）2024 年上半年，公司归母净利率 67.65%/+1.64pcts，毛利率 94.91%/-0.50pct，销售费用率 8.52%/-1.67pcts，管理费用率 4.09%/-1.40pcts，研发费用率 7.59%/+0.44pct。公司盈利能力提升 主要得益于费用管控得当。 2）单二季度，公司归母净利率 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company experienced a slowdown in growth in Q2 2024, attributed to a high base effect. The revenue for H1 2024 was CNY 1.657 billion, a year-on-year increase of 13.5%, while Q2 revenue was CNY 849 million, up 2.3% [4]. - The company is a leader in the medical beauty sector, with a diversified product matrix expected to support long-term growth. The valuation is considered reasonable, maintaining the "Buy" rating [4]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of CNY 2.298 billion, CNY 2.975 billion, and CNY 3.658 billion respectively, with corresponding EPS of CNY 7.60, CNY 9.84, and CNY 12.10 [4]. Financial Performance - In H1 2024, the solution and gel products generated revenues of CNY 976 million (up 11.6%) and CNY 649 million (up 14.6%) respectively. The facial implant line achieved revenue of CNY 3.48 million, a year-on-year increase of 16.1% [5]. - The gross margin for H1 2024 was 94.9%, with a slight decrease of 0.5 percentage points. The gross margins for solution and gel products were 94.0% and 98.0% respectively [5]. - The overall expense ratio showed improvement, with sales, management, R&D, and financial expense ratios at 8.5% (-1.7pct), 4.1% (-1.4pct), 7.6% (+0.4pct), and -1.4% (+0.5pct) respectively [5]. Product Development and Future Growth - Existing products like "Hi Body" and "Ru White Angel" are steadily growing, enhancing brand influence. The pipeline includes several products expected to launch soon, such as Bonida 2.0 and a botulinum toxin application [6]. - The company has signed an exclusive distribution agreement with Jeisys from South Korea to expand its offerings in energy-based devices, which is expected to complement existing products [6]. - The "Beautiful Health Industry Innovation Construction Project" is progressing well, which will further expand production capacity and enrich supply [6].

证券研究报告·公司点评报告·医疗美容 爱美客（300896） 2024 中报点评：收入端实现稳健增长，净利 水平有所提升 2024 年 08 月 22 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 1939 | 2869 | 3465 | 4221 | 5121 | | 同比（%） | 33.91 | 47.99 | 20.77 | 21.82 | 21.31 | | 归母净利润（百万元） | 1264 | 1858 | 2307 | 2870 | 3478 | | 同比（%） | 31.90 | 47.08 | 24.12 | 24.43 | 21.17 | | EPS-最新摊薄（元/股） | 4.18 | 6.14 | 7.63 | 9.49 | 11.50 | ...

社会服务 2024 年 08 月 22 日 爱美客(300896.SZ) 业绩符合预期，扩充产品产线 推荐（维持） 事项： 股价：143.87 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） 435 流通 A 股市值(亿元) 300 每股净资产(元) 23.07 资产负债率(%) 4.5 行情走势图 相关研究报告 【平安证券】爱美客（300896.SZ）*首次覆盖报告*专 注专业，厚积薄发*推荐20240704 证券分析师 胡琼方 投资咨询资格编号 S1060524010002 HUQIONGFANG722@pingan.com.cn 公司 2024H1 营收 16.57 亿元(+13.53%)，归母净利润同比增长 16.35%至 11.21 亿元，扣非后为 10.89 亿元(+16.58%)。eps（基本）=3.72 元。毛利率为 94.91%(-0.5pct)，净利率为 67.68%(+1.82pct)；研发费用 1.26 亿 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [6]. Core Views - The company has demonstrated stable performance under high base conditions, with a rich pipeline of products under research and development [10]. - For the first half of 2024, the company reported revenue of 1.657 billion yuan, a year-on-year increase of 13.5%, and a net profit attributable to shareholders of 1.121 billion yuan, up 16.3% year-on-year [10]. - The company is recognized as a leader in injectable medical aesthetics, with significant product synergy and competitive advantages reflected in its product matrix [10]. Summary by Sections Financial Performance - In H1 2024, the revenue from solution-type injection products was 976.28 million yuan, an increase of 11.65% year-on-year, while gel-type injection products generated 648.97 million yuan, up 14.57% year-on-year [10]. - The company expects revenues for 2024-2026 to be 3.407 billion, 4.407 billion, and 5.614 billion yuan, respectively, with corresponding growth rates of 18.7%, 29.4%, and 27.4% [10][11]. Product Pipeline - As of H1 2024, the company's product pipeline includes: 1. Registration phase: Bonida (for chin retrusion), botulinum toxin (for glabellar lines), minoxidil topical solution 2. Clinical trial phase: Second-generation facial implant lines, lidocaine-dinocaine cream (Phase III), liraglutide injection (Phase I completed) 3. Preclinical research: Hyaluronidase, deoxycholic acid injection, semaglutide injection [10][11]. Market Strategy - The company has effectively utilized a differentiated product positioning and marketing strategy to expand its market space, enhancing brand influence through academic promotion and training [10]. - Various initiatives, such as the "Focus on Growth 2024 Decision-Makers Forum" and "Style Aesthetics," have been launched to elevate the company's brand impact [10].

Investment Rating - The report maintains a "Buy" rating for the company with a current price of 164.07 CNY [1] Core Views - The company reported a 1H2024 revenue of 1.66 billion CNY, a year-on-year increase of 13.5%, and a net profit attributable to the parent company of 1.12 billion CNY, up 16.3% year-on-year [1] - The revenue for Q2 2024 was 850 million CNY, showing a year-on-year growth of 2.3%, while the net profit attributable to the parent company was 590 million CNY, reflecting an 8.0% year-on-year increase [1] - The report highlights stable growth in solution products and continued volume increase in gel products, particularly the "Ru Bai Tian Shi" series, which has driven an increase in gross margin for gel products [1] - The company has a strong R&D capability with a rich pipeline of products, including ten Class III medical devices, which are expected to reduce reliance on the "Hai Ti" series products for revenue growth [2] Financial Performance Summary - The company’s revenue for 2024 is projected to be 3.319 billion CNY, with a growth rate of 15.66% [3] - The net profit for 2024 is forecasted at 2.149 billion CNY, with a growth rate of 15.64% [3] - The earnings per share (EPS) for 2024 is estimated to be 7.11 CNY, with corresponding price-to-earnings (P/E) ratios of 23, 20, and 16 for 2024, 2025, and 2026 respectively [2][3] - The gross margin for the company in 1H2024 was 94.9%, with a net profit margin of 67.7% [1] Product and Market Insights - The revenue from solution products and gel products for 1H2024 was 980 million CNY and 650 million CNY respectively, with year-on-year growth rates of 11.7% and 14.6% [1] - The report notes that the increase in the sales proportion of the "Ru Bai Tian Shi" product has contributed to the improvement in gross margin for gel products [1] - The company has multiple ongoing R&D projects, including a botulinum toxin injection project that has entered the review stage, which is expected to inject new growth momentum into the company's performance [1]

股票投资评级 买入|维持 个股表现 爱美客 美容护理 -49% -44% -39% -34% -29% -24% -19% -14% -9% -4% 1% 2023-08 2023-11 2024-01 2024-03 2024-06 2024-08 资料来源：聚源，中邮证券研究所 公司基本情况 | --- | --- | |-------------------------|-----------------| | 最新收盘价（元） | 164.07 | | 总股本/流通股本（亿股） | 3.02 / 2.08 | | 总市值/流通市值（亿元） | 496 / 342 | | 52 周内最高/最低价 | 453.10 / 155.16 | | 资产负债率(%) | 5.4% | | 市盈率 | 19.08 | 第一大股东 简军 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 爱美客(300896) 收入业绩稳健增长，保持高净利率 ⚫ 事件描述 公司发布 2024 年半年度报告，24H1 实现营收 16.57 亿元，同比 +13. ...

证券研究报告 | 2024年08月22日 爱美客（300896.SZ） 优于大市 上半年归母净利润同比增长 16%，医美产品矩阵有望持续丰富 上半年业绩整体增长稳健。公司 2024 上半年实现营收 16.57 亿元，同比 +13.53%，归母净利润 11.21 亿元，同比+16.35%，扣非净利润 10.89 亿元， 同比+16.58%。单二季度看，营收同比增长 2.35%，归母净利润 5.93 亿元， 同比增长 8.03%，扣非净利润同比增长 2.46%，在去年医美消费复苏高基数， 以及及今年终端因消费力需求承压背景下仍实现了稳健正增长。 医美产品管线进一步丰富，在研项目助力中长期成长。分产品看，上半年溶 液类注射产品实现营业收入 9.76 亿元，同比+11.65%，凝胶类注射产品实现 营业收入 6.49 亿元，同比+14.57%。上半年公司增资控股艾美创医疗科技（珠 海）有限公司，该公司旗下拥有"嗨爆水"水光仪，拓展了公司在医美设备 领域的布局。在研项目看，公司肉毒研发项目已获注册上市许可受理，进入 审评阶段，利拉鲁肽注射液完成 I 期临床试验。 费用率优化，现金流状况良好。公司 2024 上半年毛利率 ...

[Table_Main] 公司研究|医疗保健|制药、生物科技与生命科学 证券研究报告 爱美客(300896)公司点评报告 2024 年 08 月 22 日 [Table_Title] 24Q2 业绩高基数下增长放缓，多赛道布局新管线 ——爱美客(300896)2024 年半年报点评 [Table_Invest]买入|维持 [Table_Summary] 事件： 公司发布 2024 年半年度报告。 点评： 24Q2 业绩增速放缓，盈利能力稳居高位 2024H1 公司实现营业收入 16.57 亿元，同比增长 13.53%，实现归母净利 润 11.21 亿元，同比增长 16.35%，实现扣非归母净利润 10.89 亿元，同比 增长 16.58%。盈利能力方面，2024H1 毛利率为 94.91%，同比下降 0.5pct， 净利率为 67.68%，同比提升 1.82pct。费用端来看，2024H1 公司销售费用 率为 8.52%，同比下降 1.67pct，管理费用率为 4.09%，同比下降 1.4pct， 研发费用率为 7.59%，同比提升 0.44pct。单 Q2 公司实现营业收入 8.49 亿 元，同比增长 2. ...

24Q2 归母净利润同比+8%，在研产品储备丰富 2024 年 08 月 22 日 ➢ 事件概述。爱美客发布 2024 年半年度报告。24H1，实现营收 16.57 亿元， 同比+13.53%，归母净利润为 11.21 亿元，同比+16.35%，扣非归母净利润为 10.89 亿元，同比+16.58%；24Q2，实现营收 8.49 亿元，同比+2.35%，环比 +5.04%，归母净利润为 5.93 亿元，同比+8.03%，环比+12.52%，扣非归母净 利润为 5.60 亿元，同比+2.46%，环比+6.02%。24Q2 归母净利增速快于扣非 主要源于其他符合非经常性损益定义的损益项目（24Q2 为 1585 万元），与扣 缴个税手续费返还、多次交易分布实现企业合并后，购买日之前股权按公允价值 重新计量产生的投资收益等有关。 ➢ 凭借丰富的产品管线，产品矩阵竞争优势凸显。在产品端，公司通过差异化 产品功能定位和产品组合，为医疗机构提供多元化运营思路，发挥产品协同效应； 在营销端，通过不同品类错位竞争的策略，有效拓宽市场；在机构端，加强学术 推广培训和运营管理输出，提升品牌影响力使公司产品矩阵的竞争优势得以充分 ...