重要提示： 公司拟以 2024 年年末总股本 302,592,061 股扣除公司回购专用证券账户持 有的股份 1,165,874 股后的 301,426,187 股为基数，向全体股东每 10 股派发现 金股利 38 元（含税），合计派发现金股利 114,541.95 万元（含税）。本年度公 司不以资本公积金转增股本，不送红股。 一、审议程序 爱美客技术发展股份有限公司（以下简称"公司"）于 2025 年 3 月 19 日召 开第三届董事会第十七次会议、第三届监事会第十三次会议，审议通过了《关于 公司 2024 年度利润分配预案的议案》，本议案尚需提交公司 2024 年度股东大会 审议。 证券代码：300896 证券简称：爱美客 公告编号：2025-009 号 爱美客技术发展股份有限公司 关于 2024 年度利润分配预案的公告 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。 二、2024 年度利润分配预案基本情况 经容诚会计师事务所（特殊普通合伙）审计，公司 2024 年度合并报表归属 于母公司所有者的净利润为 195,759.68 万元，其中母公司实现净利润 ...

商贸零售行业周报：国新办3/17召开提振消费发布 会关注新消费&顺周期 爱美客拟控股收购REGEN BIOTECH 核心观点：当前在提振消费核心政策催化下持续看好顺周期标的弹性，重视以下几条主线。 生育政策。3/5 两会政府工作报告中明确将制定促进生育政策，发放育儿补贴后；呼和浩特市3/13 发布大力度生育补贴政策，后续各地生育补贴有望陆续推出形成多点催化，关注爱婴室、孩子王、润本 股份、上美股份等；顺周期背景下关注医美、新消费在持续政策催化下高弹性机会，医美、新消费板块 因具备显著财富效应而在顺周期行情中具备最强估值弹性，核心关注爱美客、锦波生物、爱婴室、老铺 黄金、名创优品、布鲁可、潮宏基等； 美护作为消费行业中属于同时具备强韧性及强成长性的板块有望在顺周期行情中优先受益，其中核 心关注确定性高增龙头业绩超预期兑现机会，关注巨子生物、丸美生物、毛戈平、若羽臣、润本股份等 重视政策中明确的主题性行情机会。 AI+消费，政策强调将持续推进"AI+消费"以开辟高成长性消费新赛道，未来关注AI 对整个消费模 式带来的深刻变革：关注AI+眼镜博士眼镜、明月镜片；AI+运动KEEP、英派斯；AI+电商值得买、若 羽臣 ...

星标 ★ IPO日报 精彩文章第一时间推送 近期， 爱美客技术发展股份有限公司（下称" 爱美客"）发布公告，拟通过持股70%的子公司Imeik International Limited （ 下称" 爱美客国际" ） 收 购韩国REGEN Biotech，Inc．公司（下称"韩国REGEN"）85%的股权，交易金额约为1.90亿美元（约合人民币13.86亿元）。 收购完成后，爱美客将持有韩国REGEN59.5%股权，将后者纳入合并报表。值得注意的是，由于 江苏吴中医药发展股份有限公司（下称" 江苏吴中"） 拥有韩国REGEN 主要产品， 艾塑菲童颜针 在中国的独家代理权（有效期至2032年8月28日），这意味着，如果爱美客成功收购，它还将因代理权 的问题与江苏吴中打交道。 具体投资过程是，爱美客和首瑞香港分别出资70%和30%，成立了爱美客国际有限公司，作为本次交易的收购主体，股权穿透来看，爱美客实际花费1.33 亿美元（折合人民币9.7亿元）购买韩国REGEN公司59.5%股权，而公告中85%股权的剩余部分（约25.5%），则由首瑞香港出资0.57亿美元收购。 此外，公司还宣布，如果本次收购能够得到批准并完 ...

Investment Rating - The report maintains a "Buy" rating for companies in the automotive and real estate sectors, indicating a positive outlook for investment opportunities in these industries [8][11][12]. Core Insights - The automotive industry is undergoing significant changes, with a shift towards three distinct business models: Robotaxi operations, high-end manufacturing, and personalized brands. This evolution necessitates a reevaluation of traditional investment frameworks [4][7]. - The real estate sector is expected to experience a peak in debt restructuring in 2025, with companies possessing quality commercial assets likely to recover more swiftly through diversified strategies and asset management capabilities [8]. - The macroeconomic environment shows mixed signals, with U.S. economic data indicating resilience despite concerns over fiscal tightening under the Trump administration, which has impacted market sentiment negatively [1][19]. Summary by Sections Automotive Industry - The automotive sector is predicted to face a major framework adjustment, moving away from the traditional new car cycle focus. The next 5-10 years will be characterized by a "mobility revolution," particularly optimistic about the commercial viability of Robotaxi services [4]. - Companies will likely differentiate into three categories: Robotaxi operators, high-end manufacturers, and personalized brands, each requiring distinct valuation frameworks [7]. Real Estate Sector - The report suggests that 2025 may witness a peak in debt restructuring among real estate firms, with those having strong asset portfolios and diversified operations poised for recovery [8]. - Companies with quality holding properties and mature asset management capabilities are expected to lead the recovery process, leveraging REITs to restart financing channels [8]. Macroeconomic Overview - Recent U.S. economic data has been mixed, with non-farm employment figures slightly below expectations, yet not alarming enough to trigger recession fears. The market remains sensitive to fiscal policy changes under the current administration [1][19]. - The divergence in fiscal narratives between the U.S. and Europe is notable, with the U.S. leaning towards fiscal tightening while Europe is moving towards fiscal expansion, impacting market dynamics [1][19]. Fixed Income and Debt Instruments - The report discusses the issuance of convertible bonds by Yonggui Electric, highlighting its strategic focus on intelligent connectors and industry upgrades. The expected listing price for the convertible bond is projected between 127.77 and 142.08 yuan [3][27]. - The bond's protective features and moderate dilution impact are noted, with a recommendation for active subscription due to its favorable risk-return profile [27][28].

Investment Rating - The report maintains a rating of "Accumulate" for the company [4]. Core Views - The company has acquired 85% of REGEN Biotech, Inc., a leading South Korean medical aesthetics company, which is expected to create synergies in research, production, and sales [1][3]. - The acquisition is a strategic move to enhance the company's international presence and strengthen its market position in the medical aesthetics sector [8]. - The company's revenue is projected to grow significantly, with expected revenues of 3,159 million yuan in 2024, 3,743 million yuan in 2025, and 4,495 million yuan in 2026, reflecting a growth rate of 10.1%, 18.5%, and 20.1% respectively [1][9]. Financial Summary - The company's revenue for 2022 was 1,939 million yuan, with a year-on-year growth rate of 33.9%. For 2023, the revenue is expected to reach 2,869 million yuan, representing a growth rate of 48.0% [1][9]. - The net profit attributable to the parent company is projected to increase from 1,264 million yuan in 2022 to 2,072 million yuan in 2024, with corresponding growth rates of 31.9% and 11.5% [1][9]. - The company's return on equity (ROE) is expected to remain strong, with values of 28.6% in 2023 and around 25% in the following years [1][9]. Product and Market Position - REGEN Biotech, Inc. has developed two key products, AestheFill and PowerFill, which are recognized for their safety and effectiveness in the medical aesthetics market. AestheFill has received approval in 34 countries, while PowerFill has been approved in 24 countries [2]. - The company plans to leverage the acquired company's products to enhance its international market presence, particularly with AestheFill now approved for sale in China [3][8].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The report highlights that the company, Aimeike, plans to acquire a majority stake (85%) in the South Korean company Regen Biotech for a total consideration of $190 million. This acquisition is a strategic move to enhance Aimeike's international presence and strengthen its leading position in the aesthetic injection market [6][8]. - The core products of Regen, AestheFill and PowerFill, have received regulatory approvals in multiple countries, which will support Aimeike's international expansion. The new production facility in South Korea is expected to commence operations in Q2 2025, potentially driving revenue and profit growth [6][8]. - The acquisition is anticipated to create significant shareholder value in the medium to long term, facilitating Aimeike's transition from a domestic leader to an international giant in the aesthetic medicine sector [8]. Financial Projections - Revenue projections for Aimeike from 2024 to 2026 are estimated at 3.449 billion, 4.208 billion, and 5.142 billion yuan, respectively. The net profit attributable to the parent company is projected to be 2.189 billion, 2.662 billion, and 3.226 billion yuan for the same period [9][10]. - The report indicates that the price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are expected to be 27.8, 22.8, and 18.9, respectively, reflecting a positive outlook on the company's growth and profitability [9][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The report highlights that the acquisition of Korean Regen Biotech by the company is a significant step in its internationalization strategy, which will help solidify its leading position in the aesthetic injection market [6][8] - The core products of Regen, AestheFill and PowerFill, have received regulatory approvals in multiple countries, providing strong support for the company's international expansion [8] - The new production facility in Korea is expected to commence operations in the second quarter of 2025, which will likely drive revenue and profit growth [8] - The acquisition is projected to create greater shareholder value and facilitate the company's transition from a domestic leader to an international giant in the aesthetic industry [8] Financial Projections - Revenue projections for the company from 2024 to 2026 are estimated at 34.49 billion, 42.08 billion, and 51.42 billion respectively, with net profit estimates of 21.89 billion, 26.62 billion, and 32.26 billion [9][10] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 27.8, 22.8, and 18.9 respectively [9][10] - The company is expected to maintain a robust growth trajectory, with revenue growth rates of 20.20%, 22.00%, and 22.20% for the years 2024 to 2026 [10][14]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is acquiring 85% of REGEN Biotech for $190 million, enhancing its position in the regenerative medical aesthetics sector and facilitating international expansion [6] - REGEN Biotech is a leading South Korean company in medical aesthetics, known for its innovative products like AestheFill, which has a strong market presence in 34 countries [6] - The acquisition is expected to strengthen the company's market leadership in high-end regenerative medical aesthetics and optimize costs through synergies in R&D and supply chain management [6] - The company has a robust pipeline of products, including a recently approved medical-grade hyaluronic acid gel and various injectables, which supports its sustainable growth [6] Financial Summary - The company's total revenue is projected to grow from 2,869 million RMB in 2023 to 3,987 million RMB in 2026, reflecting a compound annual growth rate (CAGR) of approximately 12.35% [1][7] - Net profit attributable to the parent company is expected to increase from 2,084 million RMB in 2024 to 2,656 million RMB in 2026, with a CAGR of about 12.97% [1][7] - The earnings per share (EPS) is forecasted to rise from 6.14 RMB in 2024 to 8.78 RMB in 2026, indicating a positive trend in profitability [1][7] - The price-to-earnings (P/E) ratio is projected to decrease from 29 times in 2024 to 22.81 times in 2026, suggesting an attractive valuation as earnings grow [1][7]

证券研究报告·公司点评报告·医疗美容 执业证书：S0600520090006 wujc@dwzq.com.cn 爱美客（300896） 收购韩国 REGEN，再生医美&国际化布局再 突破 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1939 | 2869 | 3164 | 3549 | 3987 | | 同比（%） | 33.91 | 47.99 | 10.26 | 12.18 | 12.35 | | 归母净利润（百万元） | 1264 | 1858 | 2084 | 2351 | 2656 | | 同比（%） | 31.90 | 47.08 | 12.12 | 12.83 | 12.97 | | EPS-最新摊薄（元/股） | 4.18 | 6.14 | 6.89 | 7.77 | 8.78 | | P/E（现价&最新摊薄） | 47.95 | 32.60 | 29.08 | 25.77 | 22.81 | ...

顾向君 H70420@capital.com.tw 目标价(元) 210 公司基本资讯 | 产业别 | 医药生物 | | --- | --- | | A 股价(2025/3/10) | 174.89 | | 深证成指(2025/3/10) | 10825.70 | | 股价 12 个月高/低 | 282.72/132.81 | | 总发行股数(百万) | 302.59 | | A 股数(百万) | 208.62 | | A 市值(亿元) | 364.85 | | 主要股东 | 简军(31.10%) | | 每股净值(元) | 24.66 | | 股价/账面净值 | 7.09 | | | 一个月 三个月 一年 | | 股价涨跌(%) | -1.7 -19.2 -23.3 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2024-10-24 | 208.70 | 区间操作 | | 2024-08-22 | 164.07 | 买进 | | 2024-04-25 | 287.86 | 买进 | | 2024-03-21 | 342.24 | 买进 | | 2024- ...