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- ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating a predicted increase of over 20% relative to the benchmark index in the next 12 months [2][7][18]. Core Insights - The company plans to acquire 85% of REGEN Biotech for $190 million, aiming for full ownership within 18 months, which will enhance its indirect stake to 70% [3]. - REGEN Biotech is a leading player in regenerative aesthetics in South Korea, known for its PDLLA injection products, with approvals in 34 countries including China [4]. - The acquisition is expected to create a comprehensive regenerative product matrix, alleviating market concerns about the company's product pipeline [5]. - The Korean factory is anticipated to serve as a global expansion platform, leveraging REGEN Biotech's existing market presence in 34 countries [5]. - The acquisition is projected to significantly boost the company's earnings, with an expected annual profit increase of 30 million yuan based on 2023 data [6]. - The report emphasizes that this acquisition will reshape the company's valuation and address concerns regarding its growth trajectory [7]. Financial Projections - The company’s total revenue is projected to grow from 2,869 million yuan in 2023 to 4,106 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 18.6% [11][14]. - The net profit attributable to the parent company is expected to rise from 1,858 million yuan in 2023 to 2,730 million yuan in 2026, with a CAGR of about 18.68% [11][14]. - The earnings per share (EPS) is forecasted to increase from 8.60 yuan in 2023 to 9.02 yuan in 2026 [11][14]. - The price-to-earnings (PE) ratio is expected to decrease from 34.22 in 2023 to 22.28 in 2026, indicating a potential valuation re-rating [11][14].

Investment Rating - The report recommends a "buy" rating for the cosmetics and medical beauty sectors, highlighting a favorable outlook for 2025 due to improved consumer expectations and policy support [4][6]. Core Insights - The report emphasizes that the cosmetics sector will focus on three key elements: domestic brands, segmentation, and cost-effectiveness, with a projected steady growth in demand for 2025 [4][6]. - The medical beauty industry is expected to benefit from improved income expectations, with domestic companies poised to become major competitors in the light medical beauty segment [4][6]. - E-commerce is identified as a growth area, with new consumption models and brands emerging to drive development [4][6]. Summary by Sections 1. Industry Performance Review - The beauty and personal care sector has not achieved excess returns in 2025 due to trading disruptions, but is expected to rebound with policy support [7][8]. - The SW beauty index has seen a growth of 0.6% since the beginning of 2025, underperforming compared to the broader A-share index [8][10]. 2. Cosmetics Sector - The report forecasts a recovery in the cosmetics demand in 2025, with a focus on high cost-performance brands benefiting from consumer preferences [15][18]. - Domestic brands are gaining market share, with significant growth in the skincare market, where domestic brands now occupy four out of the top ten positions [18][19]. - The report highlights the success of domestic brands in e-commerce platforms, particularly during promotional events, indicating a strong competitive position against international brands [21][22]. 3. Medical Beauty Sector - The medical beauty market is transitioning from a blue ocean to a red ocean, with domestic companies expanding their product lines and research pipelines [4][6]. - Key recommendations include focusing on companies with strong product pipelines and high profitability, such as Ai Meike [4][6]. 4. E-commerce Sector - The report suggests that the e-commerce sector will continue to thrive with the rise of new consumption models and brands, particularly benefiting from the growth of domestic brands [4][6]. 5. Key Company Recommendations - The report recommends several companies based on their brand matrix and growth potential, including Shangmei Co., Pulaile, and others in the cosmetics sector [4][6]. - In the medical beauty sector, Ai Meike is highlighted as a key player, with a focus on companies with strong product offerings and research capabilities [4][6].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [3][16]. Core Insights - The company announced plans to acquire 85% of the shares of Korean REGEN Biotech, Inc. for approximately $190 million, which is a significant step in its internationalization strategy and crucial for the development of its medical aesthetics business [1][2]. - REGEN Biotech is a leading company in Korea specializing in medical materials and devices, with its flagship products AestheFill and PowerFill already registered in 34 countries, showcasing strong global influence [2]. - The acquisition is expected to enhance the company's market position in injectable filling products, leveraging synergies in R&D, production, and sales to boost international revenue and profitability [3]. Financial Projections - Revenue projections for the company are estimated at 31.7 billion RMB, 39.2 billion RMB, and 47.8 billion RMB for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 20.6 billion RMB, 24.8 billion RMB, and 30.0 billion RMB [3][9]. - The company’s earnings per share (EPS) are projected to grow from 6.81 RMB in 2024 to 9.93 RMB in 2026, reflecting a strong growth trajectory [9][11]. - The report highlights a stable financial position with a low debt ratio of 4.34% and a significant increase in cash reserves projected to reach 10.65 billion RMB by 2026 [4][10]. Market Position - The company is positioned as a leader in the medical aesthetics sector, with a robust pipeline of self-developed products and strategic acquisitions to enhance its product portfolio [3][9]. - The report emphasizes the company's strong competitive edge and market leadership, supported by its innovative product offerings and successful integration of acquisitions [3][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [3][16]. Core Insights - The company announced plans to acquire 85% of the shares of REGEN Biotech, Inc. for approximately $190 million, marking a significant step in its internationalization strategy and enhancing its medical aesthetics business [1][2]. - REGEN Biotech is a leading South Korean company in the medical aesthetics sector, known for its AestheFill and PowerFill products, which have received regulatory approval in 34 countries [2]. - The acquisition is expected to strengthen the company's position in the injectable filler market, leveraging synergies in research, production, and sales to enhance international revenue and profitability [3]. Financial Projections - Revenue projections for the company are estimated at RMB 31.7 billion, RMB 39.2 billion, and RMB 47.8 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of RMB 20.6 billion, RMB 24.8 billion, and RMB 30.0 billion [3][9]. - The company’s earnings per share (EPS) are projected to grow from RMB 6.81 in 2024 to RMB 9.93 in 2026, reflecting a strong growth trajectory [9][11]. - The report anticipates a steady decline in the price-to-earnings (P/E) ratio from 28x in 2024 to 19x in 2026, indicating improving valuation metrics as the company grows [3][9]. Market Position - The company is positioned as a leader in the medical aesthetics industry, with a robust pipeline of self-developed products and strategic acquisitions to enhance its product portfolio [3][9]. - The acquisition of REGEN Biotech is expected to solidify the company's competitive edge and expand its market presence internationally [1][3].

Core Viewpoint - The article discusses the acquisition of 85% stake in REGEN Biotech, Inc. by Aimeike International, a subsidiary of Aimeike, which aims to enhance the company's regenerative medical aesthetics system and expand its international market presence [2][3]. Group 1: Acquisition Details - Aimeike International will pay $190 million in cash for the acquisition, with Aimeike Hong Kong contributing $133 million (70%) and Shou Rui Hong Kong contributing $57 million (30) [3]. - After the transaction, Aimeike will hold a 59.5% stake in REGEN Biotech, Inc., gaining actual control over the company [3]. Group 2: Product and Market Impact - REGEN Biotech, Inc. is known for its leading aesthetic products, including AestheFill and PowerFill, which have received regulatory approvals in multiple countries [4]. - AestheFill, the first imported "youthful needle" approved in China, is expected to enhance Aimeike's existing product offerings and increase the proportion of high-end product revenue [3][4]. Group 3: International Expansion - The acquisition will facilitate resource integration between Aimeike and REGEN Biotech, aiding in the rapid expansion into overseas markets [4]. - REGEN Biotech's products have been recognized for their safety and effectiveness in international markets, having received approvals in 34 countries for AestheFill and 24 countries for PowerFill [4].

Summary of Conference Call Records Company and Industry Overview - **Company**: 爱美客 (Aimeike) - **Industry**: Medical Aesthetics Key Points and Arguments 1. **Acquisition of Region Biot**: Aimeike acquired 85% of South Korea's Region Biot for $190 million, with plans to acquire the remaining 15% later, marking a significant step in building an overseas investment platform [1][3][4] 2. **Region Biot's Core Products**: Region Biot's main products include S feel and Power view, both of which are approved in multiple countries. S feel leads the market in Taiwan with a 30% share, while Power view targets male intimate area filling [1][5] 3. **Financial Performance of Region Biot**: In 2023, Region Biot reported revenue of 81.99 million RMB and a profit of 50 million RMB, with a net profit margin of 61%. However, the net profit margin is expected to drop to 41% in the first three quarters of 2024 due to increased depreciation from capacity expansion [1][6][7] 4. **Market Growth**: The global regenerative product market is projected to grow at a CAGR of 14% from 2023 to 2027, reaching $840 million by 2027, with increasing consumer acceptance in China [1][9] 5. **Capacity Expansion**: Region Biot's capacity is limited in 2024, but a new factory is expected to be operational by Q2 2025, increasing total capacity to 1.2 million units, which could lead to revenues close to 1 billion RMB if fully utilized [1][10] 6. **Investment Logic**: Aimeike's investment strategy leverages its dual attributes in the medical aesthetics industry, combining pharmaceutical and consumer characteristics, which positions it for high growth [2] 7. **Projected Financials**: Aimeike maintains profit forecasts of 2.6 billion RMB for 2025 and 3.2 billion RMB for 2026, with a target market valuation of 79.3 billion RMB based on a 30x earnings multiple [3][18] 8. **Impact of Direct Sales Model**: Transitioning to a direct sales model in China could significantly enhance profitability, with potential revenues of 1.9 billion RMB and net profits of 740 million RMB [13][14] 9. **Negotiation with Jiangsu Wuzhong**: Aimeike's negotiation with Jiangsu Wuzhong, which holds exclusive rights for S feel in China until 2032, may lead to a shift in distribution strategy, potentially increasing profitability [14][15] 10. **Strategic Significance of Acquisition**: The acquisition of Region Biot is a milestone for Aimeike, enhancing its global presence and product innovation capabilities, particularly in a fast-evolving market like South Korea [16][22] Additional Important Insights - **Market Dynamics**: The high-end medical aesthetics market has faced challenges, with companies like Allergan and Galderma reporting lower-than-expected performance due to a decline in demand in China [16][21] - **Profit Margin Considerations**: As Aimeike expands internationally, initial profit margins may decrease due to reliance on distribution models, but overall profitability could still improve with new product contributions [19][20] - **Future Growth Potential**: Despite current pressures, there is optimism for recovery in high-end medical aesthetics products, particularly as macroeconomic conditions improve [21]

此次收购是爱美客国际化战略的关键举措，旨在进一步巩固其在医美注射填充产品市场的领先地位。 REGEN Biotech的产品已在全球 34个 国家和地区获得注册批准，并建立了广泛的分销体系。 收购完成后，爱美客将整 合双方的研发、生产和销售资源，发挥协同效应，推动产品走向国际市场。此外，REGEN Biotech的核心产品 AestheFill 已于2024年1月获得中国国家药品监督管理局（NMPA）的注册批准，并在中国市场实现销售。 根据公告，爱美客计划在交割完成后的18个月内，收购REGEN Biotech剩余的15%股权，从而实现全资控股。 此次收购不仅有助于爱美客扩大资产规模，还将增强其未来盈利能力及核心竞争力。 # 关于REGEN Biotech REGEN Biotech 成立于2000年4月，总部位于韩国大田市，是一家专注于医用材料、医疗器械及医药相关产品 研发、生产与销售的高科技企业。公司与韩国科学技术院（KAIST）医学科学中心等多个领先研究机构合作， 拥有世界领先的生物可降解高分子微粒及其制备方法的相关专利。REGEN Biotech是韩国第一家、全球第三家 获得聚乳酸类皮肤填充剂产品注册证 ...

[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 2025 年 03 月 12 日 [Table_Title] 拟收购韩国 REGEN，强化再生医美全球化布局 ——爱美客(300896.SZ)公司事件点评 [Table_Summary] 事件： REGEN Biotech 核心产品在海外市场广受认可，并建立了广泛的分销体 系，渠道优势明显，其国际化业务平台将有助于爱美客产品迅速走向国际市 场，提升海外收入；同时标的公司旗下核心产品 AestheFill 市场表现优异， 有望进一步夯实公司在医美注射填充产品市场的优势，助力盈利能力提升。 投资建议与盈利预测 公司是国内医美上游头部企业，我们预计 2024-2026 年公司实现 EPS 为 6.91/8.31/10.00 元，PE29/24/20x，维持"增持"评级。 风险提示 3 月 10 日爱美客发布公告，拟通过爱美客国际以 1.9 亿美元收购韩国 REGEN Biotech，Inc.85%股份。 点评： 爱美客拟以 1.9 亿美元跨境收购韩国 REGEN，开启国际化战略 爱美客全资子公司 ...