Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company has shown continuous improvement in profitability, with a strong pipeline of products under development [2]. - For the first three quarters of 2024, the company achieved revenue of 2.376 billion yuan, a year-on-year increase of 9.46%, and a net profit attributable to shareholders of 1.586 billion yuan, up 11.79% year-on-year [2]. - The gross margin remains stable at 94.80% for the first three quarters of 2024, with a net profit margin of 66.73%, reflecting enhanced profitability [2]. - The company is expected to achieve revenues of 3.213 billion, 3.626 billion, and 4.013 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.090 billion, 2.373 billion, and 2.636 billion yuan [3][5]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 719 million yuan, a year-on-year increase of 1.10%, and a net profit of 465 million yuan, up 2.13% year-on-year [2]. - The company’s gross margin for Q3 2024 was 94.55%, a slight decrease of 0.52 percentage points year-on-year [2]. - The net profit margin for Q3 2024 was 64.54%, an increase of 0.59 percentage points year-on-year [2]. Product Development - The core product, "Hi Body," has achieved significant penetration in medical beauty institutions, with future growth driven by institutional repurchases [2]. - The company has a rich pipeline of products, including new indications for existing products and several projects in various stages of clinical trials [2]. Investment Outlook - The company is expected to benefit from its first-mover advantage in the medical beauty sector, with continuous growth in regenerative materials and a robust product pipeline [2]. - The projected PE ratios for 2024, 2025, and 2026 are 30, 27, and 24, respectively, indicating a favorable valuation outlook [3][5].

Investment Rating - The investment rating for the company is "Outperform the Market" [1][8][12] Core Views - The company has shown steady growth in the first three quarters of 2024, with revenue reaching 2.376 billion yuan, a year-on-year increase of 9.46%, and net profit attributable to the parent company at 1.586 billion yuan, up 11.79% year-on-year [1][4] - The company continues to enhance its product pipeline, with core products like the Hi-Body series achieving double-digit growth in the latest quarter [1][6] - The medical beauty industry has significant long-term penetration potential, and under regulatory compliance trends, leading companies will further highlight their advantages [1][6][8] Financial Performance Summary - For the first three quarters of 2024, the company reported a gross margin of 94.55%, a slight decrease of 0.52 percentage points year-on-year, primarily due to changes in product mix [1][6] - The operating cash flow for the first three quarters was 1.535 billion yuan, reflecting a year-on-year growth of 4.72% [1][6] - The company has adjusted its net profit forecasts for 2024-2026 to 2.122 billion, 2.493 billion, and 2.868 billion yuan respectively, with corresponding PE ratios of 30.1, 26.3, and 22.8 times [1][8][9] Product Development and Market Position - The company is actively expanding its product matrix, with recent approvals for new medical products, including a cross-linked sodium hyaluronate gel and a semaglutide injection [1][6] - The company maintains a stable expense ratio, with the sales expense ratio at 8.99% and the management expense ratio decreasing to 3.3% [1][6]

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：2024-038号 爱美客技术发展股份有限公司 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及第三届监事会第十一次会议，审议通过了《关于 作废 2023 年第一期限制性股票激励计划部分已授予尚未归属的限制性股票的议 案》，现将相关事项说明如下: 一、2024 年限制性股票激励计划已履行的相关审批程序 1、2023 年 3 月 8 日，公司召开第三届董事会第三次会议，审议通过了《关 于<公司 2023 年第一期限制性股票激励计划（草案）>及其摘要的议案》《关于 <公司 2023 年第一期限制性股票激励计划实施考核管理办法>的议案》《关于提 请股东大会授权董事会办理 2023 年第一期限制性股票激励计划相关事宜的议 案》等议案，公司独立董事就本次股权激励计划是否有利于公司的持续发展及是 否存在损害公司及全体股东利益的情形发表了独立意见。 同日，公司召开第三届监事会第二次会议，审议通过了《关于<公司 2023 年第一期限制性股票激励计划（草案）>及其摘要的议案》《关于<公司 2023 年 第一期限 ...

爱美客技术发展股份有限公司 会计师事务所选聘制度 爱美客技术发展股份有限公司 会计师事务所选聘制度 第一章 总则 第一条 为规范爱美客技术发展股份有限公司 以下简称 公司"）选聘 含 续聘、改聘，下同）会计师事务所相关行为，根据 中华人民共和国公司法》 中 华人民共和国证券法》 国有企业、上市公司选聘会计师事务所管理办法》等法 律、法规、规范性文件和 爱美客技术发展股份有限公司公司章程》 以下简称 公司章程》"）的有关规定，结合公司实际情况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指根据相关法律法规要求，聘任 含选聘、续聘、改聘）会计师事务所对公司上市主体合并财务报表及财务报告 发表审计意见、出具审计报告的行为。 第三条 公司选聘或解聘会计师事务所，应当由董事会审计委员会 以下简 称 审计委员会"）审议同意后，提交董事会审议，并由股东大会审议。公司不 得在董事会、股东大会审议前聘请会计师事务所开展审计业务。 第四条 公司控股股东、实际控制人不得向公司指定会计师事务所，不得干 预审计委员会、董事会及股东大会独立履行审核职责。 第二章 会计师事务所执业质量要求 第五条 公司选聘的会计师事务所应当具备下 ...