证券研究报告 公司点评 爱美客(300896.SZ) 2024 年 08 月 23 日 评级 买入 | --- | --- | |---------------------|---------------| | | 维持 | | 交易数据 | | | 当前价格（元） | 141.30 | | 52 周价格区间（元） | 141.30-453.10 | | 总市值（百万） | 42734.50 | | 流通市值（百万） | 29456.10 | | 总股本（万股） | 30243.80 | | 流通股（万股） | 20846.50 | 涨跌幅比较 爱美客 美容护理 -51% -31% -11% 9% 29% 2023-08 2023-11 2024-02 2024-05 2024-08 % 1M 3M 12M 爱美客 -16.86 -36.75 -52.77 美容护理 -11.01 -25.85 -38.38 张曦月 分析师 执业证书编号:S0530522020001 zhangxiyue@hnchasing.com 相关报告 1 爱美客（300896.SZ）2024 年一季报点评：业 绩增长符合预期，期待核心 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 189 CNY, compared to the current price of 143.87 CNY [2][3]. Core Insights - The company achieved a revenue of 1.657 billion CNY in H1 2024, representing a year-on-year growth of 13.53%. The gross profit was 1.573 billion CNY with a gross margin of 94.91%, a slight decrease of 0.50 percentage points year-on-year. The net profit attributable to the parent company was 1.121 billion CNY, up 16.35% year-on-year, with a net profit margin of 67.65%, an increase of 1.64 percentage points year-on-year [2]. - In Q2 2024, the company reported revenue of 849 million CNY, a growth of 2.35% year-on-year. The gross profit was 809 million CNY with a gross margin of 95.26%, down 0.24 percentage points year-on-year. The net profit attributable to the parent company was 593 million CNY, up 8.03% year-on-year, with a net profit margin of 69.92%, an increase of 3.68 percentage points year-on-year [2][3]. - The company is focusing on the launch of its product pipeline, with expectations for multiple products to be approved post-2025, enhancing its product matrix and competitive advantage [3]. Financial Summary - For the fiscal years 2023A to 2026E, the total revenue is projected to grow from 2.869 billion CNY in 2023 to 5.601 billion CNY in 2026, with year-on-year growth rates of 48.0%, 22.3%, 26.9%, and 25.7% respectively [4]. - The net profit attributable to the parent company is expected to increase from 1.858 billion CNY in 2023 to 3.588 billion CNY in 2026, with corresponding growth rates of 47.1%, 22.8%, 25.1%, and 25.7% [4]. - The earnings per share (EPS) is forecasted to rise from 6.14 CNY in 2023 to 11.86 CNY in 2026, with a price-to-earnings (P/E) ratio decreasing from 23 to 12 over the same period [4].

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase exceeding the relative benchmark index by more than 15% [1][9]. Core Insights - The company's net profit growth rate outpaces revenue growth, with improvements in expense management noted [1]. - The company has a rich pipeline of products under research, including the injectable type A botulinum toxin, which has entered the registration application stage, and two non-invasive skin rejuvenation devices in collaboration with Jeisys from South Korea [2][5]. - The projected earnings per share (EPS) for 2024-2026 are 7.58, 9.69, and 11.90 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 19, 14.9, and 12.1 times [2][5]. Financial Performance Summary - For the first half of 2024, the company achieved revenue of 1.657 billion yuan, a year-on-year increase of 13.53%, and a net profit of 1.12 billion yuan, up 16.35% [4]. - The second quarter of 2024 saw revenue of 849 million yuan, growing 2.35% year-on-year, and a net profit of 593 million yuan, an increase of 8.03% [4]. - The gross margin for the first half of 2024 was 94.91%, with a net margin of 67.65%, reflecting stable profit levels and improved expense ratios [5]. Product and Market Insights - Solution products continue to be the main revenue contributor, with injection solutions generating 976 million yuan in revenue, up 11.65%, and gel products reaching 649 million yuan, a 14.57% increase [5]. - The company is progressing well with its research projects, with several products at various stages of clinical trials and registration [5][8]. Financial Projections - Revenue projections for 2024-2026 are 3.596 billion, 4.623 billion, and 5.705 billion yuan, respectively, with net profit estimates of 2.292 billion, 2.930 billion, and 3.600 billion yuan [6][8]. - The company is expected to maintain a gross margin of around 95% and a net margin of approximately 63% over the next few years [7][8].

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. ...