Investment Rating - The investment rating for the company is "Accumulate" [3][6]. Core Insights - The company reported a revenue of 2.87 billion yuan, representing a 48.0% increase year-on-year, and a net profit attributable to shareholders of 1.86 billion yuan, up 47.1% [2][6]. - The gross margin improved to 95.09%, benefiting from an increase in the proportion and gross margin of gel injection products [2]. - The product "Ru Bai Tian Shi" continued to show high growth, with gel injection products generating 1.16 billion yuan in revenue, a 81.43% increase [2]. Financial Performance - Revenue growth by quarter: Q1 +46%, Q2 +83%, Q3 +18%, Q4 +56% [2]. - Net profit growth by quarter: Q1 +51%, Q2 +77%, Q3 +13%, Q4 +59% [2]. - The company achieved a net profit margin of 64.77% [2]. Product and Market Development - The company has a rich pipeline of products, including medical-grade polyvinyl alcohol gel microspheres and A-type botulinum toxin, currently in the registration phase [2]. - The company has established a direct sales team of over 400 personnel covering approximately 7,000 medical beauty institutions in China, with a direct sales ratio of 62.26% [2]. Future Projections - The company expects net profits of 2.56 billion yuan, 3.36 billion yuan, and 4.32 billion yuan for the years 2024, 2025, and 2026, respectively [6][7]. - Earnings per share (EPS) are projected to be 11.81 yuan, 15.53 yuan, and 19.95 yuan for the same years, with corresponding price-to-earnings (P/E) ratios of 30, 23, and 18 [6][7].

Investment Rating - The investment rating for the company is "Buy" [1][15]. Core Views - The company achieved a revenue of 2.869 billion yuan in 2023, representing a year-on-year increase of 47.99%, and a net profit attributable to shareholders of 1.858 billion yuan, also up by 47.08% [4][8]. - The company's ROE exceeded 30% in 2023, indicating strong profitability and efficient use of equity [10][15]. - The company is expected to continue its growth trajectory with a projected net profit of 2.451 billion yuan in 2024, reflecting a year-on-year growth of 32% [15]. Financial Performance - In Q4 2023, the company reported a revenue of 699 million yuan, a year-on-year increase of 55.55%, and a net profit of 440 million yuan, up by 59% [4][8]. - The gross margin for 2023 was 95.09%, with a slight year-on-year increase of 0.25 percentage points [10][11]. - The net profit margin for 2023 was 64.65%, showing a slight decrease of 0.73 percentage points year-on-year [10][11]. Product Performance - The solution injection products generated 1.671 billion yuan in revenue in 2023, accounting for 58.22% of total revenue, with a year-on-year growth of 29.22% [6][10]. - The gel injection products saw significant growth, achieving 1.158 billion yuan in revenue, which is an 81.43% increase year-on-year, and accounted for 40.35% of total revenue [6][10]. - The company has expanded its coverage to nearly 7,000 institutions, an increase of about 2,000 from the previous year, enhancing growth certainty for its product lines [6][10]. Future Outlook - The company is advancing its product pipeline, with key products entering the registration phase, which is expected to enhance growth certainty post-2025 [15]. - The projected net profits for 2024, 2025, and 2026 are 2.451 billion yuan, 3.176 billion yuan, and 4.058 billion yuan, respectively, indicating a consistent growth trend [15].

· [Table_Main] 证券研究报告 | 公司点评 爱美客(300896.SZ) 2024年03月20日 爱美客：归母净利同增 47%，管 买入（维持） 所属行业：美容护理/医疗美容 线成长持续验证 当前价格(元)：342.24 证券分析师 投资要点 赵雅楠 资格编号：S0120523070002 净利润同增 47%，业绩持续兑现：公司 2023 全年实现营收 28.69 亿元  邮箱：zhaoyn＠tebon.com.cn （yoy+48.0%），归母净利 18.58 亿元（yoy+47.1%），扣非归母净利 18.31 亿元 张望 （yoy+52.9%），受益于同期消费环境改善与客流回暖，Q4单季度实现收入 6.99 资格编号：S0120524010002 亿元（yoy+55.6%），归母净利4.40亿元（yoy+62.2%）。高端产品发力带动全年 邮箱：zhangwang＠tebon.com.cn 整体毛利率同增0.25pcts至95.1%，期间销售团队扩充与营销费用增加致使销售 研究助理 费用率同增 0.68pcts 至 9.07%，管理/研发费用率同减 1.44pcts/0.21pcts 至 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a total revenue of 2.869 billion yuan in 2023, representing a year-on-year increase of 47.99%, and a net profit attributable to shareholders of 1.858 billion yuan, also up by 47.08% [2][3] - The fourth quarter of 2023 saw accelerated growth, with revenue reaching 699 million yuan (+55.55%) and net profit of 440 million yuan (+59%), indicating a significant increase compared to the previous quarter [3] - The "Ru Bai Tian Shi" product line continues to see rapid growth, contributing significantly to revenue, while the "Hi Body" series maintains stable growth [3] Summary by Relevant Sections Financial Performance - In 2023, the company reported a gross margin of 95.09% (+0.24 percentage points) and a net profit margin of 64.65% (-0.73 percentage points), maintaining high profitability levels [3] - The company forecasts total revenue of 3.887 billion yuan for 2024, with a year-on-year growth rate of 35.48% [2][4] Business Segments - Revenue from gel injection products reached 1.158 billion yuan (+81.43%), driven by the strong sales of "Ru Bai Tian Shi" [3] - Revenue from solution injection products, primarily from "Hi Body," was 1.671 billion yuan (+29.22%) [3] Product Development and Market Expansion - The company announced exclusive distribution of medical beauty equipment from Jeisys Medical Inc., expanding its product offerings [3] - Several new products are in the pipeline, including a modified hyaluronic acid gel and botulinum toxin injections, which are expected to provide new growth opportunities [3] Valuation and Earnings Forecast - The net profit forecast for 2024 is adjusted to 2.512 billion yuan, with estimates for 2025 and 2026 at 3.255 billion yuan and 4.083 billion yuan, respectively [4] - The current price-to-earnings ratio is projected to be 30 for 2024, 23 for 2025, and 19 for 2026 [4]

业绩简评 2024 年 3月 19 日，公司发布2023年年度报告。2023年公司实现 收入 28.69 亿元（+48%），归母净利润 18.58 亿元（+47%），扣非归 母净利润18.31 亿元（+53%）； 单季度看，公司2023Q4 实现收入6.99 亿元（+56%），归母净利润 4.40 亿元（+62%），扣非归母净利润 4.36 亿元（+88%）。 经营分析 毛利率稳步提升，销售渠道持续扩张。利润端，2023 年公司实现 销售毛利率95.09%，同比增长 0.24pct，主要系产品结构优化，高 毛利凝胶类注射产品占比提升7.44pct。同时公司实现销售净利率 64.65%，净利率稳健。渠道端，公司加强国内市场建设，截至2023 年末，公司拥有超过400 名（22 年超300 名）销售和市场人员， 人民币(元) 成交金额(百万元) 覆盖全国 31 个省、市、自治区，覆盖国内大约 7000 家医疗美容 602.00 2,500 机构（22年为5000 家）。 546.00 2,000 注射凝胶类收入高增，注射溶液类收入稳步提升。分产品来看， 490.00 1,500 2023 年凝胶类注射产品实现收入 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 352.91 RMB [1] Core Views - The company's flagship products, "Hi Body" and the high-end regenerative product "Roumei Angel," continue to drive growth despite industry pressures [4] - The company's product portfolio has expanded, covering 31 provinces, municipalities, and autonomous regions in China, with approximately 7,000 medical beauty institutions [4] - The company's direct sales and distribution model revenues were 1.787 billion RMB and 1.083 billion RMB, respectively, with year-on-year growth of 43.1% and 56.9% [4] - The company's gross margin improved to 95.1% in 2023, driven by the growth of high-end products like "Roumei Angel" [5] - The company has a robust pipeline of products, including "Botulinum Toxin Type A for Injection" and "Bonita 2.0," which are in the registration application stage [6] Financial Performance - In 2023, the company achieved revenue of 2.869 billion RMB, a year-on-year increase of 48.0%, and net profit attributable to the parent company of 1.858 billion RMB, a year-on-year increase of 47.1% [4] - In Q4 2023, the company achieved revenue of 699 million RMB, a year-on-year increase of 55.5%, and net profit attributable to the parent company of 440 million RMB, a year-on-year increase of 62.2% [4] - The company's operating cash flow in 2023 was 1.954 billion RMB, a year-on-year increase of 63.7% [4] - The company's R&D expenses in 2023 were 250 million RMB, a year-on-year increase of 44.5%, with R&D personnel accounting for 26.7% of the total workforce [5] Product Performance - In 2023, the company's solution-based and gel-based products achieved revenues of 1.671 billion RMB and 1.158 billion RMB, respectively, with year-on-year growth of 29.2% and 81.4% [4] - The sales volume of solution-based and gel-based products in 2023 was 5.1413 million units and 1.0068 million units, respectively, with year-on-year growth of 48.9% and 36.1% [4] - The average unit price of solution-based products decreased by 13.2% to 325 RMB, while the average unit price of gel-based products increased by 33.3% to 1,150 RMB [4] Future Outlook - The company is expected to achieve revenues of 4.049 billion RMB, 5.487 billion RMB, and 6.892 billion RMB in 2024, 2025, and 2026, respectively [6] - The company's net profit attributable to the parent company is expected to be 2.522 billion RMB, 3.321 billion RMB, and 4.153 billion RMB in 2024, 2025, and 2026, respectively [6] - The company's EPS is expected to be 11.66 RMB, 15.35 RMB, and 19.19 RMB in 2024, 2025, and 2026, respectively [6] - The company's PE ratio is expected to be 30x, 23x, and 18x in 2024, 2025, and 2026, respectively [6]

医疗器械 爱美客（300896.SZ） 买入-B(维持) 管线布局日趋完善，产品市场渗透率进一步提升 2024年3月20日 公司研究/公司快报 公司近一年市场表现 事件描述  公司发布2023年报，期内实现营收28.69亿元（+47.99%），归母净利 润18.58亿元（+47.08%），扣非归母净利润18.31亿元（+52.95%），完成2023 年股权激励目标；EPS8.6元。拟向全体股东每10股派23.23元现金红利（含 税）、每10股转增4股。2023Q4实现营收6.99亿元（+55.55%），归母净利 润4.4亿元（+59%），扣非归母净利润4.36亿元（+87.73%）。 事件点评  溶液类产品高基数下获近30%增速，凝胶类产品实现收入、高毛利率 市场数据：2024年3月19日 双突破，化妆品业务放量明显。期内溶液类注射产品实现营收 16.7 亿元 收盘价（元）： 352.91 （+29.22%），占收入比重58.21%（-8.46pct），产销比104.39%（+19.36pct）， 年内最高/最低（元）： 595.08/263.21 毛利率94.48%（+0.25pct）。凝胶类注射产品实 ...

爱美客（300896.SZ）2023年年报点评 2023 年归母净利润同比+47%，业绩符合预期 2024年03月20日 ➢ 事件概述：公司于 3 月 19 日发布 2023 年报，实现营业收入 28.69 亿元，同比 推荐 维持评级 +47.99%；实现归母净利润18.58亿元，同比+47.08%；扣非归母净利润为18.31亿元， 同比+52.95%。其中，Q4实现营业收入6.99亿元，同比+55.55%；实现归母净利润4.40 当前价格： 352.91元 亿元，同比+59.00%；实现扣非归母净利润4.36亿元，同比+87.73%。 ➢ 产品矩阵差异化布局，拉动收入持续上行。从产品角度，公司凭借全方位且具备差异 化的产品矩阵与清晰的产品定位，产品竞争力与影响力日益增强。2023年，溶液类注射 [Table_Author] 产品营业收入为16.71亿元，同比+29.22%，在营收中占比58.22%，其中，以“嗨体” 为核心的溶液类注射产品稳步增长，“嗨体”系列产品上市以来在医美机构端较充分渗透， 主要由机构复购拉动收入增长；凝胶类注射产品收入 11.58 亿元，同比+81.43%，在营 收中的比重同比+7. ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue growth of 48.0% year-on-year in 2023, reaching 2.869 billion yuan, and a net profit growth of 47.1%, amounting to 1.858 billion yuan. The fourth quarter alone saw a revenue increase of 55.6% and a net profit increase of 59.0% [5][6] - Despite increasing market competition, the company's product, channel, and research capabilities remain in the leading tier of the industry, justifying a reasonable valuation and the "Buy" rating [5][6] Financial Performance Summary - In 2023, the company's solution products generated revenue of 1.671 billion yuan (up 29.2% year-on-year), while gel products achieved 1.158 billion yuan (up 81.4% year-on-year), with the "Ru Bai Tian Shi" product continuing to show strong growth [6] - The gross margin for 2023 was 95.1% (up 0.2 percentage points), and the net margin was 64.6% (down 0.7 percentage points). The sales, management, and R&D expense ratios were 9.1%, 5.0%, and 8.7%, respectively [6] - The company forecasts net profits for 2024-2026 to be 2.444 billion yuan, 3.139 billion yuan, and 3.951 billion yuan, respectively, with corresponding EPS of 11.29 yuan, 14.51 yuan, and 18.26 yuan [5][8] Product and Market Strategy - The company is expected to maintain steady growth in its core product "Hai Ti" and anticipates continued rapid growth for "Ru Bai Tian Shi" in the gel category. The company is also expanding its product lines and enhancing its channel coverage, with over 400 sales personnel covering approximately 7,000 medical beauty institutions by the end of 2023 [7] - The company is actively pursuing investment opportunities and plans to register products overseas, which may further enhance growth potential [7]

上 市 公 司 美容护理 2024年03月20日 爱美客 (300896) 公 司 研 究 ——业绩符合市场预期，顺利完成 23 年股权激励目标 / 公 司 点 报告原因：有业绩公布需要点评 评 投资要点： 买入 （维持） ⚫ 公司发布2023年年报，业绩符合市场预期。据公司公告（下同）：1）23年实现营收28.7 亿元，同比增长48%；归母净利润18.7亿元，同比增长47.1%；扣非净利润18.3亿元， 同比增长53%。23Q4单季度营收7亿元，同比增长55.6%，归母净利润4.4亿元，同比 证 市场数据： 2024年03月19日 券 增长59%；扣非净利润4.4亿元，同比增长87.7亿元。拟向全体股东每10股派发现金股 收盘价（元） 352.91 研 一年内最高/最低（元） 595.08/263.21 利23.23元（含税），以资本公积金转增股本，每10股转增4股，合计转增8608.8万股。 究 市净率 12.0 报 息率（分红/股价） 0.52 ⚫ 高单价“双生天使”带动综合毛利率持续提升，研发与管理费用率控制得力，小幅回调， 告 流通A股市值（百万元） 52667 疫后营销活动重启，带高销售费用率，综 ...