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 ...

证券代码：300896 证券简称：爱美客 公告编号：2024-040 号 爱美客技术发展股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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。 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 召开了第三届董事会第十四次会议，决定于 2024 年 11 月 14 日（星期四）下午 15:00 召开 2024 年第一次临时股东大会（以下简称"本次会议"）。 现将会议的有关情况通知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第一次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性： 公司于 2024 年 10 月 23 日召开第三届董事会第十四次会议，审议通过了《关 于提请召开公司 2024 年第一次临时股东大会的议案》，决议召开本次股东大会， 并同意将相关议案提交本次股东大会审议。 本次股东大会的召集程序符合有关法律、行政法规、部门规章、规范性文件、 深圳证券交易所业务规则和《公司章程》等有关规定。 4、会议召开的日期、时间： （1） ...

证券代码：300896 证券简称：爱美客 公告编号：2024-037号 爱美客技术发展股份有限公司 关于调整 2023 年第一期限制性股票激励 计划授予价格及数量的公告 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。 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和第三届监事会第十一次会议，审议通过了《关于 调整 2023 年第一期限制性股票激励计划授予价格及数量的议案》，现将有关事 项说明如下： 一、激励计划履行的相关审批程序 5、2023 年 10 月 17 日，公司第三届董事会第八次会议和第三届监事会第六 次会议审议通过了《关于调整 2023 年第一期限制性股票激励计划授予价格的议 案》《关于向 2023 年第一期限制性股票激励计划激励对象授予预留限制性股票 的议案》，公司独立董事对相关事项发表了独立意见，认为激励对象主体资格合 法、有效，确定的预留授予日符合相关规定。监事会对本次授予限制性股票的激 励对象名单进行了核实并发表了核查意见。 6、2024 年 10 月 23 日，公司第三届董 ...

证券代码：300896 证券简称：爱美客 公告编号：2024-034号 爱美客技术发展股份有限公司 第三届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，不存在虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 爱美客技术发展股份有限公司（以下简称"公司"）第三届董事会第十四 次会议于 2024 年 10 月 23 日上午 10:00 在公司会议室以现场与通讯表决相结 合的方式召开。本次会议应到董事 9 人，实到董事 9 人。会议通知已于 2024 年 10 月 18 日通过邮件和电话的方式送达各位董事。 本次会议的召开符合《中华人民共和国公司法》《公司章程》以及有关法律、 法规的规定。会议由公司董事长简军主持，监事和高级管理人员列席了会议。 二、董事会会议审议情况 与会董事对本次会议的议案进行了充分讨论，审议通过以下议案： 1、审议通过了《关于<公司 2024 年第三季度报告>的议案》 本议案已经公司董事会审计委员会审议通过。 具体内容详见公司2024年10月24日披露于巨潮资讯网（www.cninfo.com.cn） 的相关公告。 2、审议通过了《关于制定<会 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥718,648,596.62, representing a 1.10% increase year-over-year, while the total revenue for the year-to-date reached ¥2,375,558,559.03, up by 9.46% compared to the same period last year[2]. - Net profit attributable to shareholders for Q3 2024 was ¥464,608,203.67, a 2.13% increase year-over-year, with a year-to-date net profit of ¥1,585,514,287.73, reflecting an 11.79% increase[2]. - Total operating revenue for Q3 2024 reached ¥2,375,558,559.03, an increase of 9.4% compared to ¥2,170,298,285.58 in the same period last year[15]. - The net profit for Q3 2024 reached ¥1,585.19 million, compared to ¥1,415.73 million in the same period last year, marking an increase of approximately 11.95%[16]. - The company's total profit for Q3 2024 was ¥1,854.35 million, an increase from ¥1,648.71 million in Q3 2023, reflecting a growth of approximately 12.49%[16]. Earnings and Shares - The basic earnings per share for Q3 2024 decreased by 26.56% to ¥1.54, while the diluted earnings per share also stood at ¥1.54, showing a similar decline[2]. - The basic earnings per share for Q3 2024 was ¥5.26, down from ¥6.56 in Q3 2023, representing a decline of about 19.84%[16]. - The total number of common shareholders at the end of the reporting period is 61,517[7]. - The largest shareholder, Jian Jun, holds 31.10% of the shares, totaling 94,062,420 shares[7]. - The second-largest shareholder, Xiamen Zhixin Junxing Investment Partnership, holds 6.42% of the shares, totaling 19,428,142 shares[7]. - The total number of restricted shares held by Jian Jun is 70,546,815, which is subject to lock-up due to executive restrictions[11]. - The total number of restricted shares for all executives at the end of the period is 93,973,381[11]. - The company has seen an increase of 26,849,538 restricted shares during the reporting period[11]. - The top ten shareholders account for a significant portion of the total shareholding, with the largest holding being over 31%[7]. - The total number of shares held by the top ten unrestricted shareholders is 100,000,000[9]. Assets and Liabilities - Total assets as of September 30, 2024, were ¥7,929,130,563.45, a 15.71% increase from the end of the previous year, and total equity attributable to shareholders was ¥7,431,418,530.22, up by 17.07%[2]. - The company's total assets as of September 30, 2024, amounted to ¥7,929,130,563.45, up from ¥6,852,360,636.01 at the beginning of the year, representing a growth of 15.7%[14]. - The total liabilities decreased to ¥344,024,696.59 from ¥367,321,812.58, a reduction of 6.3%[14]. - The equity attributable to shareholders increased to ¥7,431,418,530.22, up from ¥6,347,942,275.99, reflecting a growth of 17.0%[14]. Cash Flow - The company reported a net cash flow from operating activities of ¥1,534,936,899.79 for the year-to-date, which is a 4.72% increase compared to the same period last year[2]. - Cash flow from operating activities for the current period was ¥2,584.04 million, up from ¥2,284.86 million in the previous year, indicating a growth of about 13.09%[17]. - The cash flow from investing activities showed a net outflow of ¥1,859.31 million, compared to a net outflow of ¥837.92 million in the previous year, reflecting an increase in investment activities[18]. - The company's cash outflow from financing activities was ¥514.83 million, compared to an outflow of ¥778.03 million in the previous year, indicating a reduction in financing costs[18]. Expenses - Total operating costs for Q3 2024 were ¥595,718,330.31, up from ¥554,216,390.91, reflecting a rise of 7.5% year-over-year[15]. - Research and development expenses increased to ¥187,444,211.06, compared to ¥159,475,531.16 in the previous year, marking an increase of 17.5%[15]. Other Financial Metrics - The company reported a substantial increase in cash flow from financing activities, which improved by 33.83% to -¥514,826,392.59, mainly due to the absence of stock repurchase activities compared to the previous year[6]. - The company experienced a significant increase in trading financial assets, which rose by 87.37% to ¥2,256,110,633.65, primarily due to increased purchases of financial products[5]. - The company’s inventory increased by 36.80% to ¥68,086,065.26, primarily due to changes in the scope of consolidation[5]. - The company’s other current assets surged by 278.70% to ¥88,848,500.22, mainly due to increased purchases of financial products[5]. - Deferred tax assets rose to ¥20,380,601.43 from ¥17,716,662.74, an increase of 18.8%[14]. - The company reported a decrease in other comprehensive income, with a net amount of -¥7.41 million for Q3 2024, compared to -¥5.96 million in Q3 2023[16]. - The company has not reported any changes in the number of preferred shareholders or their holdings[11]. - The company has not engaged in any significant mergers or acquisitions during this reporting period[12].