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. ...

证券研究报告 | 2024年08月22日 爱美客（300896.SZ） 优于大市 上半年归母净利润同比增长 16%，医美产品矩阵有望持续丰富 上半年业绩整体增长稳健。公司 2024 上半年实现营收 16.57 亿元，同比 +13.53%，归母净利润 11.21 亿元，同比+16.35%，扣非净利润 10.89 亿元， 同比+16.58%。单二季度看，营收同比增长 2.35%，归母净利润 5.93 亿元， 同比增长 8.03%，扣非净利润同比增长 2.46%，在去年医美消费复苏高基数， 以及及今年终端因消费力需求承压背景下仍实现了稳健正增长。 医美产品管线进一步丰富，在研项目助力中长期成长。分产品看，上半年溶 液类注射产品实现营业收入 9.76 亿元，同比+11.65%，凝胶类注射产品实现 营业收入 6.49 亿元，同比+14.57%。上半年公司增资控股艾美创医疗科技（珠 海）有限公司，该公司旗下拥有"嗨爆水"水光仪，拓展了公司在医美设备 领域的布局。在研项目看，公司肉毒研发项目已获注册上市许可受理，进入 审评阶段，利拉鲁肽注射液完成 I 期临床试验。 费用率优化，现金流状况良好。公司 2024 上半年毛利率 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Insights - The company reported a revenue of 1.657 billion yuan for H1 2024, representing a year-on-year growth of 13.53%, and a net profit attributable to shareholders of 1.121 billion yuan, up 16.35% year-on-year [3]. - The gross margin for H1 2024 was 94.91%, a slight decrease of 0.5 percentage points year-on-year, while the net margin improved by 1.82 percentage points to 67.68% [3]. - The company is expanding its product pipeline and has entered the registration phase for new products, including botulinum toxin and minoxidil solution [4]. Financial Performance - In Q2 2024, the company achieved a revenue of 849 million yuan, with a year-on-year growth of 2.35%, and a net profit of 593 million yuan, up 8.03% year-on-year [3]. - The revenue from solution products in H1 2024 was 976 million yuan, growing 11.65% year-on-year, while gel products generated 649 million yuan, a 14.57% increase [4]. - The company has a strong focus on differentiated product offerings, which are well-received in the market, contributing to its sustained profitability [4]. Future Outlook - The company is expected to achieve EPS of 7.77, 10.04, and 12.27 yuan for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19, 15, and 12 times [5]. - The company is actively pursuing opportunities in weight management and hair regeneration sectors, aiming to provide comprehensive solutions alongside existing products [4].

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Insights - The company achieved a revenue of 1.657 billion yuan in H1 2024, representing a year-on-year increase of 13.53%, with a net profit attributable to shareholders of 1.121 billion yuan, up 16.35% year-on-year [2]. - The company has a rich product pipeline and competitive advantages in its product matrix, with significant growth in both solution and gel injection products [2]. - The gross margin remains stable, and cost control capabilities have improved, leading to an increase in net profit margin [2]. - The company is expanding its product offerings through strategic investments and partnerships, enhancing its core competitiveness [2]. - Future revenue growth is expected to be driven by the continued expansion of core products and a robust pipeline of new products [2]. Financial Summary - For 2024, the company is projected to achieve revenues of 3.508 billion yuan, with a growth rate of 22.2%, and a net profit of 2.272 billion yuan, also reflecting a growth rate of 22.2% [3]. - The earnings per share (EPS) is expected to increase from 6.14 yuan in 2023 to 7.51 yuan in 2024, with a corresponding price-to-earnings (PE) ratio of 22 [3]. - The gross margin is forecasted to remain around 95% over the next few years, indicating strong profitability [7].

[Table_Main] 证券研究报告 | 公司点评 爱 美 客(300896.SZ) 2024 年 08 月 22 日 买入（维持） 所属行业：美容护理/医疗美容 当前价格(元)：164.07 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 爱美客 沪深300 -57% -46% -34% -23% -11% 0% 11% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |-------------|-------|-------|--------| | 沪深300对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -4.17 | -7.31 | -25.55 | | 相对涨幅(%) | 1.97 | -2.33 | -15.91 | 资料来源：德邦研究所，聚源数据 相关研究 1.《爱美客：归母净利同增 47%，管线 成长持续验证》，2024.3.20 2.《爱美客：Q3 出行短期扰动，看好 全年业绩兑现度》，2023.10.5 3.《爱美客：23Q1 业绩超预期，坚定 看好后续表 ...

爱美客(300896) / 医疗美容 / 公司点评 / 2024.08.22 Q2 高基数下增长承压，毛发、减重管线布局中 投资评级:增持(维持) 核心观点 | --- | --- | |----------------|------------| | 基本数据 | 2024-08-21 | | 收盘价(元) | 164.07 | | 流通股本(亿股) | 2.08 | | 每股净资产(元) | 23.07 | | 总股本(亿股) | 3.02 | 最近 12 月市场表现 -48% -37% -26% -15% -4% 7% 爱美客 沪深300 分析师 刘洋 SAC 证书编号：S0160521120001 liuyang01@ctsec.com 联系人 李梦萱 limx@ctsec.com 相关报告 1. 《肉毒 Hutox 获注册受理，管线布局 稳步扩展》 2024-07-03 2. 《Q1 业绩接近预告上沿，增持彰显 长期信心》 2024-04-25 3. 《 Q1 延续快速增长，多元产品矩阵 驱动长期发展》 2024-04-09 证券研究报告 事件：公司发布 2024 年半年报。2024H1 公司实现营 ...