-60% -50% -40% -30% -20% -10% 0% 10% 2023/07/04 2023/11/04 2024/03/04 2024/07/04 推荐(首次) 证券分析师 主要数据 | 行业 | 社会服务 | |----------------------------|---------------------------| | 公司网址 | https://www.imeik.net/cn/ | | 大股东 / 持股 | 简军 /31.05% | | 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 ) | 0 | | 总市值 ( 亿元 ) | 484 | | 流通 A 股市值 ( 亿元 ) | 334 | | 每股净资产 ( 元 ) | 22.75 | | 资产负债率 (%) | 3.90 | 行情走势图 | | 2022A | 2023A | 2024E | 2025E | 2026E | |---------------------|-----------|-----------|- ...

证券代码：300896 证券简称：爱美客 公告编号：2024-024 号 爱美客技术发展股份有限公司 随着行业的不断发展，公司通过差异化定位，加大研发力度，形成了不同产 品间的优势互补，满足不同层次的客户的需求。注射用 A 型肉毒毒素上市后将与 公司现有医疗器械产品相互协同，提供更完善的医疗美容产品供应，满足日益多 元化的市场需求，提升品牌影响力和核心竞争力。 上述药品上市许可目前正处于审评阶段，后续仍需相关机构进一步核准认证， 审评在各阶段所需的时间和结果均具有一定的不确定性。公司目前尚无法预测其 1 对公司未来业绩的影响，敬请广大投资者注意投资风险。 关于境外生产药品注册上市许可获得受理的公告 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"）近日收到国家药品监督 管理局下发的《受理通知书》（受理号：JXSS2400051），获悉公司申请的境外 生产药品注册上市许可已获受理，产品名称为注射用 A 型肉毒毒素，现将相关内 容公告如下： 一、本次上市申请的主要内容 | 申请主体 | 申请事项 | 产品名称 | 受理号 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has received regulatory acceptance for its exclusive agent A-type botulinum toxin Hutox in China, which is aimed at treating moderate to severe glabellar lines. This product is a replacement for a product from the Korean company Huons, and the company acquired exclusive distribution rights in China through a stake purchase in Huons [4] - The domestic botulinum toxin market has significant growth potential, with the global market size expected to reach $7.7 billion in 2023, and the compliant domestic market projected to be approximately 9.8 billion RMB, growing at about 18%. The company is well-positioned to capture market share as the supply of compliant products increases, potentially squeezing out counterfeit products [4] - The company is expanding its product pipeline beyond hyaluronic acid and regenerative materials, aiming to become a platform leader in the medical aesthetics industry. The company has a comprehensive product layout and is expected to benefit from industry trends, with several products in various stages of development, including botulinum toxin and other aesthetic solutions [4] Financial Projections - The company is expected to achieve revenues of 3.83 billion RMB, 4.99 billion RMB, and 6.32 billion RMB for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 2.45 billion RMB, 3.16 billion RMB, and 3.97 billion RMB. The projected price-to-earnings ratios (PE) are 21, 16, and 13 times for the same years [4][5]

证券研究报告 | 公司动态点评 2024 年 04月 26日 爱美客（300896.SZ） 24Q1 归母净利润增长 27%， 管理费用率显著下降 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 1,939 2,869 3,914 5,130 6,421 股票信息 增长率yoy（%） 33.9 48.0 36.4 31.1 25.2 归母净利润（百万元） 1,264 1,858 2,542 3,317 4,113 行业 医药 增长率yoy（%） 31.9 47.1 36.8 30.5 24.0 2024年4月26日收盘价（元） 297.01 ROE（%） 21.3 28.6 29.7 30.1 28.6 总市值（百万元） 64,261.08 EPS最新摊薄（元） 5.84 8.59 11.75 15.33 19.01 流通市值（百万元） 44,324.63 P/E（倍） 55.4 37.7 27.5 21.1 17.0 总股本（百万股） 216.36 P/B（倍） 12.0 11.0 8.3 6.4 4.9 流通股本（百万股） 149.24 资料来源 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported Q1 2024 revenue of 808 million yuan, a year-on-year increase of 28%, and a net profit attributable to shareholders of 527 million yuan, up 27% year-on-year. The non-recurring net profit attributable to shareholders was 528 million yuan, reflecting a 36.5% year-on-year growth [4]. - The company's strong growth in Q1 2024 is attributed to its product and channel advantages, with a slight decrease in gross margin by 0.7 percentage points due to changes in product structure. Sales expenses increased year-on-year, but the growth in revenue led to a decline in the sales expense ratio. Management expenses decreased by 3.9 percentage points year-on-year, primarily due to last year's listing expenses, while R&D expense ratio saw a slight increase [4]. - The company has established a strong sales team with over 400 personnel covering approximately 7,000 medical beauty institutions across China. It has also enhanced its academic brand through various training and conferences, which helps to strengthen its brand influence in the medical institutions [4]. - Future growth is supported by a rich pipeline of internal R&D and external collaborations, with several projects in different stages of development, including products for aesthetic treatments and partnerships with other companies to expand its product offerings [5]. - The company is expected to benefit from the rising trend of light medical beauty consumption and the increasing brand influence of its products, with projected EPS of 11.24, 14.64, and 18.15 yuan for 2024-2026 [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set based on the last closing price of 297.01 [1][4]. Core Insights - The company's Q1 2024 financial results met expectations, with a revenue growth of 27% year-on-year, driven primarily by the stable growth of the "Hi Body" series and the rapid expansion of the "Ruh White Angel" product line [2][3]. - The gross profit margin and net profit margin for Q1 2024 were reported at 94.55% and 65.27% respectively, indicating strong profitability [2]. - The company is expected to continue benefiting from a robust product pipeline, with several new products in the approval stage, which will contribute to sustained revenue growth [2][3]. Financial Performance Summary - Q1 2024 revenue was 8.1 billion yuan, reflecting a year-on-year increase of 28% [2]. - The company forecasts a revenue of 38.33 billion yuan for 2024, with a growth rate of 34% [2]. - The projected net profit for 2024 is 2.445 billion yuan, with a growth rate of 32% [2]. - The diluted earnings per share for 2024 is estimated at 11.3 yuan, with a corresponding PE ratio of 26.3 [2].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][6]. Core Views - The company reported a revenue of 808 million yuan in Q1 2024, representing a year-on-year increase of 28.24%. The net profit attributable to shareholders was 527 million yuan, up 27.38% year-on-year, while the net profit excluding non-recurring items was 528 million yuan, reflecting a 36.53% increase year-on-year [4][5]. - The company's gross margin stood at 94.55%, with a net margin of 65.35%. Sales expense ratio decreased by 2.07 percentage points to 8.34%, and management expense ratio decreased by 3.92 percentage points to 4.07% [5]. - The "Hi-Body" product line, focused on injectable solutions, achieved revenue of 1.671 billion yuan in 2023, growing 29.22% year-on-year. The "Ru Bai Tian Shi" product continued to show strong growth, supported by a doctor certification system [5]. - The company has a rich pipeline of products under development, with several projects at various stages, including registration and clinical trials. Notable products include a gel for chin correction and a botulinum toxin for improving glabellar lines [5]. Financial Projections - Revenue projections for 2024-2026 are 3.954 billion yuan, 5.166 billion yuan, and 6.525 billion yuan, representing year-on-year growth rates of 37.80%, 30.64%, and 26.31% respectively. Net profit projections for the same period are 2.511 billion yuan, 3.248 billion yuan, and 4.119 billion yuan, with corresponding growth rates of 35.09%, 29.37%, and 26.83% [6][8]. - Earnings per share (EPS) are projected to be 11.60 yuan, 15.01 yuan, and 19.04 yuan for 2024, 2025, and 2026 respectively, with price-to-earnings (P/E) ratios of 26, 20, and 16 [6][8]. Summary of Financial Data - The company reported total revenue of 2.869 billion yuan in 2023, with a year-on-year growth rate of 48.0%. The net profit for the same year was 1.858 billion yuan, also reflecting a growth of 47.1% [8][10]. - The gross margin is expected to improve slightly over the next few years, reaching 95.8% by 2026, while the net margin is projected to stabilize around 63.1% [10]. - The company's total assets are projected to grow from 6.852 billion yuan in 2023 to 13.194 billion yuan by 2026, indicating a strong growth trajectory [10].

Investment Rating - The investment rating for the company is "Buy" with a target price of 429.30 CNY, maintaining the previous rating of "Buy" [1][2]. Core Views - The company's profitability remains high, and the pipeline is expected to deliver results gradually, indicating a positive long-term growth outlook [1][2]. Financial Summary - In Q1 2024, the company reported revenue of 8.08 billion CNY, representing a year-on-year increase of 28.24%. The net profit attributable to shareholders was 5.27 billion CNY, up 27.38%, while the net profit excluding non-recurring items was 5.28 billion CNY, reflecting a 36.53% increase [1][2]. - The forecasted EPS for 2024-2026 is 11.31 CNY, 14.92 CNY, and 19.03 CNY respectively [1][2]. - The gross margin for Q1 2024 was 94.55%, showing a quarter-on-quarter increase of 0.1 percentage points [1][2]. Pipeline and Growth Potential - The company has a comprehensive pipeline that is expected to yield results, including exclusive agency agreements for two non-invasive anti-aging devices in China [1][2]. - The pipeline includes various products at different stages, such as injectable botulinum toxin and medical-grade hyaluronic acid, which are in the registration application phase [1][2]. Financial Projections - The projected revenue for 2024 is 3,855 million CNY, with a growth rate of 34% compared to 2023 [2]. - The net profit for 2024 is expected to reach 2,447 million CNY, maintaining a growth rate of 33% [2]. - The company’s operating profit margin is projected to remain stable around 71.3% for 2024 [2]. Market Position - The company is positioned as a leading innovator in the field of biomedical soft tissue repair materials, focusing on the development and commercialization of biomaterials for medical applications [2].

医疗器械 爱美客（300896.SZ） 买入-B(维持) 盈利水平稳定，费用改善明显 2024年4月28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2024年一季度财报，期内实现营收8.08亿元/+28.24%，归母 净利润5.27亿元/+27.38%，扣非归母净利润5.28亿元/+36.53%，EPS2.45元。 期内扣非归母净利润增速快于营收增速，公司品牌效应凸显。 事件点评  年内嗨体继续引领公司销售增量基本盘，再生类产品贡献业绩持续爬 坡。2023年溶液类产品高基数下取得近30%增速，嗨体等溶液类产品深耕医 美市场多年，拥有广泛消费基础和认可度，今年有望继续奠定公司主要销量 市场数据：2024年4月26日 增长；再生产品濡白天使渗透率持续提升、濡白+如生产品组合提供更丰富 收盘价（元）： 297.01 面部治疗解决方案。 年内最高/最低（元）： 550.00/263.21  盈利水平稳定，费用端改善明显。期内公司毛利率94.55%/-0.75pct，净 流通A股/总股本（亿股）： 1.49/2.16 利率 65.35%/-0.19pct。整体费用率 17.84%/-4.98p ...

Investment Rating - The report maintains a "Buy" rating for the company [1][8] Core Views - The company reported a revenue of 808 million yuan in Q1 2024, representing a year-on-year increase of 28.24%, and a net profit of 527 million yuan, up 27.38% year-on-year, indicating that performance growth is in line with expectations [5][6] - The company is expected to benefit from a favorable industry environment characterized by increasing penetration rates, domestic production improvements, and upgraded consumption frequency [6][8] - The company has a rich pipeline and a comprehensive product matrix, positioning it well to leverage its core products for sustained growth in the face of stricter industry regulations [6][8] Financial Summary - The company’s main revenue for 2022 was 1,938.84 million yuan, which is projected to grow to 3,939.83 million yuan in 2024, reflecting a growth rate of 37% [5][9] - The net profit attributable to shareholders is expected to increase from 1,263.56 million yuan in 2022 to 2,520.89 million yuan in 2024, with an estimated growth rate of 36% [5][9] - Earnings per share (EPS) is projected to rise from 5.84 yuan in 2022 to 11.65 yuan in 2024 [5][9] Operating Analysis - The gross margin for Q1 2024 was 94.55%, slightly down from the previous year, while the net margin was 65.35%, indicating stability in profitability despite minor declines [6] - Management and sales expense ratios have improved significantly, with management expenses down by 3.91 percentage points year-on-year [6][8] - The company is increasing its R&D investment while effectively controlling sales and management costs, leading to an optimized expense structure [6][8] Earnings Forecast - Revenue forecasts for 2024, 2025, and 2026 are 3,939.83 million yuan, 5,088.20 million yuan, and 6,083.35 million yuan, respectively, with growth rates of 37%, 29%, and 20% [5][8] - The net profit forecasts for the same years are 2,520.89 million yuan, 3,211.95 million yuan, and 3,786.86 million yuan, respectively [5][8] - The company is expected to maintain a P/E ratio of 25x in 2024, with a target price range of 302.9 to 349.5 yuan based on a 24-year P/E valuation of 26-30 times [8]