Investment Rating - The report maintains a "Strong Buy" rating for the company [3][4]. Core Insights - The company achieved a revenue of 2.87 billion with a year-on-year growth of 48% and a net profit of 1.86 billion, also up 47% year-on-year, indicating strong performance [2][3]. - The product lineup is expanding steadily, with the "Hi-Body" series contributing significantly to revenue, accounting for 58% of total revenue [2][3]. - The company is well-positioned to benefit from the growing medical aesthetics market, with a robust pipeline of products under development [3][4]. Financial Performance - In 2023, the company reported a gross margin of 95.1%, reflecting a slight increase of 0.25 percentage points year-on-year [2]. - The projected net profits for 2024, 2025, and 2026 are estimated at 2.5 billion, 3.41 billion, and 4.22 billion respectively, with corresponding EPS of 11.6, 15.8, and 19.5 [3][8]. - The company’s PE ratios for 2024, 2025, and 2026 are projected to be 28.8, 21.2, and 17.1 respectively, indicating a favorable valuation trend [3][8]. Product Development and Market Position - The company has a rich pipeline of products, including a botulinum toxin for glabellar lines and a modified hyaluronic acid gel for chin correction, both in the registration phase [3]. - The company is also investing in partnerships to enhance its product offerings, such as a 0.5 billion investment in a biotech firm [3]. - The competitive landscape for the company's products is favorable, with limited competition in the regenerative product space, ensuring strong pricing power [2][3].

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company's performance in 2023 showed significant growth, with total revenue reaching 2.869 billion yuan, an increase of 47.99%, and net profit attributable to shareholders at 1.858 billion yuan, up by 47.08% [1][2]. - The core products continue to drive high growth, supported by strong brand recognition and market position, demonstrating resilience in a recovering consumer environment [1]. - The company is expected to maintain strong profitability, with projected net profits for 2024-2026 at 2.484 billion, 3.299 billion, and 4.337 billion yuan, respectively, reflecting year-on-year growth rates of 33.64%, 32.85%, and 31.45% [1][2]. Financial Performance - In 2023, the company achieved a gross margin of 95.09%, an increase of 0.25 percentage points, primarily due to a higher proportion of high-margin gel products [1]. - The company’s operating cash flow reached 1.954 billion yuan, up by 63.67% [1]. - The revenue from solution products was 1.671 billion yuan, growing by 29.22%, while gel products generated 1.158 billion yuan, an increase of 81.43% [1]. Product Development and Market Position - The company invested 250 million yuan in R&D in 2023, accounting for 8.72% of revenue, focusing on developing a differentiated product matrix [1]. - The company has several key products in the pipeline, including "Bonida 2.0" and an injectable botulinum toxin, which are in various stages of regulatory approval [1]. - The company has established partnerships to enhance its product offerings and market reach, including a collaboration with Jeisys for the promotion of medical aesthetic equipment in mainland China [1]. Future Outlook - The company is positioned as a leading player in the domestic medical aesthetics market, with expectations for market share growth as regulatory environments tighten [1]. - The projected earnings per share (EPS) for 2024-2026 are 11.48, 15.25, and 20.04 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 30, 22, and 17 times [2].

%% research.95579.com %% 丨证券研究报告丨 公司研究丨点评报告丨爱美客（ ） 300896.SZ [爱Ta美b客le_2T0it2le3]年年报点评：全年业绩增长亮眼， 渠道渗透和品牌影响力持续提升 报告要点 [公Ta司bl发e_布Su2m0m23ar年y]年报，2023年公司实现营业收入28.7亿元，同比增长48%；归母净利润为 18.58亿，同比增长47%；扣非归母净利润为18.31亿，同比增长53%。拟每10股派息数为 23.2元（含税），现金分红总额5.0亿元，送红股0股（含税），以资本公积金向全体股东每10 股转增4股。 ...

公司研究 | 年报点评 爱美客 300896.SZ 买入 （维持） 业绩高增符合预期，新产品管线稳步推进 股价（2024年03月22日） 338.6元 目标价格 474.28元 52周最高价/最低价 588.76/263.21元 总股本/流通A股（万股） 21,636/14,924 A股市值（百万元） 73,259 国家/地区 中国 核心观点 行业 医药生物 ⚫ 公司发布2023年报，实现收入28.7亿，同比增长47.99%，实现归母净利润18.58 报告发布日期 2024年03月24日 亿，同比增长47.08%，业绩高增符合市场预期。 ⚫ 分品类来看：1）溶液类注射产品：2023年实现收入16.7亿，同比增长29.2%，溶 1周 1月 3月 12月 液类产品中主要是嗨体系列，在较高体量规模下仍能维持接近30%左右的增速实属 绝对表现% -0.44 4.64 22.65 -34.49 不易。我们预计嗨体系列中水光产品高速增长，同时随着水光产品占比的提升（单 相对表现% 0.26 2.97 16.42 -23.13 价相对较低），ASP同比下降13%至325元。2）凝胶类注射产品：2023年实现收 沪深300% ...

公司研 究 证 券研究 报 告 医疗器械 2024年03月23日 爱 美客（300896）2023年报点评 推 荐 （下调） 目标价：406元 濡白放量高增，盈利稳健 当前价：334.88元 事项： 华创证券研究所  23年公司实现营收28.69亿元，同比增长47.99%，归母净利润18.58亿元，同 证券分析师：王薇娜 比增长47.08%，扣非归母净利润18.31亿元，同比增长52.95%。毛利率95.09%， 同比+0.25pct，归母净利率64.77%，同比-0.40pct。经营活动产生的现金流量净 电话：010-66500993 额19.54亿元，同比增长63.67%。拟派发现金红利每股 2.323元（含税），以 邮箱：wangweina@hcyjs.com 资本公积金每10股转增4股；全年合计派发现金约9亿元，占比全年归母净 执业编号：S0360517040002 利润约48.5%。 证券分析师：吴晓婵  23Q4公司实现营收 6.99亿元，同比增长 55.55%，归母净利润 4.40亿元，同 邮箱：wuxiaochan@hcyjs.com 比增长 59.00%。毛利率 94.45%，同比-1. ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[爱ITnaf 美bol]e 客_Ti(tl3e]0 0896) [评Tab级le_：Inv est] 增持 上次评级： 增持 业绩维持高增，濡白系列持续放量 目标价格： 429.30 上次预测： 429.30 公 ——爱美客2023 年年报点评 当前价格： 334.88 司 丁丹(分析师) 吴晗(分析师) 2024.03.21 更 0755-23976735 010-83939773 [交Ta易bl数e_M据a rket] 新 dingdan@gtjas.com wuhan024878@gtjas.com 证书编号 S0880514030001 S0880523080005 52周内股价区间（元） 266.80-574.50 报 总市值（百万元） 72,455 告 本报告导读： 总股本/流通A股（百万股） 216/149 流通 B股/H股（百万股） 0/0 Q4 单季营收同比恢复性高增，濡白天使系列持续放量，打造业绩新增长点，维持增 流通股比例 69% 持评级。 日均成交量（百万股） 3.64 投 资要点： 日 ...

2024年03月19日 公 司点评 公 买入 / 维持 司 爱美客(300896) 研 究 目标价: 昨收盘:345.60 2023 年业绩点评：全年业绩符合预期，期待多元管线接力成长 事件：公司近期公布2023年年报，2023年收入28.7亿元/同+48%， ◼ 走势比较 归母净利润18.6亿元/同+47%，扣非归母净利润18.3亿元/同+52.95%， 其中非经损益为2715万，主要为交易性金融资产公允价值变动损益以及 20% 收到政府补助所致；23Q4 收入6.99 亿元/同+55.6%，归母净利润 4.4 亿 太 6% 元/同+59%，扣非归母净利润4.36亿元/同+87.7%，环比Q3明显回升，业 平 (8%)02/3/32 13/5/32 11/8/32 22/01/32 2/1/42 41/3/42 绩符合 嗨预 体期 渗。 透2 率3 持年 续合 提计 升派 ，发 濡现 白金 天股 使利 延9 续亿 增元 长（ 势含 头税 ，） 验。 证 公司大单品打造 洋 (22%) 能力。1）分产品，溶液类/凝胶类/面部埋植线/其他收入分别同比 证 (36%) +29.22%/+81.43%/10.1%/ ...

[Table_Stock] 爱美客（300896） 业绩符合预期，濡白天使延续良好增长 证 券 态势 研 究 [Table 买_R 入at （ing 维] [◼Ta bl投e_资Su摘mm要a ry] 持） 报 告 事件概述 [行Ta业bl:e _Indu美 st容ry]护 理 公司发布2023年年报。2023年公司实现营收28.69亿元，同比 日期: s 20h2z4q年da0t3e月m2a0r日k +47.99%；归母净利润18.58亿元，同比+47.08%。2023Q4实现营收6.99 亿元，同比+55.55%，归母净利润4.40亿元，同比+59.00%。 [T分ab析le师_A: utho梁r]瑞 Tel: 021-53686409 分析与判断 E-mail: liangrui@shzq.com 公司溶液类与凝胶类注射产品均实现同比增长。其中，以嗨体为核心 SAC编号: S0870523110001 的溶液类注射产品实现营收16.71亿元，同比+29.22%；经过长期的临 床验证，“嗨体”的安全性和有效性得到了下游医疗机构与终端消费者的 [基Ta本bl数e_据Ba seInfo] 充分认可，品牌价值日 ...

[Table_RightTitle] 证券研究报告|美容护理 公 [Table_Title] [Table_StockRank] 司 买入 研 业绩持续高增长，产品管线日益完善 (维持) 究 [Table_StockName] [Table_ReportDate] ——爱美客（300896）点评报告 2024年03月20日 [报Ta告ble关_S键um要m素ar:y ] [基Ta础ble数_B据ase Data] 2024年3月19日，公司发布2023年年度报告。2023年，公司实现营 总股本（百万股） 216.36 收28.69亿元（同比+47.99%），归母净利润18.58亿元（同比+47.08%）， 流通A股（百万股） 149.24 扣非归母净利润18.31亿元（同比+52.95%）。其中，2023Q4实现营收 收盘价（元） 342.24 公 6.99亿元（同比+55.55%），归母净利润4.40亿元（同比+62.20%）， 总市值（亿元） 740.47 司 扣非归母净利润4.36亿元（同比+87.73%）。 流通A股市值（亿元） 510.75 点 [个Ta股ble相_C对ha沪rt] 深 300 指数 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the Shanghai Composite Index by more than 20% in the next six months [6][14]. Core Insights - The company achieved a revenue of 2.869 billion yuan in 2023, representing a year-on-year growth of 47.99%. The net profit attributable to shareholders was 1.858 billion yuan, also up by 47.08% year-on-year [3][10]. - The gross margin for 2023 was 95.09%, with a slight increase of 0.25 percentage points year-on-year, while the net margin was 64.77%, down by 0.61 percentage points [3][10]. - The company has a robust product pipeline, including five drugs and biological products, and three medical devices currently under development [5]. Financial Performance - In 2023, the company reported a net profit of 1.858 billion yuan, a 47.08% increase from the previous year, with a non-recurring net profit of 1.831 billion yuan, up 52.95% [3][10]. - The company’s revenue for 2024 is projected to reach 3.975 billion yuan, with an expected year-on-year growth of 38.55% [10]. - The earnings per share (EPS) forecast for 2024-2026 is 11.63 yuan, 15.14 yuan, and 19.10 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 30x, 23x, and 18x [6][10]. Product and Market Development - The company has expanded its sales and marketing team to over 400 personnel, covering approximately 7,000 medical beauty institutions in China, an increase of about 2,000 from the previous year [3]. - The injection product segment showed strong growth, with solution-type injections generating 1.671 billion yuan in revenue, a 29.22% increase year-on-year, and gel-type injections achieving 1.158 billion yuan, up 81.43% [4]. - The company has signed a distribution agreement with Jeisys from South Korea to introduce two non-invasive skin rejuvenation devices to the domestic market, aiming to create a comprehensive solution for beauty treatments [4].