研究报告Research Report 21 Mar 2024 爱美客 Imeik Technology Development (300896 CH) 业绩增速超股权激励目标，核心产品持续放量 Performance Growth Exceeded the Employee Stock Ownership Plan, Core Products Continue Grow [观Ta点ble聚_y焦em Ieniv1e]s tment Focus [Tab维le_持Info优] 于大市Maintain OUTPERFORM (Please see APPENDIX 1 for English summary) 事件：公司发布2023年年报 评级 优于大市OUTPERFORM 现价 Rmb342.24 公司 2023 年实现收入 28.7 亿元（+47.99%），归母净利润18.6亿 目标价 Rmb669.30 元（+47.08%），扣非归母净利润 18.3 亿元（+52.95%）。毛利率 HTI ESG 4.0-5.0-5.0 和净利率分别为 95.1%（+0.3pct），64.8%（-0.4pct）。三项费 ...

Compa n y U pda te Ch in a Res ear ch Dep t . 2024年03月21日 爱美客（300896.SZ） BUY 买进 顾向君 H70420@capital.com.tw 当家产品增长良好，多线布局产品储备充分 目标价(元) 388 结论与建议： 公司基本资讯 产业别 医药生物 业绩概要： A股价(2024/3/21) 334.88 公司公告全年实现营收28.7亿，同比增48%，录得净利润18.6亿，同比 深证成指(2024/3/21) 9682.51 股价12个月高/低 588.75/263.21 增47.1%，毛利率同比提升0.25pcts至95.09%；4Q实现营收约7亿，同比增 总发行股数(百万) 216.36 55.6%，录得净利润4.4亿，同比增59%，毛利率同比下降1.19pcts至94.45%。 A股数(百万) 149.24 A市值(亿元) 499.76 4Q业绩落于此前预告中游。 主要股东 简军(31.05%) 分红方案：每10股派发现金股利23.23元，资本公积每10股转增4股 每股净值(元) 29.34 股价/账面净值 11.41 点评： 一个月 ...

证券研究报告：美容护理 | 公司点评报告 2024年3月19日 股票投资评级 爱美客(300896) 买入|维持 溶液产品高增，再生产品放量，净利率保持高位 个股表现 ⚫ 事件回顾 公司公布 2023 年度报告，报告期实现收入 28.69 亿元，同增 爱美客 美容护理 13% 47.99%，实现归母净利润为18.58亿元，同增47.08%，扣非净利润为 7% 18.31亿元，同增52.95%，EPS为8.60元，拟向全体股东每10股派 1% -5% 发现金股利23.23元；其中23Q4实现收入6.99亿元，同增55.55%， -11% -17% 实现归母净利润4.40亿元，同增59%。公司业绩符合预期。 -23% -29% -35% ⚫ 事件点评 -41% -47% 2023-03 2023-06 2023-08 2023-10 2024-01 2024-03 溶液产品销量高增，再生产品保持高景气度驱动凝胶产品放量。 资料来源：聚源，中邮证券研究所 分产品来看，23 年公司溶液类产品收入 16.71 亿元，同增 29.22%， 其中销量为514.13万支，同增48.88%，受益于23年医疗美容行业复 公司基本 ...

Investment Rating - The investment rating for the company is "Buy" [1][4][10]. Core Views - The company achieved a net profit of 1.858 billion yuan in 2023, representing a year-on-year growth of 47.08%, with total revenue reaching 2.869 billion yuan, up 47.99% year-on-year [1][5]. - The company is actively expanding its product matrix, with significant growth in its gel injection products, which saw revenue increase by 81.43% year-on-year [1][7]. - The gross margin improved to 95.09%, benefiting from a higher proportion of high-margin products [8][10]. - The company is expected to continue to leverage its existing product matrix and expand terminal channels to capture the recovery and compliance dividends in the medical beauty sector [10]. Financial Performance Summary - In 2023, the company reported a revenue of 2.869 billion yuan, a 47.99% increase from the previous year, and a net profit of 1.858 billion yuan, reflecting a 47.08% growth [2][5]. - The company's gross margin increased by 0.25 percentage points to 95.09%, with the gross margins for solution and gel products rising by 0.25 and 0.95 percentage points, respectively [8][10]. - The operating cash flow net amount grew by 63.67% year-on-year to 1.954 billion yuan [8][10]. Earnings Forecast and Valuation - The company forecasts net profits of 2.573 billion yuan for 2024, 3.424 billion yuan for 2025, and 4.461 billion yuan for 2026, with corresponding P/E ratios of 29.7, 22.3, and 17.1 [10][12]. - The projected revenue for 2024 is 4.015 billion yuan, with a growth rate of 39.94% [2][12].

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]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][10]. Core Insights - The company achieved a revenue of 2.869 billion RMB in 2023, representing a growth of 48% year-on-year, with a net profit of 1.858 billion RMB, up 47% [4][5]. - The gross profit margin improved to 95.09%, driven by an increase in high-margin gel injection products [4]. - The company expanded its sales channels, increasing its sales and marketing personnel to over 400, covering approximately 7,000 medical beauty institutions across China [4]. - The product line showed strong performance, with gel injection products generating 1.158 billion RMB in revenue, a growth of 81.43% [4]. - The company has three projects in clinical and registration stages, indicating a robust pipeline for future growth [4]. Summary by Relevant Sections Financial Performance - Revenue for 2022 was 1.939 billion RMB, projected to reach 3.964 billion RMB in 2024, with a growth rate of 38.14% [3]. - Net profit for 2022 was 1.264 billion RMB, expected to grow to 2.508 billion RMB in 2024, reflecting a growth rate of 34.96% [3]. - The diluted earnings per share (EPS) is projected to increase from 5.840 RMB in 2022 to 11.592 RMB in 2024 [3]. Profitability Metrics - The return on equity (ROE) is expected to remain strong, with estimates of 28.50% in 2024 [3]. - The price-to-earnings (P/E) ratio is projected to decrease from 34.27 in 2023 to 30.44 in 2024, indicating improving valuation [3]. Market Position and Growth Strategy - The company is focusing on expanding its product offerings in the biopharmaceutical sector, including recombinant proteins and peptides [4]. - The sales of solution injection products also showed steady growth, achieving 1.671 billion RMB in revenue, up 29.22% [4].

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]