爱美客：公司信息更新报告：2024Q2高基数下增长放缓，在研管线持续推进

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company experienced a slowdown in growth in Q2 2024, attributed to a high base effect. The revenue for H1 2024 was CNY 1.657 billion, a year-on-year increase of 13.5%, while Q2 revenue was CNY 849 million, up 2.3% [4]. - The company is a leader in the medical beauty sector, with a diversified product matrix expected to support long-term growth. The valuation is considered reasonable, maintaining the "Buy" rating [4]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of CNY 2.298 billion, CNY 2.975 billion, and CNY 3.658 billion respectively, with corresponding EPS of CNY 7.60, CNY 9.84, and CNY 12.10 [4]. Financial Performance - In H1 2024, the solution and gel products generated revenues of CNY 976 million (up 11.6%) and CNY 649 million (up 14.6%) respectively. The facial implant line achieved revenue of CNY 3.48 million, a year-on-year increase of 16.1% [5]. - The gross margin for H1 2024 was 94.9%, with a slight decrease of 0.5 percentage points. The gross margins for solution and gel products were 94.0% and 98.0% respectively [5]. - The overall expense ratio showed improvement, with sales, management, R&D, and financial expense ratios at 8.5% (-1.7pct), 4.1% (-1.4pct), 7.6% (+0.4pct), and -1.4% (+0.5pct) respectively [5]. Product Development and Future Growth - Existing products like "Hi Body" and "Ru White Angel" are steadily growing, enhancing brand influence. The pipeline includes several products expected to launch soon, such as Bonida 2.0 and a botulinum toxin application [6]. - The company has signed an exclusive distribution agreement with Jeisys from South Korea to expand its offerings in energy-based devices, which is expected to complement existing products [6]. - The "Beautiful Health Industry Innovation Construction Project" is progressing well, which will further expand production capacity and enrich supply [6].