爱美客：2024H1归母净利润增速快于营收增速，费用端有所改善

Investment Rating - The report maintains a "Buy-B" rating for the company, indicating an expected price increase exceeding the relative benchmark index by more than 15% [1][9]. Core Insights - The company's net profit growth rate outpaces revenue growth, with improvements in expense management noted [1]. - The company has a rich pipeline of products under research, including the injectable type A botulinum toxin, which has entered the registration application stage, and two non-invasive skin rejuvenation devices in collaboration with Jeisys from South Korea [2][5]. - The projected earnings per share (EPS) for 2024-2026 are 7.58, 9.69, and 11.90 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 19, 14.9, and 12.1 times [2][5]. Financial Performance Summary - For the first half of 2024, the company achieved revenue of 1.657 billion yuan, a year-on-year increase of 13.53%, and a net profit of 1.12 billion yuan, up 16.35% [4]. - The second quarter of 2024 saw revenue of 849 million yuan, growing 2.35% year-on-year, and a net profit of 593 million yuan, an increase of 8.03% [4]. - The gross margin for the first half of 2024 was 94.91%, with a net margin of 67.65%, reflecting stable profit levels and improved expense ratios [5]. Product and Market Insights - Solution products continue to be the main revenue contributor, with injection solutions generating 976 million yuan in revenue, up 11.65%, and gel products reaching 649 million yuan, a 14.57% increase [5]. - The company is progressing well with its research projects, with several products at various stages of clinical trials and registration [5][8]. Financial Projections - Revenue projections for 2024-2026 are 3.596 billion, 4.623 billion, and 5.705 billion yuan, respectively, with net profit estimates of 2.292 billion, 2.930 billion, and 3.600 billion yuan [6][8]. - The company is expected to maintain a gross margin of around 95% and a net margin of approximately 63% over the next few years [7][8].