山西证券：研究早观点-20240824

Group 1: Company Overview - The report highlights that Aimeike (300896.SZ) achieved a revenue of 1.657 billion yuan in H1 2024, representing a year-on-year increase of 13.53%, while the net profit attributable to shareholders was 1.12 billion yuan, up 16.35% year-on-year [7][8][10] - The company's earnings per share (EPS) for H1 2024 was 3.72 yuan, with Q2 revenue reaching 849 million yuan, a growth of 2.35% year-on-year [7][8][10] Group 2: Financial Performance - Aimeike's solution products continued to be the main revenue contributor, generating 976 million yuan in H1 2024, with a gross margin of 93.98% [8][9] - The gel products also showed strong growth, with revenue of 649 million yuan, reflecting a year-on-year increase of 14.57% and a gross margin of 97.98% [9][10] - The overall gross margin for the company was 94.91%, with a net profit margin of 67.65%, indicating stable profit levels and improved expense management [9][10] Group 3: Market Trends and Opportunities - The report notes that the company is actively advancing its research projects, with several products in various stages of clinical trials, which are expected to contribute to future revenue growth [9][10] - The company is also collaborating with Jeisys to introduce two non-invasive skin rejuvenation devices, which is anticipated to enhance its product line [10] Group 4: Investment Recommendations - The report projects that Aimeike's EPS will reach 7.58, 9.69, and 11.9 yuan for the years 2024 to 2026, with corresponding price-to-earnings (PE) ratios of 19, 14.9, and 12.1 [10] - The investment rating for Aimeike is maintained at "Buy-B," reflecting confidence in its growth potential and product pipeline [10]