爱美客：业绩稳健增长，盈利能力不断提升

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark index within the next six months [10]. Core Insights - The company, Aimeike (300896.SZ), achieved a revenue of 1.657 billion yuan in the first half of 2024, representing a year-on-year growth of 13.53%, with a net profit attributable to shareholders of 1.121 billion yuan, up 16.35% [1]. - In Q2 2024, the company reported a revenue of 849 million yuan, a slight increase of 2.35%, and a net profit of 593 million yuan, up 8.03% [1]. - The gross margin stood at 94.91%, with a slight decline of 0.5 percentage points year-on-year, while the net margin improved by 1.82 percentage points to 67.68% due to effective cost control [1]. - The company has a rich pipeline of products under development, including ten Class III medical devices approved by the National Medical Products Administration [1]. - The company is focusing on building a platform in the medical aesthetics sector, with various products in different stages of development, including treatments for dynamic wrinkles and chronic weight management [1]. Summary by Relevant Sections Financial Performance - For the first half of 2024, the company reported a revenue of 1.657 billion yuan and a net profit of 1.121 billion yuan, with Q2 figures showing a revenue of 849 million yuan and a net profit of 593 million yuan [1]. - The company’s revenue projections for 2024-2026 have been adjusted to 3.486 billion, 4.328 billion, and 5.483 billion yuan respectively, with net profit estimates revised to 2.267 billion, 2.826 billion, and 3.571 billion yuan [2]. Product Development - The company’s product categories show that gel products are growing faster than solution products, with gel product revenue reaching 649 million yuan, a growth of 14.57% [1]. - The company is developing a diverse range of products, including a modified hyaluronic acid gel for chin augmentation and a minoxidil topical solution, among others [1]. Market Positioning - The company leverages its product pipeline and marketing strategies to enhance its market presence, focusing on differentiated product functionalities and competitive marketing tactics [1]. - The company has established advantages in product offerings, marketing strategies, and institutional partnerships, enhancing its overall competitiveness in the medical aesthetics market [1].