爱美客（300896）：2025年四季度收入环比企稳，关注REGEN并购新产品及肉毒放量

研究报告 Research Report 23 Mar 2026 爱美客 Imeik Technology Development (300896 CH) 2025 年四季度收入环比企稳，关注 REGEN 并购新产品及肉毒放量 Q4 2025 Revenue Stabilized Sequentially; Focus on New Products from REGEN Acquisition and Botulinum Toxin Volume Ramp-up [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 Rmb120.72 目标价 Rmb160.60 HTI ESG 4.0-5.0-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 Rmb25.18bn / US$3.66bn 日交易额 (3 个月均值) US$69.89mn 发行股票数目 208.59mn 自由流通股 ...