Group 1 - The core viewpoint of the news is that Sihuan Pharmaceutical has achieved a significant breakthrough in the regenerative medical aesthetics field with the approval of its self-developed polylactic acid facial filler, known as "童颜针" (Youthful Needle), by the National Medical Products Administration of China [1] - The "童颜针" is based on left-handed polylactic acid (PLLA) microspheres, which have stable biodegradation characteristics and can stimulate the regeneration of autologous collagen, providing both immediate filling and long-lasting regeneration effects [1] - The product has shown superior clinical efficacy compared to similar products on the market, with a high safety profile, as most patients maintain effectiveness for up to one year post-injection [1] Group 2 - According to a Pharmocean report, "童颜针" holds a 6.0% share of the global market, ranking third among similar products [2] - The global market size for "童颜针" is projected to reach approximately $1.488 billion in 2024, growing to $1.5445 billion in 2025, and expected to reach $2.0815 billion by 2033, with a compound annual growth rate (CAGR) of 3.8% from 2025 to 2033 [2] - In China, the market size for "童颜针" was approximately RMB 100 million in 2021, with estimates exceeding RMB 3 billion by 2024, and the regenerative injection market is expected to reach RMB 11.52 billion by 2027, with a CAGR of 54.73% from 2021 to 2025 [2] Group 3 - The approval of "童颜针" marks a dual breakthrough for Sihuan Pharmaceutical, as it has simultaneously obtained third-class medical device certifications for both "少女针" (Girl Needle) and "童颜针" within a month, making it the only company in China to hold compliant certifications for both products [3] - The dual product strategy is expected to create a differentiated competitive advantage and enhance the company's full-chain operational capabilities in research, registration, and commercialization [3] - The two products are anticipated to synergistically meet the needs of different age groups and consumption scenarios, paving the way for the company's growth in the medical aesthetics sector and establishing a strategic foundation for future product pipeline development and market education [3]

Core Insights - The domestic market is on the verge of launching its first PDRN product, with Jiangsu Wuzhong completing clinical trials and planning to submit for market approval in the second half of the year [1][2][3] - PDRN, known as "salmon needle" in the aesthetic medicine market, has gained significant attention due to its ability to stimulate collagen and elastin production, making it valuable for skin repair and anti-aging [3][5] - The global PDRN market is projected to grow fivefold in the next five years, reaching $285 million by 2029, with China expected to have the highest growth rate at a compound annual growth rate (CAGR) of 49.02% from 2023 to 2029 [9][10] Industry Dynamics - Over 20 domestic companies are currently involved in the PDRN sector, including major players like Huaxi Biology and Jiangsu Wuzhong, indicating a competitive landscape [3][5] - The initial applications of PDRN were in wound healing and tissue regeneration, but its efficacy in anti-aging has led to a shift towards aesthetic applications [5][6] - The entry of domestic companies into the PDRN market has been accelerated by significant investments and acquisitions, highlighting the commercial potential of PDRN products [6][19] Market Competition - The current market is dominated by imported PDRN products, primarily from South Korea, which poses a challenge for domestic brands to establish themselves [10][12] - The success of Korean brands in China has been attributed to tailored product offerings and effective marketing strategies, including partnerships with beauty institutions [15][19] - Domestic PDRN products have the opportunity to capture market share by focusing on compliance and quality, as existing products lack regulatory approval [18][19] Future Outlook - The first approved PDRN product is expected to create a significant market opportunity, potentially becoming a blockbuster in the aesthetic medicine sector [18][19] - The competition among aesthetic products, including PDRN, PLLA, and PCL-based injections, will intensify as companies innovate and seek to differentiate their offerings [21][23] - The strategic focus on product compliance, market education, and efficient distribution will be crucial for domestic companies to succeed in the evolving landscape of aesthetic medicine [19][23]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 3.026 billion yuan in 2024, representing a year-on-year growth of 5.45%, and a net profit attributable to shareholders of 1.958 billion yuan, also up by 5.33% [8] - The company maintains a high level of profitability, with a gross margin of 94.64% and a net margin of 64.66% in 2024, despite a slight decrease in gross margin [8] - The company has a rich pipeline of products under research, which ensures long-term growth, and is accelerating its international business layout through acquisitions [8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.026 billion yuan, with a year-on-year increase of 5.45% [8] - The net profit attributable to shareholders was 1.958 billion yuan, reflecting a growth of 5.33% year-on-year [8] - The company’s earnings per share (EPS) for 2024 is projected at 6.47 yuan [9] Product and Market Strategy - The company’s solution and gel products continue to grow, with sales of the "Hi Body" series reaching 1.744 billion yuan, up 4.40% year-on-year, and the "Mo White Angel" series generating 1.216 billion yuan, up 5.01% [8] - The company has engaged in extensive academic activities and digital marketing to enhance brand influence and provide comprehensive solutions to medical institutions and consumers [8] Research and Development - The company has 11 Class III medical device products approved by the National Medical Products Administration and a rich pipeline of products under research, including botulinum toxin and other innovative treatments [8] - The planned acquisition of 85% of REGEN Biotech aims to expand the product pipeline and accelerate international business development [8] Profitability and Cost Management - The company’s sales, management, research and development, and financial expense ratios for 2024 were 10.93%, 4.82%, 17.88%, and -0.66% respectively, indicating an increase in sales expenses due to heightened marketing efforts [8] - The overall profitability remains high, with a slight decrease in gross margin for solution products but an increase for gel products [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 3.026 billion yuan in 2024, representing a year-on-year growth of 5.45%, and a net profit attributable to shareholders of 1.958 billion yuan, also up by 5.33% year-on-year [8] - The company maintains a high level of profitability, with a gross margin of 94.64% and a net margin of 64.66% in 2024, indicating stable profitability despite slight declines in gross margin [8] - The company has a rich pipeline of products under research and development, which is expected to support long-term growth, alongside an accelerated international business layout [8] Summary by Sections Financial Performance - In 2024, the company reported total revenue of 3.026 billion yuan, with a year-on-year increase of 5.45% [8] - The net profit attributable to shareholders was 1.958 billion yuan, reflecting a year-on-year growth of 5.33% [8] - The company’s earnings per share (EPS) for 2024 is projected at 6.47 yuan, with a price-to-earnings (P/E) ratio of 30.41 [1][9] Product and Market Strategy - The company’s solution and gel products continue to grow, with sales of the "Hi Body" series generating 1.744 billion yuan, up 4.40% year-on-year, and the "Mo White Angel" series achieving 1.216 billion yuan, up 5.01% year-on-year [8] - The company leverages academic activities and digital marketing to enhance brand influence and provide comprehensive solutions to medical institutions and consumers [8] Research and Development - The company has 11 Class III medical device products approved by the National Medical Products Administration, with a diverse pipeline including botulinum toxin and other innovative products [8] - A planned acquisition of 85% of South Korean REGEN Biotech is expected to enhance the product pipeline and accelerate international expansion [8] Profitability and Cost Management - The company’s sales, management, R&D, and financial expense ratios for 2024 are 10.93%, 4.82%, 17.88%, and -0.66% respectively, indicating an increase in sales expenses due to heightened marketing efforts [8] - The gross margin for solution products slightly decreased to 93.76%, while gel products saw an increase to 97.98% due to the growth of high-end products [8]

证券研究报告·公司点评报告·医疗美容 执业证书：S0600520090006 wujc@dwzq.com.cn 爱美客（300896） 收购韩国 REGEN，再生医美&国际化布局再 突破 买入（维持） | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 1939 | 2869 | 3164 | 3549 | 3987 | | 同比（%） | 33.91 | 47.99 | 10.26 | 12.18 | 12.35 | | 归母净利润（百万元） | 1264 | 1858 | 2084 | 2351 | 2656 | | 同比（%） | 31.90 | 47.08 | 12.12 | 12.83 | 12.97 | | EPS-最新摊薄（元/股） | 4.18 | 6.14 | 6.89 | 7.77 | 8.78 | | P/E（现价&最新摊薄） | 47.95 | 32.60 | 29.08 | 25.77 | 22.81 | ...