Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved total revenue of HKD 13.59 billion in 2024, representing a year-on-year increase of 36%, and a net profit attributable to shareholders of HKD 5.44 billion, up 27% year-on-year [1] - In Q4 2024, the company reported a total revenue of HKD 4.4 billion, a year-on-year increase of 87%, and a net profit of HKD 1.9 billion, up 113% year-on-year [1] - The company is experiencing rapid global business growth, with a total trading volume of HKD 78 trillion in 2024, an increase of 84% year-on-year [8] Summary by Relevant Sections Revenue - In 2024, brokerage commissions increased by 53% to HKD 6 billion, driven by increased trading volume, partially offset by a decline in overall commission rates [8] - Interest income rose by 20% to HKD 6.67 billion, mainly due to higher financing interest income and increased average margin balances [8] - Other operating income grew by 67% to HKD 879 million, attributed to increased fund distribution service income and currency exchange income [8] Costs - R&D expenses increased by 4% to HKD 1.49 billion, mainly due to an increase in the number of R&D personnel [8] - Sales expenses surged by 98% to HKD 1.41 billion, driven by strong growth in paying customers [8] - Management expenses rose by 23% to HKD 1.62 billion, primarily due to an increase in administrative staff [8] User Growth and Market Expansion - As of the end of 2024, the company had 2.51 million registered users, a year-on-year increase of 16%, and 458,000 account holders, up 29% year-on-year [8] - The total customer assets reached HKD 743 billion, reflecting a year-on-year growth of 53% [8] - The company is expanding its international strategy, with strong performance across seven global markets [8] Profit Forecast and Valuation - The profit forecast for the company has been adjusted upwards, with net profits expected to reach HKD 7.12 billion, HKD 8.92 billion, and HKD 11.01 billion for 2025, 2026, and 2027 respectively [8] - The current market capitalization corresponds to a P/E ratio of 16.21, 12.93, and 10.48 for 2025, 2026, and 2027 respectively [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved total revenue of HKD 13.59 billion in 2024, representing a year-on-year increase of 36%, and a net profit attributable to shareholders of HKD 5.44 billion, up 27% year-on-year [1] - In Q4 2024, the company recorded a total revenue of HKD 4.4 billion, a significant year-on-year increase of 87%, with net profit soaring 113% to HKD 1.9 billion [1] - The company is experiencing rapid growth in its global business, with a total trading volume of HKD 78 trillion in 2024, an 84% increase year-on-year, and record trading volumes in both Hong Kong and US markets [8] Revenue Summary - The company's brokerage commission revenue increased by 53% to HKD 6 billion in 2024, driven by increased trading volumes, although partially offset by a decline in overall commission rates [8] - Interest income rose by 20% to HKD 6.67 billion, primarily due to higher financing interest income and increased average margin balances [8] - Other operating income surged by 67% to HKD 879 million, attributed to growth in fund distribution services and currency exchange income [8] Cost Summary - Research and development expenses increased by 4% to HKD 1.49 billion, reflecting a rise in R&D personnel to support new products and markets [8] - Sales expenses saw a significant rise of 98% to HKD 1.41 billion, driven by strong growth in paying customers [8] - Management expenses increased by 23% to HKD 1.62 billion, mainly due to an increase in administrative staff, particularly in new markets [8] User Growth and Market Expansion - The company reported a 29% year-on-year increase in the number of registered users, reaching 25.15 million, and a 41% increase in asset-holding clients to 2.41 million [8] - The total client assets reached HKD 743 billion, reflecting a 53% year-on-year growth [8] - The company is expanding its international presence, with strong user acquisition momentum across seven major global markets [8] Profit Forecast and Valuation - The report projects net profits attributable to shareholders for 2025, 2026, and 2027 to be HKD 7.11 billion, HKD 8.92 billion, and HKD 11.01 billion respectively, with corresponding P/E ratios of 16.21, 12.93, and 10.48 [8][17] - The company is expected to continue its robust growth trajectory, particularly in overseas markets, with significant long-term growth potential [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a total revenue of 13.59 billion HKD for 2024, representing a year-on-year increase of 36%, and a net profit attributable to shareholders of 5.44 billion HKD, up 27% year-on-year [1] - In Q4 2024, the company achieved a total revenue of 4.4 billion HKD, a significant year-on-year increase of 87%, with net profit soaring 113% to 1.9 billion HKD [1] - The company is experiencing rapid global business growth, with a total trading volume of 78 trillion HKD in 2024, an increase of 84% year-on-year, and record trading volumes in both Hong Kong and US markets [8] Revenue Summary - The company's brokerage commission revenue increased by 53% to 6 billion HKD in 2024, driven by increased trading volumes, partially offset by a decline in overall commission rates [8] - Interest income rose by 20% to 6.67 billion HKD, primarily due to higher financing interest income and increased average margin balances [8] - Other operating income surged by 67% to 879 million HKD, mainly from increased fund distribution services and foreign exchange income [8] Cost Summary - Research and development expenses increased by 4% to 1.49 billion HKD, reflecting a rise in the number of R&D personnel [8] - Sales expenses saw a significant increase of 98% to 1.41 billion HKD, attributed to strong growth in paying customers [8] - Management expenses rose by 23% to 1.62 billion HKD, mainly due to an increase in administrative staff, particularly in new markets [8] User Growth and Market Expansion - The company reported a total of 2.51 million registered users and 458,000 account holders by the end of 2024, marking a year-on-year growth of 16% and 29% respectively [8] - The number of asset-holding clients increased by 41% to 2.41 million, with total client assets reaching 743 billion HKD, a 53% increase year-on-year [8] - The company is expanding its international strategy, with strong customer acquisition momentum across seven global markets [8] Profit Forecast and Valuation - The profit forecast for the company has been adjusted upwards, with net profits expected to reach 7.12 billion HKD in 2025, 8.92 billion HKD in 2026, and 11.01 billion HKD in 2027 [8] - The current market capitalization corresponds to a price-to-earnings (P/E) ratio of 16.21 for 2025, 12.93 for 2026, and 10.48 for 2027 [8] - The report maintains a positive outlook on the company's ability to expand its overseas market and accelerate user growth, indicating substantial long-term growth potential [8]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has made significant progress in its internationalization strategy by planning to acquire 85% of REGEN Biotech, Inc., a leading South Korean medical aesthetics company [1][2] - The acquisition is expected to enhance the company's competitive edge in the medical aesthetic injection market and facilitate the integration of R&D, production, and sales resources, thereby driving future growth [3] - The financial forecasts have been adjusted, with projected revenues for 2024, 2025, and 2026 expected to be 31.7 billion, 37.1 billion, and 43.9 billion RMB respectively, and net profits expected to be 20.4 billion, 23.7 billion, and 27.6 billion RMB, reflecting year-on-year growth rates of 9.5%, 16.4%, and 16.6% [3] Financial Summary - The company's revenue for 2022 was 1,939 million RMB, with a projected increase to 2,869 million RMB in 2023 and further growth to 3,172 million RMB in 2024, representing a year-on-year growth rate of 33.9% in 2022 and 48.0% in 2023 [4] - The net profit for 2022 was 1,264 million RMB, expected to rise to 1,858 million RMB in 2023 and 2,035 million RMB in 2024, with growth rates of 31.9% and 9.5% respectively [4] - The company's earnings per share (EPS) is projected to be 6.73 RMB in 2024, increasing to 7.83 RMB in 2025 and 9.13 RMB in 2026 [4] Acquisition Details - The acquisition of REGEN Biotech, Inc. will be executed through a cash payment of 190 million USD, with the company holding a 59.5% stake post-acquisition [1][3] - REGEN Biotech, Inc. has established a strong distribution network and has received regulatory approvals for its products in multiple countries, including China [3][4]

爱美客(300896) 目标价: 昨收盘:174.89 2025 年 03 月 11 日 公司点评 买入/维持 公司点评：拟收购韩国 Regen，国际化战略加速发展 ◼ 走势比较 (50%) (36%) (22%) (8%) 6% 20% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 爱美客 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 3.03/2.09 | | --- | --- | | 总市值/流通(亿元) | 529.2/364.85 | | 12 个月内最高/最低价 | 358/132.81 | | (元) | | 相关研究报告 <<2024Q1 财报点评：业绩符合预期， 期待核心产品驱动增长>>--2024- 04-28 <<2023 年业绩点评：全年业绩符合预 期，期待多元管线接力成长>>-- 2024-03-20 <<爱美客 2023 年半年度业绩预告点 评：业绩增长超预期，终端复苏+新品 红利，看好全年持续兑现>>--2023- 08-04 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190 ...

2025 年 03 月 11 日 公司点评 买入/维持 爱美客(300896) 目标价: 昨收盘:174.89 公司点评：拟收购韩国 Regen，国际化战略加速发展 ◼ 走势比较 (50%) (36%) (22%) (8%) 6% 20% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 爱美客 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 3.03/2.09 | | --- | --- | | 总市值/流通(亿元) | 529.2/364.85 | | 12 个月内最高/最低价 | 358/132.81 | | (元) | | 相关研究报告 <<2024Q1 财报点评：业绩符合预期， 期待核心产品驱动增长>>--2024- 04-28 <<2023 年业绩点评：全年业绩符合预 期，期待多元管线接力成长>>-- 2024-03-20 <<爱美客 2023 年半年度业绩预告点 评：业绩增长超预期，终端复苏+新品 红利，看好全年持续兑现>>--2023- 08-04 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190 ...

2025 年 03 月 11 日 公司点评 买入/维持 爱美客(300896) 目标价: 昨收盘:174.89 公司点评：拟收购韩国 Regen，国际化战略加速发展 ◼ 走势比较 (50%) (36%) (22%) (8%) 6% 20% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 爱美客 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 3.03/2.09 | | --- | --- | | 总市值/流通(亿元) | 529.2/364.85 | | 12 个月内最高/最低价 | 358/132.81 | | (元) | | 相关研究报告 <<2024Q1 财报点评：业绩符合预期， 期待核心产品驱动增长>>--2024- 04-28 <<2023 年业绩点评：全年业绩符合预 期，期待多元管线接力成长>>-- 2024-03-20 <<爱美客 2023 年半年度业绩预告点 评：业绩增长超预期，终端复苏+新品 红利，看好全年持续兑现>>--2023- 08-04 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][5][10] Core Views - The company announced its intention to acquire 85% of the shares of South Korean REGEN Biotech, Inc. for a cash consideration of $190 million, which will enhance its position in the regenerative materials sector and support its international expansion strategy [4][6][10] - The acquisition will allow the company to integrate two key products, AestheFill and PowerFill, into its portfolio, further solidifying its leadership in the medical aesthetics market [5][10] - The financial performance of REGEN Biotech shows promising results, with revenues of approximately 819.85 million yuan and net profits of about 501.51 million yuan in 2023, indicating strong growth potential post-acquisition [9][10] Summary by Sections Acquisition Details - The company plans to establish a subsidiary, Aimeike International, with a 70% stake to facilitate the acquisition of REGEN Biotech [4][6] - AestheFill has received regulatory approval in 34 countries, including China, while PowerFill has been approved in 24 countries but not yet in China [7][9] Financial Projections - The company maintains its net profit forecasts for 2024-2026 at 2.122 billion, 2.493 billion, and 2.868 billion yuan, respectively, with corresponding P/E ratios of 24.9, 21.2, and 18.4 [5][10] - The acquisition is expected to enhance the company's earnings performance significantly after consolidation [4][5] Market Position - REGEN Biotech is recognized as the first in South Korea and the third globally to obtain registration for polylactic acid-based dermal fillers, indicating a strong competitive position in the market [4][6][9]

Core Viewpoint - The company, Aimeike, is making a significant move towards international expansion by acquiring 85% of REGEN Biotech, a leading South Korean medical aesthetics company, for $190 million, which is expected to enhance its market position and drive future growth [1][2][3]. Group 1 - Aimeike's stock surged approximately 15%, surpassing 200 yuan, with a trading volume of nearly 3.1 billion yuan following the announcement of the acquisition [1]. - The acquisition involves Aimeike's wholly-owned subsidiary, Imeik (HK) Limited, and Aisheng Shourui (HK) Limited, establishing Imeik International Limited to facilitate the purchase [1][2]. - REGEN Biotech specializes in the research, production, and sales of medical materials, medical devices, and pharmaceuticals, with notable products including AestheFill and PowerFill [2]. Group 2 - The transaction is a key step in Aimeike's international strategy, aimed at solidifying its leading position in the medical aesthetics injection filler market and driving sustainable growth [2][3]. - Post-acquisition, the integration of resources between Aimeike and REGEN Biotech is expected to create synergies, enhancing product access to international markets and increasing revenue from these markets [3]. - The acquisition will allow Aimeike to consolidate REGEN Biotech into its financial statements, expanding its asset base and improving future profitability and core competitiveness [3].

Investment Rating - The report does not explicitly state an investment rating for the specialized equipment industry or the specific company being analyzed [1]. Core Insights - The company operates two major manufacturing bases in Shenzhen and Changzhou, currently running at full capacity, with plans for an additional intelligent manufacturing base in Changzhou to produce 1.81 million industrial control products [19]. - The company is actively expanding its international market presence, focusing on regions such as the Middle East, Europe, Southeast Asia, and the Americas, with established local marketing teams in India and Indonesia [19]. - The company is positioned to meet the increasing demand for domestic products in the high-end manufacturing sector, with its human-machine interface (HMI) products capable of competing with international brands [20]. - The medical imaging equipment sector is identified as a stable strategic industry for the company, with ongoing collaborations with major clients like Siemens and United Imaging, and plans to expand into new client relationships as domestic healthcare develops [20]. Summary by Sections 1. Basic Research Information - The research was conducted on the company Buke Co., Ltd., which belongs to the specialized equipment industry, on March 4, 2025 [13]. 2. Detailed Research Institutions - Various institutions participated in the research, including Zhejiang Securities, Huaxi Securities, and several fund management companies [14][15]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [17]. 4. Main Content Information - The company is focused on expanding its production capacity and enhancing its international market strategy, with a strong emphasis on high-end manufacturing and medical imaging sectors [19][20].