医疗器械 爱美客（300896.SZ） 买入-A(维持) 短期业绩承压，看好公司自主研发+并购布局医美全产业链能力 2026 年 3 月 31 日 公司研究/公司快报 公司近一年市场表现 事件描述 公司发布 2025 年财务报告，期内实现营收 24.53 亿元/-18.94%，归母净 利润 12.91 亿元/-34.05%，扣非归母净利润 10.99 亿元/-41.3%，EPS4.28 元。 其中 2025Q4 实现营收 5.88 亿元/-9.61%，归母净利润 1.98 亿元/-46.85%，扣 非归母净利润 1.22 亿元/-64.14%。公司拟向全体股东每 10 股派发现金红利 8 元（含税）。 事件点评 市场数据：2026 年 3 月 30 日 收盘价（元/股）： 118.74 年内最高/最低（元/股）： 202.88/116. 99 流通 A 股/总股本（亿股）： 2.04/3.03 流通 A 股市值（亿元）： 242.77 总市值（亿元）： 359.30 期内受宏观环境、行业竞争等因素影响，公司溶液类、凝胶类产品营收 呈现不同程度下降。公司溶液类与凝胶类注射产品营收分别为 12.65 亿元、 8. ...

Investment Rating - The report maintains a "Buy-A" rating for the company, indicating a positive outlook for its stock performance in the next 6-12 months [1][7]. Core Insights - The company is facing short-term performance pressure but is expected to benefit from its capabilities in independent research and acquisitions across the entire medical beauty industry chain [1][3]. - The company reported a revenue of 2.453 billion yuan for 2025, a decrease of 18.94% year-on-year, with a net profit of 1.291 billion yuan, down 34.05% [3][9]. - The company is expanding its product matrix with new products in clinical trials and has made strategic acquisitions to enhance its global presence in the medical beauty market [5][9]. Financial Performance - The company’s revenue for Q4 2025 was 588 million yuan, reflecting a decline of 9.61% year-on-year, while the net profit for the same period was 198 million yuan, down 46.85% [3][4]. - The gross margin for the period was 92.7%, a decrease of 1.94 percentage points, and the net profit margin was 53.07%, down 11.59 percentage points [4][9]. - The company plans to distribute a cash dividend of 8 yuan per 10 shares to all shareholders [3]. Future Projections - The expected earnings per share (EPS) for 2026, 2027, and 2028 are projected to be 5.00 yuan, 5.41 yuan, and 6.06 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 23.7, 22.0, and 19.6 [7][9]. - Revenue is projected to recover to 2.702 billion yuan in 2026, with a year-on-year growth of 10.2% [9][11].