今日早参 2025 年 3 月 12 日 何康 策略首席研究员兼金融工程联席首席 研究员 座机：021-28972202 邮箱：hekang@htsc.com 王伟光 策略研究员 邮箱：wangweiguang@htsc.com 张继强 研究所所长、固收首席研究员 座机：13910012450 邮箱：zhangjiqiang@htsc.com 今日热点 策略：资金透视：配置型外资再度净流入 上周两会及产业事件催化 A 股上行，投资者关注其后续演绎方向，我们从资 金层面提供几点观察：1）除杠杆资金外，配置型外资、公募资金是近期资 金面的增量主力，其偏好的基本面因子定价权或有提升；2）配置型外资再 度回暖，A 股&港股作为全球市场的估值洼地，仍具备一定吸引力，关注全 球资金的再配置需求；3）制造及涨价品种近期资金关注度有所提升。 风险提示：1）估算持仓模型失效；2）数据统计口径有误。 研报发布日期：2025-03-11 研究员 何康 SAC:S0570520080004 SFC:BRB318 王伟光 SAC:S0570523040001 固定收益：美股"先破"，谁将"后立"？ 3 月 10 日美国三大股指全线大幅 ...

此次收购是爱美客国际化战略的关键举措，旨在进一步巩固其在医美注射填充产品市场的领先地位。 REGEN Biotech的产品已在全球 34个 国家和地区获得注册批准，并建立了广泛的分销体系。 收购完成后，爱美客将整 合双方的研发、生产和销售资源，发挥协同效应，推动产品走向国际市场。此外，REGEN Biotech的核心产品 AestheFill 已于2024年1月获得中国国家药品监督管理局（NMPA）的注册批准，并在中国市场实现销售。 根据公告，爱美客计划在交割完成后的18个月内，收购REGEN Biotech剩余的15%股权，从而实现全资控股。 此次收购不仅有助于爱美客扩大资产规模，还将增强其未来盈利能力及核心竞争力。 # 关于REGEN Biotech REGEN Biotech 成立于2000年4月，总部位于韩国大田市，是一家专注于医用材料、医疗器械及医药相关产品 研发、生产与销售的高科技企业。公司与韩国科学技术院（KAIST）医学科学中心等多个领先研究机构合作， 拥有世界领先的生物可降解高分子微粒及其制备方法的相关专利。REGEN Biotech是韩国第一家、全球第三家 获得聚乳酸类皮肤填充剂产品注册证 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The acquisition of REGEN Biotech, Inc. will enhance the company's position in the domestic regenerative market, allowing for a more comprehensive aesthetic medical product system [6][7] - The acquisition price corresponds to a PE ratio of 32.5 times based on REGEN Biotech, Inc.'s 2023 net profit, indicating a strategic investment in a high-demand product [8] - The new factory's production is expected to alleviate current capacity constraints, facilitating further market growth for AestheFill in both domestic and international markets [8] Summary by Sections Acquisition Details - AestheFill, a leading product from REGEN Biotech, Inc., has been approved for sale in China and is expected to significantly contribute to the company's revenue [6] - The acquisition involves a cash payment of $190 million, with the company holding a 59.5% stake post-transaction [6] Financial Projections - The company forecasts net profits of 2.06 billion, 2.41 billion, and 2.89 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 6.80, 7.97, and 9.56 yuan [8][10] - Revenue is projected to grow from 2.87 billion yuan in 2023 to 4.63 billion yuan in 2026, reflecting a compound annual growth rate [10] Market Position - AestheFill has gained regulatory approval in 34 countries, showcasing its international market potential and the company's capability to expand overseas [7] - The report highlights the importance of integrating resources with REGEN Biotech, Inc. to enhance product offerings and market reach [7]

Investment Rating - The investment rating for the beauty care industry is "Recommended" (maintained) [2][22]. Core Insights - The beauty care industry is experiencing significant growth driven by technological innovation and personalized services, with AI and big data being utilized to provide tailored solutions for consumers [4][22]. - The report emphasizes the importance of new material technologies and the rise of personalized services as mainstream trends in the medical beauty sector [22]. Summary by Sections Recent Market Performance - From March 3 to March 7, 2025, the Shenwan Beauty Care Index increased by 2.94%, with notable stock performances from companies like Kedi-B and Juzhi Biotechnology [7][8]. Industry News - The report highlights the successful launch of the "China Quality Flagship Store" by Hangzhou Meilai, which aims to redefine high-quality medical beauty standards through a comprehensive service system [12]. - Juzhi Biotechnology's patented recombinant human type IV collagen has been approved, marking a breakthrough in the medical beauty industry [4]. Key Company Announcements - Huadong Medicine's optical radiofrequency therapy device V30 has received acceptance from the National Medical Products Administration (NMPA), showcasing its multifunctional capabilities [10]. - Betaini's brand "Beforteen" has integrated AI technology for acne diagnosis, enhancing its product offerings [11]. Investment Recommendations - The report suggests focusing on companies with strong growth potential, including: 1. Marubi Biotechnology, known for its comprehensive brand matrix and product range [22]. 2. Juzhi Biotechnology, which is expected to grow rapidly due to the rise of recombinant collagen and domestic beauty trends [22]. 3. Betaini, which combines high cost-performance with strong product innovation [22]. 4. Aimeike and Longzi Co., which are expected to drive growth through flagship products and extensive product pipelines [22]. 5. Huadong Medicine, which shows strong potential in innovative drug development and medical beauty product pipelines [22].

Market Performance - On March 11, despite a significant drop in overnight US and European markets, A-shares and Hong Kong stocks showed strong performance, with major indices recovering from early losses [1] - The Shanghai Composite Index closed at 3379.83 points, up 0.41%, while the Shenzhen Component Index rose 0.33% to 10861.16 points [2] - The Hong Kong Hang Seng Index slightly decreased by 0.01% to 23782.14 points, but the Hang Seng Tech Index increased by 1.39% to 5967.23 points [3] Sector Highlights - The consumer sector saw a collective rise, particularly in the liquor stocks, with notable increases in shares of Gujing Gongjiu and Shanxi Fenjiu, both rising over 5% [7] - Food and beverage stocks also performed well, with Ziyan Food rising approximately 6% and several others increasing over 4% [9] - The textile and apparel sector experienced gains, with stocks like Jiejie Microfiber and Anner reaching their daily limit [10] Investment Opportunities - The report indicates a positive outlook for the food and beverage sector, driven by government initiatives to boost consumption and investment, suggesting a potential recovery in valuations [9] - The textile sector is expected to benefit from favorable policies aimed at expanding domestic demand, presenting opportunities for investment [10] - The medical beauty sector saw significant movement, with shares of Aimeike rising nearly 15% following an announcement of an acquisition strategy to enhance its market position [11][13] Emerging Trends - The national cloud concept stocks surged, with companies like Tongniu Information and Neusoft Group seeing substantial gains, indicating a growing interest in cloud computing solutions [15] - The rare earth sector also showed strong performance, with China Rare Earth and Western Magnetic Technology reaching their daily limits, driven by supply constraints from Myanmar [21][23] AI and Technology Integration - The integration of DeepSeek AI models into various government and enterprise systems is expected to create a significant market opportunity, potentially worth hundreds of billions [17] - The push for AI infrastructure in state-owned enterprises and financial sectors highlights the growing importance of technology in enhancing operational efficiency [18]

Investment Rating - The report assigns a "BUY" rating for the company, indicating a positive outlook for potential price appreciation [4]. Core Insights - The company plans to acquire 85% of South Korean Regen Biotech for approximately $190 million (around 970 million RMB), which is expected to enhance its international competitiveness [4]. - Regen Biotech is a leading aesthetic medicine company in South Korea, with its core products already registered in multiple countries, providing a strong market position [4]. - The acquisition is projected to improve operational efficiency and reduce production costs due to the company's experience in production management [4]. - The company maintains its profit forecasts, expecting net profits of 2.03 billion, 2.26 billion, and 2.62 billion RMB for 2024-2026, representing year-on-year growth of 9.1%, 11.5%, and 15.7% respectively [4][6]. - The current price-to-earnings (P/E) ratios for the next three years are projected to be 26, 23, and 20, indicating a reasonable valuation [4][6]. Company Overview - The company operates in the pharmaceutical and biotechnology industry, with a market capitalization of 36.485 billion RMB as of March 10, 2025 [1]. - The stock price has experienced a decline of 23.3% over the past year, with a current price of 174.89 RMB [1]. - The company's product portfolio consists of 60.8% solution-based injection products and 39.2% gel-based injection products [2]. Financial Performance - The company reported a net profit of 1.858 billion RMB in 2023, with a projected increase to 2.028 billion RMB in 2024 [6]. - Revenue is expected to grow from 2.869 billion RMB in 2023 to 3.095 billion RMB in 2024, reflecting a positive growth trajectory [7]. - The company's earnings per share (EPS) for 2024 is projected to be 6.71 RMB, with a year-on-year decrease of 22.02% due to the impact of the acquisition [6]. Market Position - The company has a significant market presence, with its core products having received regulatory approvals in numerous countries, establishing a competitive edge [4]. - The acquisition of Regen Biotech is expected to create synergies with the company's existing product lines, enhancing its overall product offering [4].

Investment Rating - The report assigns a "BUY" rating for the company, indicating a positive outlook for potential price appreciation [4]. Core Insights - The company plans to acquire 85% of South Korean Regen Biotech for approximately USD 190 million (around RMB 970 million), enhancing its international competitiveness [4]. - Regen Biotech is a leading aesthetic medicine company in South Korea, with a projected revenue of approximately RMB 82 million and a net profit of around RMB 50 million for 2023 [4]. - The acquisition is expected to improve operational efficiency and reduce production costs due to the company's experience in production management [4]. - The core products of Regen Biotech have received regulatory approvals in multiple countries, providing a competitive edge in the market [4]. - The company maintains its profit forecast, expecting net profits of RMB 2.03 billion, RMB 2.26 billion, and RMB 2.62 billion for 2024, 2025, and 2026, respectively, with corresponding EPS of RMB 6.71, RMB 7.48, and RMB 8.65 [4][6]. Financial Summary - The company reported a net profit of RMB 1.86 billion for 2023, with a year-on-year growth of 47.08% [6]. - Revenue is projected to grow from RMB 2.87 billion in 2023 to RMB 4.05 billion by 2026, reflecting a steady increase in sales [7]. - The company's P/E ratio is expected to decrease from 20 in 2023 to 20 in 2026, indicating a stable valuation [6][7]. - The dividend per share (DPS) is projected to be RMB 1.81, RMB 2.02, and RMB 2.34 for 2024, 2025, and 2026, respectively, with a dividend yield around 1.04% to 1.34% [6].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company is acquiring 85% of REGEN Biotech, Inc. for $190 million, with the total equity valuation of the target company at approximately $224 million [1]. - The target company has two mature products and is expected to enhance the company's international market presence and product offerings [2][3]. - Revenue projections for the company are adjusted to reflect a net profit of 2.18 billion, 2.64 billion, and 3.14 billion RMB for 2024-2026, with respective year-on-year growth rates of 17%, 21%, and 19% [4][7]. Summary by Sections Acquisition Overview - The acquisition involves a cash investment of $190 million to acquire 85% of REGEN Biotech, which specializes in medical materials and devices [1]. - The target company has two operational factories in South Korea, with one factory expected to commence production in Q2 2025 [2]. Financial Projections - The company’s revenue is projected to grow from 2.87 billion RMB in 2023 to 4.67 billion RMB in 2026, reflecting a compound annual growth rate (CAGR) of approximately 18% [7]. - The diluted earnings per share (EPS) are forecasted to be 7.21, 8.73, and 10.38 RMB for 2024-2026 [4][7]. Market Positioning - The acquisition is expected to leverage the target company's market channels and brand influence to enhance the company's visibility in the global aesthetic medicine market [3]. - The core products of the target company complement the existing product line, potentially meeting diverse consumer needs [3].

事件简评 爱美客技术发展股份有限公司(下称"公司")全资子公司 Imeik （HK）Limited（下称"爱美客香港"）与 Aisheng Shourui (HK) Limited 共同设立 Imeik InternationalLimited（下称"爱美客 国际"），拟通过爱美客国际收购注册地址位于韩国大田市的 REGEN Biotech,Inc.公司（下称"标的公司"）85%的股权，标的公司主要 从事医用材料、医疗器械及医药等相关产品的研发、生产与销售。 交易概述：爱美客国际拟以现金方式出资，以 1.90 亿美元收购 Mount Beacon、IRC、Mr.Choi 持有的韩国 REGEN 85%的股权，标 的公司股权估值约为 2.24 亿美元。其中爱美客香港出资 1.33 亿 美元，首瑞香港出资 0.57 亿美元。 事件分析 标的公司拥有两款成熟产品，第一厂产能充足，第二工厂即将投 产。标的公司 2023/2024Q3 的营收分别为 8199 万与 7223 万元人 民币，净利润分别为 5015 万/2950 万。标的公司已获批上市的产 品主要包括：AestheFill（主要应用部位为面部）与 Powe ...

Core Viewpoint - The internal speech by Zhao Yan, chairman of Huaxi Biological, highlights the urgent need for organizational reform and accountability within the company, amidst significant performance declines and internal turmoil [1][3][5]. Financial Performance - Huaxi Biological reported a revenue of 5.37 billion yuan for 2024, a year-on-year decrease of 11.6%, and a net profit of 164 million yuan, down 72.27% compared to the previous year [4][12]. - The company experienced a significant drop in its core functional skincare product revenue, which fell by over 18% for two consecutive years, with a 29.74% decline in the first half of 2024 [12][24]. Internal Challenges - The company has faced a high turnover of key technical personnel, with seven executives leaving in the past two years, including core technical staff [10][11]. - Zhao Yan's speech indicated a crisis within the organization, with terms like "problems" and "reform" frequently mentioned, reflecting the urgency of addressing internal management issues [5][6]. Strategic Shifts - Zhao Yan emphasized a return to a "start-up" mentality, focusing on operational aspects and addressing the need for a more agile and responsive organizational structure [5][21]. - The company is undergoing a significant internal restructuring, which has already cost over 270 million yuan, raising concerns about its financial health and future profitability [11][17]. Market Context - The broader pharmaceutical and biotechnology industry has seen a total market value decline of 14.3% in 2024, indicating a challenging environment for Huaxi Biological and its peers [20][21]. - The medical beauty industry, once characterized by high growth, is now facing a period of adjustment, with competitors also reporting declines in net profits [18][21]. Future Outlook - Zhao Yan expressed excitement and caution regarding the integration of AI in the life sciences sector, suggesting potential for significant changes in consumer engagement and decision-making processes [18][24]. - The company plans to introduce new talent and possibly restructure its core team to enhance its operational effectiveness and restore investor confidence [25].