Investment Rating - The investment rating for the company is "Outperform the Market" [5][3][16] Core Views - The company achieved a revenue of 3.026 billion yuan in 2024, representing a year-on-year growth of 5.45%, and a net profit of 1.958 billion yuan, with a year-on-year increase of 5.33% [1][7] - The company is focusing on expanding its product lines through external acquisitions, such as the planned acquisition of South Korean regenerative materials company REGEN Biotech, which will enhance its product layout and open up international sales channels [1][12] - The medical beauty industry has significant long-term penetration potential, and under compliance regulations, leading companies will further highlight their advantages [3][15] Financial Performance - In 2024, the gross profit margin was 94.64%, slightly down by 0.46 percentage points year-on-year, while the sales expense ratio remained stable at 9.15% [2][13] - The company maintained a stable operating cash flow of 1.927 billion yuan in 2024, reflecting good cash flow conditions [2][13] - The revenue growth forecast for 2025-2026 has been adjusted to 2.237 billion yuan and 2.618 billion yuan respectively, with a new forecast for 2027 set at 3.017 billion yuan [3][16] Product Performance - The revenue growth rates for solution and gel injection products were both around 5% in 2024, with revenue shares of 57.64% and 40.18% respectively [9][10] - The company has made progress in several pipeline products, including the review stage for botulinum products and clinical trial approval for semaglutide injection [1][9] Market Position - The company’s market capitalization is approximately 59.532 billion yuan, with a closing price of 196.74 yuan [5][17] - The company is positioned to leverage its existing product matrix to expand market share in the short term while combining self-research and external acquisitions for long-term growth [3][15]

风险提示：在研项目进度不及预期；终端销售不及预期；竞争环境恶化。 投资建议：整体来看医美行业中长期渗透率仍有较大提升空间，合规监 管趋势下龙头企业的优势也将进一步凸显。短期公司积极依托现有产品 矩阵，拓展渠道占有率；中长期自研+外延结合，持续丰富的产品管线 储备，以及打开国际化业务，为业绩增长提供新的增量。出于对医美消 费短期景气度的谨慎考虑，以及收购韩国企业事项仍待审批，我们下调 公司 2025-2026 年归母净利润预测至 22.37/26.18 亿元（前值分别为 24.93/28.68 亿元），并新增 2027 年归母净利润预测为 30.17 亿元，维 持"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,869.35 | 3,025.67 | 3,519.67 | 4,073.79 | 4,633.67 | | (+/-%) | 47.99% | 5.45% | 16.33% | 15.74% | 13.74% | | 净利 ...

Group 1: Market Overview - The A-share market experienced fluctuations with the North Securities 50 index down by 3.07% and the Sci-Tech 50 index down by 2.11%, while over 3,800 stocks declined, leading to a slight decrease in trading volume to 1.65 trillion yuan [1] - The coal, medical beauty, and electricity sectors showed relative strength, while humanoid robots, broadcasting, storage chips, and wireless earphones faced significant declines [1] - ST stocks continued to perform strongly, with *ST Xintong achieving a new high since January 2018, recording 31涨停 in 35 trading days [1] Group 2: Sector Performance - The coal industry saw a net inflow of over 3.3 billion yuan from major funds, while the banking and public utilities sectors each received over 2 billion yuan [1] - The power sector maintained strong performance, with the index rising for three consecutive days and trading volume exceeding 28.2 billion yuan, marking a new high for the year [2] - The artificial intelligence data center is expected to drive significant growth in electricity demand, with projections indicating that by 2026, global data center electricity consumption will reach between 620 billion and 1.05 trillion kilowatt-hours [2] Group 3: Company-Specific News - Qi Ming Medical, which had been suspended for over 15 months, saw its stock plummet by 66.37% upon resuming trading due to unauthorized fund transfers by former executives [3] - Qi Ming Medical acknowledged the challenges posed by the suspension and has undertaken a systematic restructuring of its organizational framework to enhance governance and internal controls [3] - The company has established a management committee to improve internal supervision and ensure timely market disclosures regarding significant matters [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [3][16]. Core Insights - The company announced plans to acquire 85% of the shares of Korean REGEN Biotech, Inc. for approximately $190 million, which is a significant step in its internationalization strategy and crucial for the development of its medical aesthetics business [1][2]. - REGEN Biotech is a leading company in Korea specializing in medical materials and devices, with its flagship products AestheFill and PowerFill already registered in 34 countries, showcasing strong global influence [2]. - The acquisition is expected to enhance the company's market position in injectable filling products, leveraging synergies in R&D, production, and sales to boost international revenue and profitability [3]. Financial Projections - Revenue projections for the company are estimated at 31.7 billion RMB, 39.2 billion RMB, and 47.8 billion RMB for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 20.6 billion RMB, 24.8 billion RMB, and 30.0 billion RMB [3][9]. - The company’s earnings per share (EPS) are projected to grow from 6.81 RMB in 2024 to 9.93 RMB in 2026, reflecting a strong growth trajectory [9][11]. - The report highlights a stable financial position with a low debt ratio of 4.34% and a significant increase in cash reserves projected to reach 10.65 billion RMB by 2026 [4][10]. Market Position - The company is positioned as a leader in the medical aesthetics sector, with a robust pipeline of self-developed products and strategic acquisitions to enhance its product portfolio [3][9]. - The report emphasizes the company's strong competitive edge and market leadership, supported by its innovative product offerings and successful integration of acquisitions [3][9].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [3][16]. Core Insights - The company announced plans to acquire 85% of the shares of REGEN Biotech, Inc. for approximately $190 million, marking a significant step in its internationalization strategy and enhancing its medical aesthetics business [1][2]. - REGEN Biotech is a leading South Korean company in the medical aesthetics sector, known for its AestheFill and PowerFill products, which have received regulatory approval in 34 countries [2]. - The acquisition is expected to strengthen the company's position in the injectable filler market, leveraging synergies in research, production, and sales to enhance international revenue and profitability [3]. Financial Projections - Revenue projections for the company are estimated at RMB 31.7 billion, RMB 39.2 billion, and RMB 47.8 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of RMB 20.6 billion, RMB 24.8 billion, and RMB 30.0 billion [3][9]. - The company’s earnings per share (EPS) are projected to grow from RMB 6.81 in 2024 to RMB 9.93 in 2026, reflecting a strong growth trajectory [9][11]. - The report anticipates a steady decline in the price-to-earnings (P/E) ratio from 28x in 2024 to 19x in 2026, indicating improving valuation metrics as the company grows [3][9]. Market Position - The company is positioned as a leader in the medical aesthetics industry, with a robust pipeline of self-developed products and strategic acquisitions to enhance its product portfolio [3][9]. - The acquisition of REGEN Biotech is expected to solidify the company's competitive edge and expand its market presence internationally [1][3].

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]

证券研究报告 | 公司点评 gszqdatemark 2025 03 11 年 月 日 爱美客（300896.SZ） 国际化布局取得关键进展，拟收购韩国 REGEN 事件：爱美客 3 月 10 日发布公告，全资子公司爱美客香港与首瑞香港共同设立爱 美客国际（其中：爱美客香港占总股数的 70%，首瑞香港持有占总股数的 30%， 爱美客国际为公司合并报表范围内子公司），拟通过爱美客国际收购韩国 REGEN Biotech,Inc.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。爱美客国际拟以现金方式支付对价，以 1.90 亿美元 收购 Mount Beacon、IRC、Mr.Choi 持有的标的公司 85%的股权（其中爱美客香 港出资 1.33 亿美元，折合人民币约 9.7 亿元，首瑞香港出资 0.57 亿美元）。本次 收购完成后，爱美客国际合计持有标的公司 1536 万股股份，持股比例为 85%， 公司通过爱美客香港及爱美客国际最终持有标的公司的股权比例为 59.5%。 事件分析：标的公司 REGEN Biotech, Inc.为韩国领先的医美公司，2000 年成立于 ...

优于大市 |  | 公司研究·公司快评 |  | 美容护理·医疗美容 |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | | 证券分析师： | 张峻豪 | 021-60933168 | zhangjh@guosen.com.cn | 执证编码：S0980517070001 | | 证券分析师： | 柳旭 | 0755-81981311 | liuxu1@guosen.com.cn | 执证编码：S0980522120001 | | 证券分析师： | 孙乔容若 | 021-60375463 | sunqiaorongruo@guosen.com.cn | 执证编码：S0980523090004 | 事项： 公司公告：拟通过持股 70%的子公司爱美客国际收购韩国 REGEN Biotech,Inc.公司 85%股权，对价 1.9 亿 美元，以现金方式支付对价。收购完成后，爱美客将持有韩国 REGEN Biotech59.5%股权，纳入合并报表。 国信零售观点：韩国 REGEN Biotech 旗下主要拥有 1）AestheFill 再生材料产品，应用于面部填 ...

香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 佈 之 內 容 概 不 負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或 任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 UNI-BIO SCIENCE GROUP LIMITED 聯 康 生 物 科 技 集 團 有 限 公 司* （於開曼群島註冊成立之有限公司） （股份代號：0690） 自願性公佈 重組膠原蛋白二類醫療器械獲批 肌顏態®醫療美容產品上市 二零二四年十二月二日 — 聯康生物科技集團有限公司（「本公司」），連同其附屬 公司統稱（「本集團」）董事會（「董事會」）欣然宣佈兩項重要里程碑，展示了本集團 在醫療美容和皮膚解決方案領域的持續增長和創新。 本 集 團 與 重 慶 民 濟 醫 療 器 械 有 限 公 司 的 戰 略 合 作 產 品 — 醫 用 重 組 膠 原 蛋 白 敷 料，已成功獲批二類醫療器械註冊證，註冊證編號為「渝械注准20242140377」。與 此同時，本集團自主研發的纖連蛋白醫療美容產品 — 肌顏態®也正式上市。這些 成就凸顯了聯康 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 Sisram Medical Ltd 復䢇醫療科技有限公司* （ 於 以 色 列 註 冊 成 立 的 有 限 公 司 ） （股份代號：1696） 自願公告 本公告乃由復銳醫療科技有限公司（「本公司」）自願發佈。 香港，二零二四年十一月五日 於本公告日期，本公司董事會成員包括執行董事劉毅先生及Lior Moshe DAYAN 先生；非執行董事吳以芳先生及馮蓉麗女士；獨立非執行董事方香生先生、陳志 峰先生、陳怡芳女士及廖啟宇先生。 * 僅供識別 本公司欣然宣佈推出其屢獲殊榮的美容平台Alma Harmony的全新版本（「新Alma Harmony」）。 新Alma Harmony採用現代化設計，並進行了大幅升級，為客戶提供更多的治療 選擇和簡單智能的使用體驗。其革新的患者個性化功能融合了五項最受歡迎的技 術及增強的能量，能夠提供全面的治療方案。 新Alma Harmony的設計重點在於提升效率、簡易性及易用 ...