Investment Rating - The report indicates a positive investment outlook for the market, particularly focusing on cyclical and consumer sectors [4][10][17]. Core Insights - The report emphasizes that large-cap blue-chip stocks are beginning to rebound, with a focus on cyclical and consumer sectors as key areas for investment [4][10]. - It highlights the importance of upcoming government policies aimed at boosting consumption, which are expected to drive market performance [11][17]. - The report suggests that the market is transitioning from a liquidity-driven phase to one driven by economic fundamentals, indicating a need for cautious investment strategies [9][17]. Market Overview - The A-share market shows a total market capitalization of 651,122 million yuan for the Shanghai Composite Index, with a PE ratio of 12.23 and a PB ratio of 1.30 [3]. - The report notes that the Shanghai Composite Index closed at 3,419.56, reflecting a weekly increase of 1.81% [2]. Economic Indicators - The report mentions that the average interest rate for new corporate loans in February was approximately 3.3%, which is 40 basis points lower than the same period last year, indicating a supportive monetary policy environment [42]. - It also highlights that the total social financing scale increased by 22,375 million yuan in February, showing a year-on-year increase of 7,416 million yuan [14]. Industry Dynamics - The railway sector experienced a record high in passenger flow, with 7.38 million passengers transported in the first two months of 2025, marking a 6.4% year-on-year increase [41]. - The report discusses the implementation of a new childcare subsidy policy in Hohhot, which provides financial incentives for families, potentially boosting consumer spending [44]. Company Tracking - The report tracks the performance of Oriental Fortune, which reported a 17.3% year-on-year increase in net profit for 2024, driven by active trading [51]. - It also notes that Jinbo Biological has expanded its applications of recombinant collagen in various fields, including skincare and medical aesthetics, enhancing its market competitiveness [49][50].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The report highlights that the company, Aimeike, plans to acquire a majority stake (85%) in the South Korean company Regen Biotech for a total consideration of $190 million. This acquisition is a strategic move to enhance Aimeike's international presence and strengthen its leading position in the aesthetic injection market [6][8]. - The core products of Regen, AestheFill and PowerFill, have received regulatory approvals in multiple countries, which will support Aimeike's international expansion. The new production facility in South Korea is expected to commence operations in Q2 2025, potentially driving revenue and profit growth [6][8]. - The acquisition is anticipated to create significant shareholder value in the medium to long term, facilitating Aimeike's transition from a domestic leader to an international giant in the aesthetic medicine sector [8]. Financial Projections - Revenue projections for Aimeike from 2024 to 2026 are estimated at 3.449 billion, 4.208 billion, and 5.142 billion yuan, respectively. The net profit attributable to the parent company is projected to be 2.189 billion, 2.662 billion, and 3.226 billion yuan for the same period [9][10]. - The report indicates that the price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are expected to be 27.8, 22.8, and 18.9, respectively, reflecting a positive outlook on the company's growth and profitability [9][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The report highlights that the acquisition of Korean Regen Biotech by the company is a significant step in its internationalization strategy, which will help solidify its leading position in the aesthetic injection market [6][8] - The core products of Regen, AestheFill and PowerFill, have received regulatory approvals in multiple countries, providing strong support for the company's international expansion [8] - The new production facility in Korea is expected to commence operations in the second quarter of 2025, which will likely drive revenue and profit growth [8] - The acquisition is projected to create greater shareholder value and facilitate the company's transition from a domestic leader to an international giant in the aesthetic industry [8] Financial Projections - Revenue projections for the company from 2024 to 2026 are estimated at 34.49 billion, 42.08 billion, and 51.42 billion respectively, with net profit estimates of 21.89 billion, 26.62 billion, and 32.26 billion [9][10] - The price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are projected to be 27.8, 22.8, and 18.9 respectively [9][10] - The company is expected to maintain a robust growth trajectory, with revenue growth rates of 20.20%, 22.00%, and 22.20% for the years 2024 to 2026 [10][14]

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 (1.33 billion RMB), enhancing its international competitiveness [4]. - Regen Biotech is a leading aesthetic medicine company in South Korea, with a projected revenue of approximately 82 million RMB and a net profit of about 50 million RMB 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 forecasts, expecting net profits of 2.03 billion, 2.26 billion, and 2.62 billion RMB for 2024, 2025, and 2026, respectively, with corresponding EPS of 6.71, 7.48, and 8.65 RMB [4][6]. Financial Summary - The company's net profit for 2023 is projected at 1.858 billion RMB, with a year-on-year growth of 47.08% [6]. - Revenue is expected to grow from 2.869 billion RMB in 2023 to 4.047 billion RMB by 2026 [7]. - The company's P/E ratio is projected to decrease from 20 in 2023 to 20 in 2026, indicating a stable valuation [6][7]. - The company’s total assets are expected to grow from 6.852 billion RMB in 2023 to 11.553 billion RMB by 2026 [8].

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].