证券研究报告 | 2025年08月19日 爱美客（300896.SZ） 优于大市 中报业绩有所承压，医美产品矩阵丰富奠定长期增长潜力 中报业绩增长增压。公司 2025 上半年实现营收 12.99 亿元，同比-21.59%， 取得归母净利润 7.89 亿元，同比-29.57%，扣非归母净利润 7.22 亿元，同 比-33.7%。单二季度看，营收 6.36 亿元，同比-25.11%，归母净利润 3.46 亿元，同比-41.75%，扣非归母净利润 3.2 亿元，同比-42.83%。公司整体业 绩表现承压，一是行业终端仍受消费力下行压力影响，二是医美获批产品日 趋增多，竞争格局加剧，而公司自身产品管线处于新老交替期。 此外，公司每 10 股派发现金股利 12 元（含税），合计派发现金股利 3.62 亿元，占上半年归母净利润的 45.82%。 产品线持续丰富，收购韩国医美企业补充再生品类产品矩阵。分产品看，2025 上半年溶液类注射产品收入 7.44 亿元，同比-23.79%；凝胶类注射产品收入 4.93 亿元，同比-23.99%。公司上半年收购了韩国的 REGEN 公司 85%的股权， 旗下AestheFill 与P ...

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]