[Table_Main] 公司研究|医疗保健|制药、生物科技与生命科学 证券研究报告 爱美客(300896)公司点评报告 2025 年 03 月 12 日 [Table_Title] 拟收购韩国 REGEN，强化再生医美全球化布局 ——爱美客(300896.SZ)公司事件点评 [Table_Summary] 事件： REGEN Biotech 核心产品在海外市场广受认可，并建立了广泛的分销体 系，渠道优势明显，其国际化业务平台将有助于爱美客产品迅速走向国际市 场，提升海外收入；同时标的公司旗下核心产品 AestheFill 市场表现优异， 有望进一步夯实公司在医美注射填充产品市场的优势，助力盈利能力提升。 投资建议与盈利预测 公司是国内医美上游头部企业，我们预计 2024-2026 年公司实现 EPS 为 6.91/8.31/10.00 元，PE29/24/20x，维持"增持"评级。 风险提示 3 月 10 日爱美客发布公告，拟通过爱美客国际以 1.9 亿美元收购韩国 REGEN Biotech，Inc.85%股份。 点评： 爱美客拟以 1.9 亿美元跨境收购韩国 REGEN，开启国际化战略 爱美客全资子公司 ...

Investment Rating - The report maintains a "Buy" rating for the company, projecting a price increase of over 15% compared to the benchmark index [5][11]. Core Views - The company plans to acquire 85% of REGEN Biotech, Inc. for $190 million, marking a significant step in its international expansion strategy [2][4]. - REGEN Biotech is recognized for its innovative aesthetic products, particularly AestheFill, which has received approval in 34 countries and regions, enhancing the company's market position [3][4]. - The acquisition is expected to strengthen the company's global presence and improve its profitability through enhanced product offerings and distribution channels [4]. Financial Summary - The company is projected to achieve earnings per share (EPS) of 6.91, 8.31, and 10.00 CNY for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 29, 24, and 20 [5][6]. - Revenue is expected to grow from 3,247.22 million CNY in 2024 to 4,750.24 million CNY in 2026, reflecting a compound annual growth rate (CAGR) of approximately 20.84% [6][10]. - The net profit is forecasted to increase from 2,091.91 million CNY in 2024 to 3,028.88 million CNY in 2026, indicating a strong growth trajectory [6][10].

Investment Rating - The report maintains a "Buy" rating for the company, projecting a price increase relative to the benchmark index of over 15% [5][11]. Core Views - The company is set to enhance its international strategy by acquiring 85% of REGEN Biotech, Inc. for $190 million, which is expected to strengthen its global presence in the regenerative aesthetic medicine sector [2][4]. - REGEN Biotech is recognized for its innovative products, including AestheFill, which has received approval in 34 countries and regions, indicating strong market acceptance [3][4]. - The acquisition is anticipated to bolster the company's revenue and profitability, with projected earnings per share (EPS) of 6.91, 8.31, and 10.00 CNY for 2024, 2025, and 2026 respectively [5][6]. Financial Summary - The company reported revenues of 1,938.84 million CNY in 2022, with a projected increase to 3,247.22 million CNY in 2024, reflecting a year-on-year growth of 13.17% [6]. - The net profit for 2022 was 1,263.56 million CNY, expected to rise to 2,091.91 million CNY by 2024, with a net profit margin of approximately 64.42% [6][10]. - The company's return on equity (ROE) is projected to be 25.10% in 2024, indicating strong profitability and efficient use of equity [6][10].

证券研究报告 爱美客 (300896 CH) 收购韩国 Regen 控股权，打造全球医 美龙头 | 华泰研究 | | | 公告点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 11 日│中国内地 | 化妆品 | 公司今日公告控股子公司爱美客国际（公司持股 70%）拟购买韩国 Regen 公司 85%股权，对价 1.90 亿美元（折合人民币约 13.86 亿元）。收购完成 后，上市公司最终持有标的公司股权比例 59.5%。韩国 Regen 公司已获批 上市的产品包括两款再生针剂 AestheFill（面部为主）与 PowerFill（身体为 主），分别已获得了 34/24 个国家和地区的注册批准。此次交易尚需取得相 关机构必要批准等程序，尚存在不确定性。24 年医美终端景气度承压/供给 亦持续扩容，公司股价有显著回调，此次收购为公司上市以来首次境外收购， 彰显公司国际视野及全球资源整合能力，若能顺利落地，或为公司后续业绩 注入动力，并有望积极提振市场对于公司后续管线储备信心，维持买入评级。 韩国 Regen 有两大核心产品：AestheFill 与 PowerFil ...

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 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 ...

2025 年 3 月 11 日 公司研究 拟收购 AestheFill 源头公司，进一步提升国内再生市场话语权 ——爱美客（300896.SZ）收购事件点评 买入（维持） 当前价：174.89 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 联系人：吴子倩 wuziqian@ebscn.com 市场数据 | 总股本(亿股) | 3.03 | | --- | --- | | 总市值(亿元)： | 529.20 | | 一年最低/最高(元)： | 132.81/282.72 | | 近 3 月换手率： | 54.86% | 股价相对走势 -40% -24% -7% 9% 26% 02/24 05/24 08/24 11/24 爱美客 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | | 相对 | -0.77 | -18.71 | -36.56 | | 绝对 | 0.41 | -20.21 | -27.10 | | 资料来源：Wind | | | ...

爱美客(300896) 目标价: 昨收盘:174.89 2025 年 03 月 11 日 公司点评 买入/维持 公司点评：拟收购韩国 Regen，国际化战略加速发展 ◼ 走势比较 (50%) (36%) (22%) (8%) 6% 20% 24/3/11 24/5/22 24/8/2 24/10/13 24/12/24 25/3/6 爱美客 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 3.03/2.09 | | --- | --- | | 总市值/流通(亿元) | 529.2/364.85 | | 12 个月内最高/最低价 | 358/132.81 | | (元) | | 相关研究报告 <<2024Q1 财报点评：业绩符合预期， 期待核心产品驱动增长>>--2024- 04-28 <<2023 年业绩点评：全年业绩符合预 期，期待多元管线接力成长>>-- 2024-03-20 <<爱美客 2023 年半年度业绩预告点 评：业绩增长超预期，终端复苏+新品 红利，看好全年持续兑现>>--2023- 08-04 证券分析师：郭彬 E-MAIL：guobin@tpyzq.com 分析师登记编号：S1190 ...